Town Council Regular Session


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  Item # 3.       
Meeting Date: 05/18/2011  
Requested by: Stacey Lemos Submitted By: Mike Standish, Town Clerk's Office
Department: Finance  

SUBJECT:
PUBLIC HEARING - RESOLUTION NO. (R)11-35 ADOPTION OF THE TENTATIVE BUDGET FOR FY 2011/2012 AND SETTING THE LOCAL ALTERNATIVE EXPENDITURE LIMITATION FOR FY 2011/12 (AGENDA ITEM UPDATED ON MAY 13, 2011) 
RECOMMENDATION:
Staff recommends approval of Resolution No. (R)11-35.
EXECUTIVE SUMMARY:
The purpose of this agenda item is for Council consideration and adoption of the Town’s Tentative Budget for FY 2011/12 in the amount of $94,219,647. Adoption of Resolution No. (R)11-35 will also set the maximum local expenditure limitation at this amount. Once the limitation is set, expenditures for the year may not exceed that amount. The Council has the discretion to make changes to the budget prior to final adoption scheduled for June 15, 2011. However, the total amount of the final budget may not exceed the expenditure limitation as set this evening. The Council also has the authority to modify the budget throughout the fiscal year.
BACKGROUND OR DETAILED INFORMATION:
At the May 11, 2011 Council Budget Study Session, staff reported the Recommended Budget total as $94,064,647. The above-mentioned FY 2011/12 Tentative Budget total of $94.2M is $155,000 higher than the Recommended Budget due to the carry forward of $130,000 in unspent funds from the FY 10/11 Capital Asset Replacement Fund for Town-wide network upgrades that are expected to be completed in FY 11/12; and the addition of $25,000 in grant capacity for the Parks, Recreation, Library and Cultural Resources Department associated with a grant funding opportunity offered by the Keg Steakhouse for park improvements. Also, as discussed by staff at the May 11th meeting, the Capital Asset Replacement Fund and the Steam Pump Ranch Fund expenditures have been consolidated into the General Fund to comply with Governmental Accounting Standards Board Statement (GASB) No. 54.

Additional changes made to the Recommended Budget at the direction of Council are as follows:

• Highway Fund – increased the budget for pavement preservation from $800,000 to $1.2M, using Highway Fund contingency reserves
• Highway Fund – removed the Transfer In of Bed Tax reserves of $385K
• Bed Tax Fund – modified to show entire amount of $899,626 in bed tax revenues budgeted in Bed Tax Fund with a Transfer Out to the General Fund of $675,000

Once the Tentative Budget is approved, it will be published once a week for two consecutive weeks prior to the Final Budget public hearing and adoption date targeted for June 15, 2011.
FISCAL IMPACT:

N/A

SUGGESTED MOTION:
I MOVE to adopt Resolution No. (R)11-35 adopting the Tentative Budget for fiscal year 2011/2012 and setting the local alternative expenditure limitation for fiscal year 2011/2012 at $94,219,647.
Attachments
Resolution R11-35 Tentative Budget FY 11/12
Auditor General Official Budget Forms for FY 2011/2012


    

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