Subject:
Title
Request Council's approval of appropriation of FY2018-19 purchase order roll forwards and carryforward funds into the FY2019-20 General Fund budget
Body
EXPLANATION AND SUMMARY:
Each year Council considers approval of funds for projects that were started in the previous fiscal year but not completed by the end of the year (these are called "purchase order roll forwards") as well as funds for projects that were budgeted but not started in the previous fiscal year (these are projects departments wish to "carry forward" to the current fiscal year). The Finance Department, on behalf of other Town departments, requests that the attached list of purchase order roll forwards and carryforwards from the previous fiscal year be added to the current fiscal year budget. This list represents $54,320 in FY2018-19 purchase orders for uncompleted projects that were begun in FY2018-19 plus carryforward requests of $116,430, totaling $170,750.
Due primarily to changes in assigned fund balances, the Town is able to use approximately $424,000 in remaining FY2018-19 funds to increase its FY2019-20 General Fund unassigned fund balance. This results in an unassigned fund balance ratio of 18.1% of the FY2019-20 budget, comfortably in excess of our 15% policy. These changes/transfers require a supplemental appropriation by Town Council into the various accounts as shown in the attached schedule. Since the requested supplemental appropriation represents less than one percent of the FY2019-20 General Fund budget, a public hearing is not required.
Departmental Recommendation: Recommend approval.
Finance Recommendation: Recommend approval
Purchasing Recommendation: N/A
Town Attorney Recommendation: As part of the annual budgeting process, the Finance Department reconciles budget expenditures and prepares a proposed carryforward list of expenditures. Town Council may approve the proposed list in its discretion.
Town Manager's Recommendation: I recommend the...
Click here for full text