Title
Department of Transportation recommending the Board approve and authorize the Chair to sign a budget transfer adjusting the budget for Fiscal Year 2022-23 to allow for the transfer of additional revenues in the Road District Tax account to the Road Fund. (4/5 vote required)
FUNDING: Road District Tax Revenues.
Body
DISCUSSION / BACKGROUND
The Road District Operating Fund receives a percentage allocation of Property Taxes for the purpose of road maintenance and construction. The FY 2022-23 Budget estimated this revenue at $7.3M, but the revenues received for Road District Tax are higher than budgeted. An additional $1.4M is projected to be received and the revised budgeted amount will be $8.7M. This budget amendment will allow the additional revenue received to be transferred to the Road Fund.
The budget amendment includes an increase to Road District Tax Secured Property Taxes of $1.4M, offset by an increase in Operating Transfers Out from Road District Tax to the Road Fund of $1.4M. Budgeted revenue for the Transportation - General Department program Operating Transfers In: RDT will be increased by $1.4M, offset by an increase to Appropriation for Contingency of $1.4M. Any funds not spent this fiscal year will roll into fund balance and be budgeted for use in FY 2023-24 or beyond.
ALTERNATIVES
The Board may elect not to approve the budget transfer as proposed, although proper accounting for the Road Fund would be jeopardized.
OTHER DEPARTMENT / AGENCY INVOLVEMENT
N/A
CAO RECOMMENDATION
Approve staff recommendation.
FINANCIAL IMPACT
There is no General Fund Cost associated with this item. Approval of this budget amendment will increase revenue in the Road Fund by $1.4M. The Road fund is experiencing cash flow issues and this budget transfer allows the transfer of cash from the Road District Tax Fund to the Road Fund. Currently the Road Fund is floating costs from the 2017 FEMA Storm disaster, the 2021 Caldor Fire disaster, the 2022-23 Wint...
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