Title
Budget Adjustments 4th Quarter FY2010
History
A detailed spreadsheet (by fund) of budget adjustments is attached showing an increase in revenues of $604,011 and an increase in expenditures of $1,850,288.
The increase in revenues is due to the following:
• Transfer of funds from closed out 2001 General Obligation Bond Fund in the amount of $249,409.
• Transfer of funds from closed out 2002B General Obligation Bond Fund in the amount of $126,132.
• Transfer of funds from closed out 2010 General Obligation Bond Project Fund in the amount of $36,337.
• Reduction in transfer of funds from Insurance Fund to General Fund due to budget shortfall in the amount of ($250,000).
• Transfer of funds from General Fund to Insurance Fund to fund shortfall in the amount of $442,133.
The increase in expenditures is due to the following:
• Accrual and cash option payments for retirees in the amount of $120,039.
• Transfer of funds from closed out 2001 General Obligation Bond Fund in the amount of $249,409.
• Transfer of funds from closed out 2002B General Obligation Bond Fund in the amount of $126,132.
• Transfer of funds from closed out 2010 General Obligation Bond Project Fund in the amount of $36,337.
• Reduction in transfer of funds from Insurance Fund to General Fund due to budget shortfall in the amount of ($250,000).
• Transfer of funds from General Fund to Insurance Fund to fund shortfall in the amount of $442,133.
• Additional funds to cover the remaining of the benefit year for PPO and HMO health insurance in the amount of $1,126,238.
On December 6, 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 approve increasing the FY2010 revenue budget by $604,011 and increasing the FY2010 expenditure budget by $1,850,288.