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Commissioner Brown - Budget & Strategy - To Appropriate Additional Funds for the Repair and Replacement of Wrecked Vehicles ($240,000)
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STAFF CONTACT
Taylor Ricci - Budget & Strategy - 704-866-3122
BUDGET IMPACT
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General Fund: Increase revenue (fund balance appropriation) by $240,000. Increase operating expenses by $110,000. Increase transfer out to CIF by $130,000.
CIF: Increase revenue (transfer in from General Fund) by $130,000. Increase transfer out to Capital Fund by $130,000.
Capital Fund: Increase revenue (transfer in from CIF) by $130,000. Increase capital expenses by $130,000.
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BUDGET ORDINANCE IMPACT
General Fund: Increase revenue (fund balance appropriation) by $240,000. Increase operating expenses by $110,000. Increase transfer out to CIF by $130,000.
CIF: Increase revenue (transfer in from General Fund) by $130,000. Increase transfer out to Capital Fund by $130,000.
Capital Fund: Increase revenue (transfer in from CIF) by $130,000. Increase capital expenses by $130,000.
BACKGROUND
Expenses for wrecked vehicles repairs and replacements were up 55% in FY23, and are projected to increase another 58% in FY24. This Board Action and attached BCR appropriate $240k General Fund fund balance for projected overages in the insurance deductible account ($110k for repairs and other expenses associated with wrecked vehicles) and a $130k transfer to the capital fund via the Community Investment Fund (CIF) for 2 total wrecked vehicle replacements.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR)