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Commissioner Worley - Finance - Administrative Change to Resolution 2020-168 to Reflect Actual Budget Deficits (Administrative Correction)
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STAFF CONTACT
Tiffany Murray - Finance Director - 704-866-3032
BUDGET IMPACT
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Increase Health Fund by $3,500,000 and Debt Service Fund by $2,600,000.
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BUDGET ORDINANCE IMPACT
N/A
BACKGROUND
Resolution 2020-168 approved 6/23/2020 authorized the appropriation and transfer from the General Fund fund balance to the Capital and Health funds in anticipation of potential deficits for FY 2020. In preparation of closing out FY 2020, it has been determined a transfer is not needed for the Capital fund due to revenues coming in higher than budgeted. However, a transfer of $3,500,000 is needed for the Health fund. The Article-46 sales tax revenues for school debt service funding were less in FY 2020 than the estimated budget. A transfer of $2,600,000 is needed from the General Fund to the School Debt Service fund to avoid a fund deficit for the fiscal year. Approval of this administrative change and attached Budget Change Request authorizes the Finance Department to make the necessary adjustments in FY 2020.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR)