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Commissioner Worley - Finance - To Appropriate Additional Revenue for the Fines and Forfeitures Fund ($67,950) and Appropriate Fund Balance from the General Fund for the Self Insurance Fund ($3,600,000) for FY2024
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STAFF CONTACT
Kyle Sutherland - Finance Department - 704-866-3130
BUDGET IMPACT
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To budget additional revenue received over and above the FY2024 budget
• Funds received in Fund 2050 are remitted to Gaston County Schools.
o Increase revenue and expense by $67,950.
• General Fund: Appropriate fund balance and transfer it to the Self Insurance Fund
o Increase fund balance appropriation and transfer it to the Self Insurance Fund, $3,600,000
• Self Insurance Fund: Increase revenue and expense by $3,600,000
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BACKGROUND
In FY2024 the County received higher than expected fees for fines and forfeitures which resulted in higher payments to Gaston County Schools to whom we are required to pay the fees. This Board Action appropriates the additional $67,950 in revenues to cover the budget shortfall.
Funds received in Fund 8000 cover health, dental, and life insurance expenditures for active and retired employees. In FY2024 insurance costs increased above the level budgeted and an appropriation of fund balance in the General Fund and a transfer to the Self Insurance Fund are required to balance the fund.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR)