Subject:
Title
8:30 p.m. - 10:00 p.m. Review of 2024 Carryforward Supplemental Appropriations from FY 2024 Budget To FY 2025 Budget
Body
BACKGROUND SUMMARY:
Staff proposes a supplemental adjustment to the 2024-25 General Fund budget for two reasons:
1. Purchase Order Roll Forwards - purchase orders opened for projects that were expected to be completed in FY 2023-24. A large portion is due to continuing issues with delivery of required replacement vehicles for the fleet plus a number of smaller projects that could not be completed in the last fiscal year.
2. Budgeted Carry Forwards - These are items identified by department heads that have come up since the 2024-25 budget was adopted and are necessary for the departments to complete their objectives in the current fiscal year. These items supplement areas of risk in the new budget, the top new initiative from the 2025 budget that was not funded, and current operating areas of high risk or visibility, such as cybersecurity and web site reorganization.
The 2025 New Initiative List is attached, and most one-time items have been funded in other ways, as annotated. New personnel requests are best addressed in the budget process as their costs are on-going, rather than one-time coverage by a budget surplus (carryforward).
Carry forward money is available because the Town had a surplus in FY 2024-25 of almost $800,000 The main drivers of this surplus were favorable revenues from business licenses and sales taxes, interest earned on cash deposits and higher than budgeted funds from the State for road maintenance. Additionally, savings from unfilled positions, plus lower than budgeted expenditures mainly in fuel and landfill costs contributed to the surplus.
Since the total supplemental budget appropriation is in excess of 1% of the Town's 2024-25 General Fund budget, a public hearing is required to allow public comment per the Code of Virginia, section 15.2-2507.
OVERVIEW:
SUMMARY/STAFF IMPRESSIONS:
Staff wo...
Click here for full text