TITLE: Title
Amendment to FY 2018-19 Adopted Budget Ordinance #26/2017-18
PURPOSE: To make necessary changes in the FY 2018-19 budget based on the yearend audit and other circumstances.
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DEPARTMENT: Finance
CONTACT INFORMATION: David Andrews, 918-7315; Arche McAdoo, 918-7439
INFORMATION: The Comprehensive Annual Financial Report and Independent Audit for Fiscal Year Ended June 30, 2018 was presented to the Board of Aldermen on January 8, 2019. Although the Town received a “clean audit opinion”, the management letter identified two immaterial incidents that need to be addressed. First, payments to the CTDA exceeded the budget amount in Governance Support. Second, expenditures for Davie Street Sidewalk in the Bond Fund exceeded appropriations by $22,004.
The attached budget amendment will increase the appropriation for CTDA distributions from $152,000 to $171,997 to be more in line with past distributions and expected occupancy tax revenues in FY 2018-19. The amendment will also increase funds for the Davie Street Sidewalk project so that revised budget equals actual expenditures.
Since budget adoption two capital project needs have arisen: 1) installation of ceiling fans in the Pavilion at Town Commons; and, 2) purchase of a replacement vehicle for Public Works that was a total loss due to accident. The estimated installation cost of LED lights is $40,000. The balance of the $100,000 appropriated for LED installations is suggested to be used for installation of ceiling fans in the Pavilion. The attached amendment will move $60,000 from LED lights to Pavilion ceiling fans. Lastly, the Board is requested to amend the list of vehicles and equipment to be purchased in 2018-19 to include a 2019 Big Horn/Lone Star Crew Cab 4x4 Pickup Truck at an estimated cost of $45,000. This will replace the Public Works vehicle that was totaled in an accident during the snow storm.
FISCAL & STAFF IMPACT: The only increase will be in the adopted General Fund budget due to the additional appropriation of distributions to the CTDA ($19,997) and purchase of Public Works’ Truck ($45,000).
RECOMMENDATION:r That the Board of Aldermen adopt the budget ordinance amendment set out in Attachment A. of