HomeMy WebLinkAbout010-04RESOLUTION NO. 10-2004
APPROVING THE MID-YEAR ADJUSTMENTS TO THE
FISCAL YEAR 2003-04 FINANCIAL PLAN
WHEREAS, all revenue and expenditure projections which were made in preparing the
Fiscal Year 2003-04 Financial Plan have been reviewed; and
WHEREAS, the State has raided approximately $900,000 of General Revenue and
Community Development Agency funds; and
WHEREAS, in spite of the Town's prudent and fiscally responsible budget projections the
Town will need to cope with an estimated $640,040 budget shortfall as a result of the
State's actions; and
WHEREAS, the following mid-year adjustments to the 2003-04 Financial Plan are necessary
to close the budget gap created by the State and to continue balancing expenditures with
available revenues and reserves:
· A reduction of $640,040 in Motor Vehicle License Fee projections, reflecting the
budget shortfall created by the State's withholding of $814,281 of backfill funds
to the Town;
· An increase of $150,000 in projected Property Tax revenue, reflecting higher than
budgeted assessed values;
· An increase of $150,000 in projected Sales Tax revenues reflecting a smaller than
budgeted decline in sales tax;
· An increased of $50,000 in Property Transfer Tax projections, reflecting a
continued strong housing market;
· An increased of $69,067 in Insurance Proceeds reflecting the actual rebate
received from CCCMRMIA;
· An increased of $17,545 in Booking Fees, reflecting funds received from the State;
· A additional transfer of $60,000 from the Building and Planning Special Revenue
Fund to the General Fund to reimburse the General Fund for additional
expenditures;
· A reduction of $100,000 to the Police program to offset Motor Vehicle License
Fees lost to the State;
· A reduction of $103,428 to salary and benefit expenditures in various
departments throughout the Town to offset Motor Vehicle License Fees lost to
the State;
· An increase of $15,000 to salary and benefit expenditures in the Building and
Planning Program;
· A decrease of $70,000 to the contract inspection expenditures in the Building
Inspection program of the General Fund;
· An increase of $115,000 to the contract plan check expenditures in the Building
Inspection program of the General Fund;
· An increase of $60,000 to plan check and inspection fee revenues in the Building
and Planning Special Revenue Fund;
WHEREAS, sufficient funding is available in these funds; now, therefore, be it
RESOLVED, that the Danville Town Council approve the mid-year adjustments to the
Fiscal Year 2003-04 Financial Plan.
APPROVED, by the Danville Town Council at a regular meeting held on February 3,
2004, by the following vote:
AYES: Arnerich,
NOES: None
'ABSTAINED: None
ABSENT: None
Doyle, Andersen,
Shimansky, Stepper
MACOCR '
APPROVED AS TO FORM:
CITY ATTORNEY
ATTEST:
CITY CLERK
PAGE 2 OF RESOLUTION NO. 10-2004