DATE: August 9, 2016
TO: Members of the Board of Mayor and Aldermen
Members of Budget and Finance Committee
FROM: Eric Stuckey, City Administrator
Russ Truell, ACA/CFO
Mike Lowe, Comptroller
Michael Walters Young, Budget & Analytics Manager
SUBJECT:
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Consideration Of Ordinance 2016-31, An Ordinance To Amend The FY2016-2017 Budget. (08/18/16 Finance 4-0; 1ST Reading BOMA 9/13/16 8-0; 10/11/16 2ND Reading 8-0) 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 the need to amend the Fiscal Year 2017 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.
In order to stay ahead of this responsibility, staff is proposing five budget amendments.
The amendments are as follows:
1. Transfer of $1,421,368 from General Expenses to various departments within the General Fund. The two purposes of the transfers are:
a. Distribution of planned wage increases ($500 added to base + 4%) and personnel reclassifications - $1,351,572
b. Pension Budget v. Actual reclassifications - $69,796
2. Increase of $48,148 in the Sanitation & Environmental Services Fund. This consists of three items:
a. A transfer of $65,283 from SES Admin Regular Wages to various departments within the SES Fund for the following purposes:
i. Distribution of planned wage increases ($500 added to base + 4%) and personnel reclassifications - $59,191
ii. Pension Budget v. Actual reclassifications - $6,092
b. A transfer of $100,006 from the SES Collection Division to the SES Disposal Division for proper accounting of paving ex...
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