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Commissioner Philbeck - Budget & Management Services - To Transfer FY21 Budgeted Vehicle Debt Service Payments from the Building Services Fund to the Debt Service Fund ($70,969)
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STAFF CONTACT
Janet Schafer - Budget & Management Services - 704-866-3029
BUDGET IMPACT
budget
No impact to the Building Services Fund (Fund 12).
Increase Debt Service Fund (Fund 30) revenue by $70,969. Increase Debt Service Fund expenditures by $70,969.
Increase CIF (Fund 41) revenue by $70,969. Increase CIF expenditures by $70,969.
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BUDGET ORDINANCE IMPACT
No impact to the Building Services Fund (Fund 12).
Increase Debt Service Fund (Fund 30) revenue by $70,969. Increase Debt Service Fund expenditures by $70,969.
Increase CIF (Fund 41) revenue by $70,969. Increase CIF expenditures by $70,969.
BACKGROUND
At the Regular Meeting on July 28, 2020, the Board approved a resolution to transfer budgeted vehicle debt service payments from the General and Health Funds to the Debt Service Fund. Budgeted debt service payments in the Building Services Fund were not included at that time. This BCR is a correction to transfer those budgeted payments to the Debt Service Fund. Moving forward, loan payments for department vehicles that were previously budgeted in the General, Health, and Building Services Funds will be budgeted in the Debt Service Fund. This is part of the larger Community Investment Fund (CIF) implementation plan meant to increase the County's long-term debt capacity.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR)