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File #: 21-335    Version: 1 Name:
Type: Agendas Status: Agenda Ready
File created: 10/1/2021 In control: Board of Aldermen
On agenda: 10/19/2021 Final action:
Title: FY 2021-22 First Quarter Budget Status Report PURPOSE: Provide a budget status report to Town Council for all funds.
Attachments: 1. Attachment A - First Qtr Budget Status Report - All Funds
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TITLE: Title

FY 2021-22 First Quarter Budget Status Report   

PURPOSE:    Provide a budget status report to Town Council for all funds.    


DEPARTMENT:  Finance    


CONTACT INFORMATION:   Arche McAdoo, Finance Director, 919-918-7439; Cary McNallan, Deputy Finance Director, 919-918-7301     


INFORMATION: On June 22, 2021, the Carrboro Town Council adopted a resolution authorizing the Town to engage in electronic payments in accordance with North Carolina Administrative Code 20 NCAC 03.0409.  One of the conditions required by the Local Government Commission is that the Finance Officer provide a budget to actual statement by fund, at least quarterly, that includes: budgeted accounts, actual payments made, amounts encumbered (including electronic obligations), and the amount of budget unobligated.

Attachment A provides a summary budget status report as of September 30, 2021, for each Fund Type:  General Fund, Special Revenue Funds, Capital Projects Funds, and Enterprise Funds. 

The General Fund is the Town’s operating fund.  Please note that General Fund revenue collections are less than expenses.  This is because expenses related to insurance policies, technology maintenance support agreements, and memberships are generally paid during the first quarter, and there is a three-month delay in receiving sales tax, and state collected taxes, from the State Revenue Department.  As the year progresses, revenue collections increase as expenditures level out.  Until such time, prior year cash reserves provide the funding for the amount of expenditures over current year revenues.   


FISCAL & STAFF IMPACT:  There is no fiscal impact associated with this report.   


RECOMMENDATION:  That the Town Council receive the FY 2021-22 first quarter budget status report.