TO: Mayor Collins and Town Council Members
FROM: Kevin Burke, Town Manager
Douglas W. Allen, CPA
DATE: 06/14/18
DEPARTMENT: Finance
Staff Contact Douglas Allen
End
AGENDA TITLE:
Title
Adoption of Resolution 2018-18 Approving Year End Budget Adjustments for FY 2017/18
Body
Town Value(s):
? Primarily one-acre, residential community
? Limited government
? Creating a sense of community
? Partnerships with existing schools and resorts to enhance recreational opportunities
? Improving aesthetics/creating a brand
? Preserving natural open space
.
Council Goals or Statutory Requirements:
RECOMMENDATION:
Recommendation
Adopt Resolution number 2018-18 approving year end budget adjustments for FY2017/18.
Background
SUMMARY STATEMENT:
The budget adjustments being recommended for Council approval were unanticipated expenditures at the time of assembling the July 2017-June 30 2018 Budget. These costs exceed the Town Manager's expenditure authority (less than $25,000). The largest adjustment is associated with the Town Manager's reorganization that created a Chief Information Officer for Information Technology, a Chief Financial Officer for Finance as well as brining more help to the Town Manager's Office in the form of a Deputy Town Manager. Second, as Mayor and Council will recall, FY18 represented a restructuring of the Post Office where the Town now purchased stamps and meter inventory from USPS rather than reimbursing. This was due to getting a more modern and reliable postage meter. Unfortunately, the budget to buy stamps was approximately $115,000 less than what was actually sold. While there was an equal amount of revenue received, the Town must appropriate the expenditure authority. Third, due to the State losing the Parker and Hall pension court cases, the Town had to reimburse beneficiaries substantial contributions and interest. The contributions were refunds from the pension plan, but the interest was an expense to the Town tota...
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