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File #: 21-486    Version: 1 Name:
Type: General Business Status: Agenda Ready
File created: 10/27/2021 In control: Board of Trustees
On agenda: 11/9/2021 Final action:
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 2022 Budget Year
Attachments: 1. Ordinance 40-2021, 2. Town - 2022 Budget Overview Memorandum, 3. 2021 and 2022 Budget Schedules, 4. Proposed Budget 2021 Supp & 2022 Presentation
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 2022 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 $104.6 million, and expenditures in all funds totaling $136.7 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 2022 budget reflects a surplus (revenues exceeding expenditures) of approximately $10,000, compared to a 2021 projected use of fund balance of approximately $7.7 million. As a result, staff projects the General Fund will end 2022 with a "spendable fund balance" of approximately $22 million, compared to $22.8 million projected at the end of 2021 primarily due to the increase in advances to the URA. The 2022 "spendable fund balance" amounts to 64% of total personnel & operating expenditures (excluding capital and debt service expenditures) at the end of 2022, compared to 80% for 2021, primarily due to the change in the way we present overhead/indirect allocation.

STAFF RECOMMENDATION:
Recommendation
Conduct the Public Hearing, consider testimony, direct any changes to the budget as necessary, and approve the ordinance that adopts the 2022 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 ...

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