Title
Chief Administrative Office recommending the Board:
1) Approve three amendments to the FY 2019-20 budget to (a) reflect one entry to the financial system for a technical correction to the stated General Fund Designation for Road Infrastructure and Fund Balance pursuant to a previously approved budget amendment, and (b) to reflect two amendments to special revenue funds that are necessary to balance the two funds to actual fund balance available in the respective funds;
2) Consider and provide conceptual approval for amendments to the Fiscal Year 2019-20 Adopted Budget to incorporate recommended uses for General Fund fund balance carried over from Fiscal Year 2018-19, reflecting information and requests that arose following the approval of the Recommended Budget; and
3) Direct staff to return to the Board with a budget transfer form for approval, reflecting the Board's direction on recommended amendments.
A 4/5 vote will be required to approve the Budget Amendments. (Est. Time: 1 Hr.)
FUNDING: General Fund Appropriation for Contingency; Various Related Budgets.
Body
DISCUSSION/BACKGROUND
Amendment to Correct General Fund / Designation for Road
Two amendments to the FY 2018-19 Adopted Budget were approved on August 6, 2019 (Legistar #19-1090), to transfer a total of $2,396,000 from the General Fund Designation for Road Infrastructure to the Road Fund. These funds were transferred to help relieve an anticipated cash flow concern at year-end, and reflected (1) transfer of $296,000 to the Road Fund to cover a negative interest charge from the pooled Treasury, accrued during FY 2018-19 due to a negative cash position, which is not allowed to be paid with Road Fund monies, and (2) to transfer $2.1 million to the Road Fund to cover emergency road repair costs which had been determined to be ineligible for FEMA reimbursement.
Processing of a budget transfer which relies on use of a designation account requires not only processing of the revenue/expense ac...
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