TITLE: Title
General Fund Budget Amendment
PURPOSE: To consider budget amendment to recognize increased revenues and expenses related to hotel/motel occupancy tax and ABC Board Grant
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DEPARTMENT: Finance
CONTACT INFORMATION: Arche McAdoo, 918-7439
INFORMATION: For FY 2014-15 the Town budgeted $115,764 for revenue receipts from the hotel/motel occupancy tax. As of May 8, 2015 actual revenue receipts totaled $113,050. At June 30, 2015 we project total receipts to be $152,317. On the expense side, we budgeted $111,180 for distribution to the Carrboro Tourism Development Authority. With increased revenue receipts from the occupancy tax, we anticipate distributions to the CTDA at June 30, 2015 will total $147,733.
The Alcohol Beverage Commission (ABC) provides a grant to the Town to support local efforts to enforce and education public about alcohol laws. The actual amount of the grant we received for FY 2014-15 is $16,000. We need to increase revenue and expense budget for this grant from $13,300 to $16,000.
FISCAL & STAFF IMPACT: The general fund operating budget for FY 2014-15 will increase by $39,253. The total general fund adopted budget increases from $21,313,803 to $21,353,056.
RECOMMENDATION:r The staff recommends that the Board of Aldermen adopt the attached amendment for the FY 2014-15 Budget Ordinance.