DATE: November 21, 2018
TO: Board of Mayor and Aldermen
Budget & Finance Committee
FROM: Eric Stuckey, City Administrator
Kristine Tallent, Assistant City Administrator for Finance & Administration
Michael Walters Young, Budget & Strategic Innovation Manager
SUBJECT:
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Consideration of Ordinance 2018-60, 2nd Quarter 2019 Budget Amendments. (11/29/18 Finance 4-0; 12/11/18 BOMA 8-0; 01/08/19 BOMA 7-0) 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 amending the Fiscal Year 2019 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, 2019.
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.
To stay ahead of this responsibility, staff is proposing four budget amendments.
The amendments are as follows:
1. Mack Hatcher Trail: Increase transfers to the Multi-Purpose Capital Projects Fund by $625,000. This action is to budget the already approved contribution to the State of $1,250,000 for the multi-use trail to be built along the new Mack Hatcher NW. (The BOMA acted to approve this payment through approval of Amendment #7 to COF Contract 2009-0051.) The resources to pay this contribution will be received from a contribution from Southern Land Corporation and passed through to the State. This is one of two increases to the budget planned - a second contribution will be made in FY 2020 and built into the FY 2020 budget for another $625,000.
2. State Route 96W Multiuse Trail: Increase Transfers to the Multi-Purpose Capital Projects Fund by $3,500,000. The total project is forecast to be approximately $5.3 million, with $1,800,000 coming to the City throug...
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