DATE: January 6, 2017
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Kristine Tallent, ACA/CFO
Michael Walters Young, Budget & Analytics Manager
SUBJECT:
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Consideration of Ordinance 2017-01, an Ordinance to Amend the FY 2016-2017 Budget (Amendment #4). (01/12/17 Finance 4-0, 1-24-17 First Reading 8-0; 02/14/17 2ND BOMA Reading 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 the amendment of 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. Within the General Fund, there are two amendments:
a. Increase within the General Fund of $30,650 for the replacement of a police cruiser damaged in an accident. The replacement cost is $30,650, and will be offset by insurance reimbursements.
b. Transfer of $136,360 from General Expenses to three departments - Communications, Finance and Human Resources - to offset the cost of four (4) retiree payouts at December 31. Overall, the City had twelve (12) employees eligible to receive payouts at the time of their retirement; these three departments are the only ones which require additional resources to accommodate those expenditures. All other departments - Police, Sanitation, Water, Building & neighborhood Services and Planning & Sustainability - have sufficient budget capacity to absorb the added unplanned expenditures due to staffing vacancies.
2. Increase of $73,000 to the Hotel/Mo...
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