SUBJECT: GENERAL BUSINESS
Title
PUBLIC HEARING: An Ordinance of the Board of Trustees of the Town of Erie Summarizing Expenditures and Revenues for each Fund and Adopting a Budget for the Town of Erie for the 2021 Budget Year
Body
DEPARTMENT: Finance
PRESENTER: Malcolm Fleming, Town Administrator
Candice Huot, Finance Manager
TIME ESTIMATE: 20 minutes
only required for non-consent items
FISCAL SUMMARY:
The budget provides funding for all Town of Erie programs, services, capital projects and initiatives in 2021. The budget reflects revenue in all funds totaling $88.7 million, and expenditures in all funds totaling $98.2 million. Expenditures exceed revenues because the Town will be completing several large capital projects for which the Town has accumulated funding rather than borrowing and incurring the cost of debt service. For the General Fund, the 2021 budget reflects a surplus (revenues exceeding expenditures) of approximately $1.3 million, compared to a 2020 projected surplus of $939,000. As a result, staff projects the General Fund will end 2021 with a "spendable fund balance" of approximately $26.3 million, compared to $25.2 million projected at the end of 2020. The 2021 "spendable fund balance" amounts to 105% of total personnel & operating expenditures (excluding capital and debt service expenditures) at the end of 2021, compared to 108% for 2020.
STAFF RECOMMENDATION:
Recommendation
Staff recommends the Board of Trustees approve the ordinance that adopts the 2021 Budget.
End
SUMMARY AND BACKGROUND OF SUBJECT MATTER:
Town Code specifies the Town Administrator shall cause a proposed budget to be prepared and submitted to the Board of Trustees annually, and be responsible for the administration of the budget after its adoption. Through this agenda item staff submits the final proposed 2021 budget to the Board, requests a Public Hearing on the proposed budget, and asks for Board approval of the Ordinance that summarizes the exp...
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