Title
Budget Adjustments 4th Qtr FY08 - Approval
History
A detailed spreadsheet (by fund) of budget adjustments is attached showing an increase in revenues of $1,700,398 and an increase in expenditures of $2,096,398.
The increase in revenues is due to the following:
• Additional transfer to the Main Street Triangle TIF Fund from the 2007 GO Bond Fund in the amount of $1,700,398.
The increase in expenditures is due to the following:
• Property coverage claims in the amount of $30,000.
• General liability claims in the amount of $88,000.
• Workers compensation premium in the amount of $35,000.
• Workers compensation claims in the amount of $130,000.
• Police professional liability premium in the amount of $55,000.
• Dental insurance claims in the amount of $46,000.
• Bank service charges for the 2007 GO Bond Fund in the amount of $12,000.
• Additional transfer from the 2007 GO Bond Fund to the Main Street Triangle TIF Fund in the amount of $1,700,398.
On September 22, 2008, 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 approve amending the FY2008 revenue budget by $1,700,398 and expenditure budget by $2,096,398.