Summary
To: Finance Board
From: Ashley Bernal & JP Murphy
Date: 7/18/2017
Subject:
Title
Discussion of FY 2017-2018 General Fund Budget body
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Summary:
Attached you will find a General Fund Budget that is currently at a net surplus of $9,680. As previously discussed, this budget is taking the position of wait and hold, as we await the results of the November elections. Though currently at a surplus position, the current budget does not include increases for the staff or additional budget priorities of the Commission at the moment. The current budget maintains the existing staffing and level of service. In addition to the revenue challenges provided this year's estimated revenue, I set out to fix a structural problem with the budget which further reduced "revenue" inflows. In short, previous year's budget considered the repayment of interfund loans as revenue when the borrowing fund returned to the general fund. Which is to say that the general fund was being balanced on one-time, nonrecurring dollars for recurring expenses. The repayment was designed to diminish the amount each year, so that when the repayment was completed the General Fund was able to make the appropriate changes to address the reductions in revenue. The problem as I saw it, was that this was spending of dollars that would have otherwise been recorded to reserve and that the dollars could run out in a future year where there might be other revenue challenges such as loss of the Penny or Ad Valorem reductions. I will be happy to discuss the mechanics of this at the meeting. .
Several revenue and expenditure impacts that occurred since the last budget discussion include:
* Staff received final revenue numbers from the state totalling an increase of $17,088
* Health increase has been adjusted to the final 7% instead of the original 10% estimated
* Updated Capital Equipment Replacement Fund
* The Fire Service fee structure h...
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