Title
FY2010 Budget Adjustments
History
A detailed spreadsheet (by fund) of budget adjustments is attached showing an increase in revenues of $19,263,046 and an increase in expenditures of $19,948,272.
The increase in revenues is due to the following:
• Issuance of 2010 General Obligation Refunding Bonds in the amount of $18,925,000.
• Premium on 2010 General Obligation Refunding Bonds in the amount of $338,046.
The increase in expenditures is due to the following:
• Police community relations expenditures in the amount of $1,000 funded by a grant received at the end of fiscal year 2009.
• Internet services for the Robert Davidson Center and Cultural Center in the amount of $1,544 to provide connectivity to staff at these facilities.
• Virgin Heath Miles participation in the amount of $22,838, which was an approved expenditure in FY10. However, it was inadvertently left out of Fund 92.
• Employee wellness screenings in the amount of $21,250, which was an approved expenditure in FY10. However, it was inadvertently left out of Fund 92.
• Principal, interest and paying agent fees for the 2010 General Obligation Refunding Bonds in the amount of $674,040.
• Transfer to escrow for advance refunding of 2002 A&B General Obligation Bonds in the amount of $19,172,600.
• Bond issuance costs for the 2010 General Obligation Refunding Bonds in the amount of $55,000.
On June 7, 2010, this item was reviewed and approved by the Finance Committee and referred to the Board for approval.
Financial Impact
The attached spreadsheet identifies the budget impact.
Recommended Action/Motion
I move to increase the FY2010 revenue budget by $19,263,046 and increase the FY2010 expenditure budget by $19,948,272.