Title
Gasoline and Diesel Fuel Purchase
History
The Public Works Department estimates the budgets for gasoline and diesel fuel used by the Departments in the Village fleet for the coming fiscal year. Since the beginning of the 2007/2008 Fiscal Year, unleaded fuel has increased from $2.56/gallon in October 2007 to $3.80/gallon in June 2008. Diesel fuel has increased from $3.02/gallon in October 2007 to $4.18/gallon in June 2008. As a result of these higher than anticipated price increases, there is a shortage of funds in the 2007/2008 Fiscal Year Budget for fuel. To correct the shortage, the Public Works Department is requesting a budget adjustment for the purchase of fuel for the remainder of this Fiscal Year.
On August 11, 2008, this item was reviewed and approved by the Public Works and Engineering Committee and referred to the Board for approval.
Financial Impact
The 2007/2008 Fiscal Year Budget has a Board approved line item (Account #010-5006-431.62-10) for the purchase of gasoline and diesel fuel in the amount of $570,000. A budget adjustment in the amount of $140,000 is necessary for the purchase of fuel for the remainder of the 2007/2008 Fiscal Year.
Recommended Action/Motion
I move to approve a budget adjustment in the amount of $140,000 for the purchase of gasoline and diesel fuel for the remainder of the 2007/2008 Fiscal Year.