Title
Vote on a request to approve the adoption of a Revaluation fund budget and a Housing Trust fund budget
Abstract
Action Requested: Vote on a request to approve the adoption of a Revaluation Fund budget and a Housing Trust Fund budget
Discussion & Analysis: Staff recommends creating two new funds to better track expenditures separately from all other general fund expenses.
The first fund will be a Revaluation fund budget to track all costs associated with the revaluation cycle. The recommended budget for the Revaluation Fund will be as follows:
|
Revenues |
|
|
Transfers In from General Fund |
$400,000 |
|
Expenditures |
|
|
Revaluation Temporary Salaries |
$25,000 |
|
Revaluation Supplies |
$5,000 |
|
Revaluation Contracted Services |
$370,000 |
|
Total |
$400,000 |
|
|
|
The second fund will be a Housing Trust fund budget used to track costs associated with housing trust funds. The recommended budget for the Housing Trust Fund will be as follows:
|
Revenues |
|
|
Transfers In from General Fund |
$200,000 |
|
Expenditures |
|
|
Development Projects-Loans |
$120,000 |
|
Development Projects-Grants |
$22,000 |
|
Reserve |
$58,000 |
|
Total |
$200,000 |
How does this relate to the Comprehensive Plan: N/A
Budgetary Impact: The Revaluation fund budget will increase appropriated fund balance by $400,000 in the FY19 budget. The Housing Trust fund budget will have no effect on the current FY19 budget.
Recommendation: Motion to approve the adoption of a Revaluation Fund budget and a Housing Trust Fund budget