Item Coversheet

  Town of Huntersville
REQUEST FOR BOARD ACTION
10/3/2016

REVIEWED:

To:                  The Honorable Mayor and Board of Commissioners

From:              Jackie Huffman, Finance Director

Subject:          Revised Capital Project Ordinance

Our Bond sale closed September 22, 2016, and included premium on the bonds, which must be allocated by project.  This budget amendment recognizes $69,842.21 bond premium as a result of the bond sale and commensurate expenditure funding.  In addition, The Town Board approved May 16 a $750,000 transfer from General Fund to the West Huntersville Fire Station Capital Project Ordinance to prevent a deficit fund balance at year end.  With less than $750,000 spent at year end, this amendment also reduces the reimbursement to the general fund by $450,000 to $300,000.  Total capital project ordinance amount as a result of this and previous Board action is $3,944,842.21.   


ACTION RECOMMENDED: 

Adopt Revised Capital Project Ordinance

 
 
FINANCIAL IMPLICATIONS:

The FY 2017 General Fund original budget did not include reimbursement from the general fund; therefore, this Board action results in General Fund revenue received from the Capital Project Ordinance of $300,000. 

 



ATTACHMENTS:
DescriptionType
Revised Capital Project OrdinanceBackup Material