DATE: February 3, 2016
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Michael Walters Young, Budget & Analytics Manager
SUBJECT:
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Consideration of Ordinance 2016-002, an Ordinance to Amend the FY2015-2016 Budget; (02-11-16 Finance 4-0, 02-23-16 BOMA 8-0; 03-22-16 6-0) THIRD AND FINAL READING
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning proposed amendments to the current budget.
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Purpose
The purpose of this item is to amend the Fiscal Year 2016 Budget for compliance with State budgeting guidance regarding:
1. Ensuring authorizations in place to balance each fund's budget on a cash basis on June 30, 2016.
Background
The State Comptroller has provided guidance that budget amendments are to be on the cash basis and must occur prior to fiscal year end (June 30) to ensure no fund has a deficit fund balance or deficit cash balance at June 30.
The amendments are as follows:
1. Increase of $327,053 in revenue and expenditure to various departments within the General Fund.
The revenue increases needed to offset additional expenditures are:
a. $211,343 increase in Local Sales Taxes. Year-to-date (through November collections) the City is $439,465 over budgeted estimates.
b. $115,170 increase in Alcohol Taxes. Year-to-date (through December collections) the City is $229,966 over budgeted estimates.
The expenditure increases are:
c. $274,053 for leave balance payouts for retiring employees in various departments.
d. $30,000 for additional personnel costs in various departments.
e. $23,000 to reimburse Williamson County for half the expenses of the Everbridge community notification system.
2. Increase of $1,096,483 in revenue and $1,176,483 in expenditure to the Sanitation & Environmental Services Fund.
The revenue increases needed to offset addit...
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