Title
Vote to approve Fiscal Year 2024-2025 Budget Amendments
Abstract
Introduction & Background: During the fiscal year, the budget must be amended as changing conditions warrant. The fiscal year 2024-2025 budget ordinance authorizes the County Manager to transfer funds within a department without limitation. The Manager may also transfer amounts of up to $5,000 between departments of the same fund and transfer amounts up to $50,000 from contingency with a memorandum report of such transfers to the Board. The Board must approve all other transfers.
Discussion & Analysis: The attached proposed amendments must be approved by the Board of Commissioners for Fiscal Year 2025.
The Facilities department budget is being increased by $156,000 for Furniture, Fixtures and Equipment for the Elections Office Renovation.
The Economic Development department budget is being increased by $1,012,503 for the Business Investment Grant and Land Acquisition Business Investment Grant payments for the Wolfspeed development incentives.
The General Services department use of contingency of $69,450 for additional Local Government Retirement contributions due from a benefit cap liability and a service credit.
The Fines and Forfeitures budget is being increased by $43,575 for additional fines and forfeitures received.
The Utility department’s budget is being increased by $300,000 for a Utilities Infrastructure Reimbursement Agreement with the Town of Apex.
Budgetary Impact: The proposed amendments increase the General Fund by $1,168,503 and the appropriated fund balance by $1,168,503. General Fund use of contingency totals $69,450. The proposed amendments increase the Fines and Forfeitures Fund by $43,575 and the appropriated fund balance by $20,675. The proposed amendments increase the Utility Fund by $300,000 and the appropriated fund balance by $300,000.
Recommendation/Motion: Motion to approve budget amendments as proposed by staff.