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Commissioner Hovis - Budget & Strategy - To Appropriate CIF Fund Balance to Purchase FY23 New and Replacement Vehicles (100% County Funds to be Reimbursed with Debt)
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STAFF CONTACT
Taylor Drury - Budget & Strategy - 704-866-3122
BUDGET IMPACT
budget
Appropriate $5.2 million in CIF fund balance. Increase CIF expenditures (transfer to General Government Capital fund) by $5.2 million. Increase General Government Capital fund revenues (transfer in from CIF) by $5.2 million. Increase General Government Capital fund expenditures by $5.2 million. Appropriation is to be reimbursed by debt/loan package later in the fiscal year. Loan payments were included in the FY23 adopted budget.
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BUDGET ORDINANCE IMPACT
Appropriate $5.2 million in CIF fund balance. Increase CIF expenditures (transfer to General Government Capital fund) by $5.2 million. Increase General Government Capital fund revenues (transfer in from CIF) by $5.2 million. Increase General Government Capital fund expenditures by $5.2 million. Appropriation is to be reimbursed by debt/loan package later in the fiscal year. Loan payments were included in the FY23 adopted budget.
BACKGROUND
In the current volatile vehicle market, manufacturers are implementing early cut off dates with little or no notice. Because of this, the County must submit vehicle orders prior to soliciting a financing package. This Board Action appropriates CIF fund balance to allow the County to order vehicles by manufacturer deadlines. Appropriated funds will be reimbursed by a loan package later in the fiscal year. The attached list of new and replacement vehicles and associated loan payments were included in the FY23 adopted budget.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR), Declaration of Reimbursement & FY23 Vehicle List