DATE: August 4, 2017
TO: Members of the Board of Mayor and Aldermen
Members of Budget and Finance Committee
FROM: Eric Stuckey, City Administrator
Kristine Tallent, Assistant City Administrator/Chief Financial Officer
Mike Lowe, Comptroller
Michael Walters Young, Budget & Strategic Innovation Manager
SUBJECT:
title
Consideration of Ordinance 2017-43, 1st Quarter 2018 Budget Amendments. (08/10/17 Finance 4-0; 08/22/17 1st BOMA Reading 5-0; 09/26/17 2ND BOMA Reading 8-0) THIRD AND FINAL READING
body
Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning amending the Fiscal Year 2018 Operating Budget.
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. General Fund: This amendment has two components:
a. Reduction of $47,845 in Payment-In-Lieu-of-Tax (PILOT) and corresponding increase of $47,845 in Property Tax due to the ending of the PILOT for Jackson National Life and Healthways. That revenue will now be received in property taxes.
b. Allocation of wage increases to departments from General Expenses totaling $1,323,646. The City's wage increases are budgeted in General Expenses and it is the City's practice that once allocations based on merit have been determined the amount of increase is distributed via amendment to each individual department. Employees received these increases effective July 1.
2. Sanitation & Environmental Services Fund: This amendment simply accounts for the allocation of wage increases budgeted in Sanitation - Administration to the other two divisions - Collection and Distribution. The total amount of the transfers between the three di...
Click here for full text