File #: 18-1037    Version: 1 Name:
Type: Action Item Status: Agenda Ready
File created: 10/1/2018 In control: Town Council Meeting
On agenda: 10/29/2018 Final action:
Title: Request Council appropriation of FY2017-18 encumbrance balances and carryforward funds into the FY2018-19 general fund budget
Attachments: 1. Carry Forward FY18 to FY19 for Council FINAL, 2. Section VII - Unmet Needs POTRAIT
Subject:
Title
Request Council appropriation of FY2017-18 encumbrance balances and carryforward funds into the FY2018-19 general fund budget
Body
EXPLANATION AND SUMMARY:

The attached list of encumbrance balances (purchase order roll forwards) from the most recent fiscal year needs to be rolled forward into the current fiscal year. This list represents $140,413 in FY2017-18 purchase orders for uncompleted projects that were begun in FY2017-18, plus carryforward requests of $109,250, totaling $249,663. Carryforward projects were selected from the FY2018-19 budget unmet needs discussion.

Changes to Unassigned Fund balances plus General Fund results allow a transfer to increase the General Fund Unassigned Fund balance by approximately $151,000 for FY2017-18. This results in an Unassigned Fund balance ratio of 18.2% of the FY2018-19 budget, comfortably in excess of our 15% policy. These requests require a supplemental appropriation by Council into the various accounts as shown on the attached schedule.

The supplemental appropriation will be funded from assigned fund balances in the FY2017-18 General Fund. The requested supplemental appropriation represents less than one percent of the FY2018-19 General Fund budget and therefore does not require a public hearing.

Departmental Recommendation: Recommend approval.

Finance Recommendation: Recommend approval.

Purchasing Recommendation: N/A

Town Attorney Recommendation: Town Council may approve the proposed FY2017-18 budget carryovers in its discretion.

Town Manager's Recommendation: I recommend that Town Council approve a supplemental appropriation in the amount of $140,413 from Fiscal Year 2017-18 General Fund encumbrance reserve balance and $109,250 in carryforward requests to Fiscal Year 2018-19 General Fund expenditure accounts, as presented.

Cost and Financing: $249,663
Account Number: As shown on attached document
Decision Needed by This date: October 15, 2018

PROPOSED/SUGGESTED MOTION
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