TO: Mayor Collins and Town Council Members
FROM: Kevin Burke, Town Manager
Dawn Marie Buckland, Director of Administration & Gov’t Affairs
Christine Covell-Granberg, Sr. Financial Analyst
DATE: December 15, 2015
DEPARTMENT: Administration and Government Affairs Department
Staff Contact Dawn Marie Buckland, Director of Administration & Government Affairs
End
AGENDA TITLE:
Title
Adoption of Resolution Number 1343; Transferring $2.1M from the General Fund to HURF to Cover Operating Expenditures in FY 2016.
Body
Council Goals or Statutory Requirements:
Develop a long term sustainable budget
Develop and advance a Capital Improvement Program
Prioritize public engagement and transparency
RECOMMENDATION:
Recommendation
Adopt Resolution 1343.
Background
SUMMARY STATEMENT:
The HURF fund annually receives State shared revenues that fall short of actual operating expenditures. FY16 operating expenditures approved in budget exceed anticipated revenues by $2.1M. A cash transfer from the general fund is required to fund approved expenditures for FY16.
BUDGETARY IMPACT:
None as expenditures were included in the approved FY16 budget.
ATTACHMENT(S):
Resolution 1343