DATE: November 21, 2017
TO: Board of Mayor and Aldermen
Budget & Finance Committee
FROM: Eric Stuckey, City Administrator
Kristine Tallent, Assistant City Administrator/Chief Finance Officer
Michael Walters Young, Budget & Strategic Innovation Manager
SUBJECT:
title
Discussion of the Status of the Capital Projects Fund
body
Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning the balance of Fund 310 - Capital Projects Fund and to provide the Board of Mayor and Alderman an update on efforts to eliminate existing deficits in the fund.
Background
Last December, staff presented an initial review of the Capital Projects Fund - including the purpose, historical performance, balance and major revenues, expenditures and causes of the ongoing deficit in Fund 310.
This update will present the results of another year’s worth of activity within the fund, the impact issuing $23.12 Million of new G.O. Bonds in June 2017 had on the fund, how much the remaining deficit is and what has caused it and outline a plan to close out remaining deficits of prior projects. Staff will provide printed copies of the attachment at the meeting on November 30, 2017.
This is the second parts of the reconciliation begun a year ago for the Budget & Finance Committee.
Financial Impact
The receipt of this update will not result in any direct Financial Impact. The presence of the deficit in the Capital Projects Fund will require dedication of further existing resources (reserves) to fully alleviate the deficit.
Recommendation
rec
Staff recommends receipt of the report and discussion.