Item Coversheet

  Town of Huntersville
REQUEST FOR BOARD ACTION
5/16/2016

REVIEWED:

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. 


ACTION RECOMMENDED: 
Approve budget amendments.       
 
FINANCIAL IMPLICATIONS:

Net no change to the Fire Station Capital Project Fund.  The General Fund will be lower in FY 2016, but will receive an offsetting amount in FY 2017, with a net impact of no change, only a timing issue crossing fiscal years.