SUBJECT: GENERAL BUSINESS
Title
PUBLIC HEARING: An Ordinance of the Board of Trustees of the Town of Erie Providing for the Supplemental Appropriation of Money to Various Funds for the 2020 Budget Year
Body
DEPARTMENT: Finance
PRESENTER: Malcolm Fleming, Town Administrator
Candice Huot, Finance Manager
TIME ESTIMATE: 10 minutes
only required for non-consent items
FISCAL SUMMARY:
Revenues: In light of better-than-anticipated revenue, the current total projected revenue for all funds (excluding debt proceeds and transfers) is $84 million, an increase of approximately $9.9 million compared to the current Amended budget. The current total projected revenue for the General Fund (excluding debt proceeds and transfers) is $31.1 million, an increase of approximately $5.4 million compared to the current Amended budget.
Expenditures: Net reduction of approximately $4.2 million in total expenditures, primarily related to Capital and COVID related expenditure changes.
General Fund Surplus: Based on the latest actual revenue and expenditures and projections for the remainder of the year, staff projects the General Fund will end 2020 with a surplus of approximately $939,000.
STAFF RECOMMENDATION:
Recommendation
Staff recommends the Board of Trustees approve the ordinance that provides for a supplemental appropriation for the 2020 budget year.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
The Town of Erie adopted the 2020 Budget on October 22, 2019. Typically, at least twice yearly staff reviews the adopted budget and year-to-date actual revenues and expenditures to determine if changes to the adopted budget are required. Based on these reviews, staff proposes supplemental appropriations to update the budget to reflect actual revenues and expenditures of the prior and current year, year-to-date Board of Trustee actions, and projected revenues and expenditures for the remaining fiscal year.
The 2020 2nd Supplemental Appropriation represents staff’s conservative and prudent estimates for providing on-going, quality services to customers for 2020. Although some data is presented as the total of all funds, each fund is independent of the other funds.
Attached is a memorandum which primarily addresses the 2021 budget, but pages 15-16 provide commentary on the major requests encompassed in the 2020 supplemental request. Detailed schedules of all requested changes are also attached.
Board Priority(s) Addressed:
ü Prosperous Economy
ü Well-Maintained Transportation Infrastructure
ü Effective Governance
ü Fiscally Responsible
ATTACHMENTS:
1. Ordinance and Schedule A
2. Budget Overview Memorandum
3. Supplemental Requests Schedules