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File #: 19-0926    Version: 1 Name: Ordinance 2019-36 1st Quarter Budget Amendment
Type: Ordinance Status: Passed
File created: 9/6/2019 In control: Board of Mayor & Aldermen
On agenda: 11/26/2019 Final action: 11/26/2019
Title: Consideration of Ordinance 2019-36, 1st Quarter Budget Amendment. (Finance 9/12/19, 3-0; BOMA 10/8/19, 8-0; 11/12/19, 8-0) THIRD AND FINAL READING
Sponsors: Kristine Brock, Michael Walters Young
Attachments: 1. Ord 2019-36 FY 2020 Budget Amendment_with exhibit _Law Approved.pdf, 2. FY 2020 Budget Amendment #1 Memo.pdf.pdf, 3. Impact of 2019-36 - FY 2020 Budget Amendment.pdf

 

DATE:                                                               September 6, 2019

 

TO:                                          Board of Mayor and Aldermen

                                          Budget & Finance Committee                                          

 

FROM:                                          Eric Stuckey, City Administrator

                                          Kristine Brock, Assistant City Administrator for Finance & Administration

                                          Michael Walters Young, Budget & Strategic Innovation Manager

                                          

SUBJECT:                                          

title

 

Consideration of Ordinance 2019-36, 1st Quarter Budget Amendment. (Finance 9/12/19, 3-0; BOMA 10/8/19, 8-0; 11/12/19, 8-0) THIRD AND FINAL READING

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Purpose

The purpose of this memorandum is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning the first budget amendment of FY 2020.

 

Background

The FY 2020 Budget needs to be amended for four purposes:

 

1)                     Annual Wage Adjustments

2)                     FY 2020 Capital Investment Budget funding

3)                     Jim Warren Tennis Courts Project

4)                     Partial funding of the Swap Termination Payment

 

A detailed memo and summary of impacts on fund balances is attached.

 

Financial Impact

The amendments, as proposed, would result in:

1. General Fund: No Change.

2. Sanitation & Environmental Services Fund: No Change.

3. Road Impact Fund: Decrease of Fund Balance of $2,340,415.

4. City Facilities Tax Fund: Decrease of Fund Balance of $1,483,942.

5. Stormwater Fund: No Change.

6. Hotel/Motel Tax Fund: Decrease of Fund Balance of $1,048,272.

7. Parkland Dedication: Decrease of Fund Balance $1,451,508.

8. Debt Service Fund: No Change.

9. Multi-Purpose Capital Projects Fund: No Change.

10. Water & Wastewater Funds: Decrease of Fund Balance of $720,000.

 

Recommendation

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Staff recommends approval of Ordinance 2019-36