Title
Fiscal Year 2024-25 Budget Amendment #3
PURPOSE: To approve budget, grant, and capital project ordinance amendments for Fiscal Year 2024-25 (FY 2025).
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Department
DEPARTMENT: Finance
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Information
BACKGROUND:
Manager’s Office
1. The Town is in receipt of a grant award from the New Hope Bird Alliance's Land Protections and Restoration Grant Program in the amount of $2,000. Funding from the grant shall be used to help offset costs associated with the removal of invasive species and replanting of bird-friendly native plant species within a jurisdictional wetland and surrounding natural areas at Dr. Martin Luther King, Jr. Park. Upon completion of the project, the department must provide a brief written report about the impact of the grant and project within 30 days.
Public Works
1. The Powell Bill Fund, a special revenue multi-year fund, was established by Council in FY2022 for the purposes of budgeting and accounting for State Street-Aid (Powell Bill) allocations. Allocations are received on an annual basis. This amendment authorizes an increase to the Powell Bill Fund budget in the amount of $288,000 through an appropriation of Powell Bill fund balance for the purposes of covering construction costs associated with street resurfacing and other related expenses.
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Fiscal and Staff Impact
FISCAL IMPACT: This abstract increases the authorization of the Grant Fund by $2,000 and increases the authorization of the Powell Bill Fund by $288,000.
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Recommendation
RECOMMENDATION: The Manager recommends the Council approve the budget, grant, and capital project ordinance amendments for Fiscal Year 2024-25
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