To: The Honorable Mayor and Board of Commissioners From: Jackie Huffman, Finance Director Subject: Budget Amendment
Because the bonds to pay for station #4 will not be issued until August, 2016 the Fire Station Capital Project fund has no revenue source and will have a deficit fund balance at year end. To prevent the deficit, this amendment transfers $750,000 (to cover expenses to date and any design costs incurred from today through June 30) from the general fund to the fire station capital project fund. This will be a temporary transfer to cover expenses incurred during FY 2016. This timing issue is reversed by returning to the General Fund the same amount in September, 2016 following the issuance of the bonds.
This amendment transfers in from General Fund Balance (103890.9999) $750,000 to the Fire Station Construction Fund (106900.0496).
This action also recognizes the temporary revenue in the Fire Station Construction Fund (943999.9999) and amends the Fire Station budget to transfer the funds back to the general fund (946900.0496) in September 2016.
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