Title
Budget Adjustments 4th Quarter FY2007
History
A detailed spreadsheet (by fund) of budget adjustments is attached showing an increase in revenues of $11,671,433 and an increase in expenditures of $19,135,180.
The increase in revenues is due to the following:
· Transfer from the Insurance Fund to the General Fund to purchase a vehicle totaled in an accident for $25,531.
· Transfer from the Recreation and Parks Fund to close out the Sportsplex Fund’s negative fund balance of $209,430 at the end of FY2006.
· Transfer from the 2007 G.O. Bond Project Fund to the Main St. Triangle TIF Fund in the amount of $12,958,322 for reimbursement of land acquisition costs and infrastructure improvements.
· Bond proceed revenue in the amount of $18,500,000 in the 2007 G.O. Bond Project Fund.
The increase in expenditures is due to the following:
· Tuition reimbursement for the Deputy Clerk in the amount of $2,348.
· Purchase of a vehicle totaled in an accident in the amount of $25,531.
· Aluminum plaques for Old Orland contributing structures in the amount of $9,369.
· Design of the commuter stations security system in the amount of $14,250.
· Land acquisition costs for the intersection of 159th Street and LaGrange Road in the amount of $5,416,873.
· Land acquisition costs for the intersection of 143rd Street and LaGrange Road in the amount of $645,376.
· Transfer of funds to purchase a vehicle totaled in an accident in the amount of $25,531.
· Transfer to the Sportsplex Fund from the Recreation and Parks Fund to close out the Sportsplex Fund’s negative fund balance of $209,430 at the end of FY2006.
· Bond issuance costs in the amount of $100,000.
· Transfer to the Main St. Triangle TIF Fund from the 2007 G.O. Bond Project Fund in the amount of $12,958,322 for reimbursement of land acquisition costs and infrastructure improvements.
Financial Impact
The attached spreadsheet identifies the budget impact.
Recommended Action/Motion
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