Subject:
Title
Set a Public Hearing to amend General Fund and Water and Sewer Fund Budgets for Capital Lease Proceeds and Vehicle Purchases
Body
EXPLANATION AND SUMMARY:
Per the Code of Virginia, Section 15.2-2507, Amendment of Budget…”any such amendment which exceeds one percent of the total expenditures shown in the currently adopted budget must be accomplished by publishing a notice of meeting and a public hearing.”
In response to a management letter comment from Robinson, Farmer, Cox and Associates related to budgets for capital lease proceeds and vehicle purchases in the amount of $700,000 ($518,000 through the General Fund and $182,000 via the Water and Sewer Fund), the Town must amend its budget.
The Finance Department requests to set a public hearing at the February 27, 2017 Town Council meeting in accordance with Code of Virginia Section 15.2-2507 to discuss this amendment to the budget.
Departmental Recommendation: Recommend Approval
Finance Recommendation: Recommend Approval
Purchasing Recommendation: N/A
Town Attorney Recommendation: The Town Attorney recommends a public hearing be set to receive public comment, if any, on the proposed budget amendment and correction.
Town Manager's Recommendation: I recommend the Town Council set a public hearing to discuss an amendment to the General Fund and Water and Sewer Fund as presented.
Cost and Financing: $700,000
Account Number:
GF Capital Lease Proceeds: 100-000-0000-00000-34150 - $518,000
GF Vehicle Purchases: 100-190-1091-19141-48308 - $518,000
WS Capital Lease Proceeds: 500-000-0000-00000-34150 - $182,000
WS Vehicle Purchases: 500-509-0000-59500-48308 - $182,000
Decision Needed by This date: 1/30/17
PROPOSED/SUGGESTED MOTION
Recommended Action
"I move to set a public hearing to discuss an amendment to the General Fund and Water and Sewer Fund 2016-17 budgets as required by the Code of Virginia, Section 15.2-2507, and instruct the Town Clerk to advertise as such."
Or
Other action deemed necessary by Council.