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Agenda Request |
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Agenda Of: |
12-19-07 |
Agenda Request No: |
III A |
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Initiated By: |
Jennifer Brown Assistant Fiscal Services Director |
Responsible Department: |
Fiscal Services |
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Presented By: |
Jennifer Brown Assistant Fiscal Services Director |
Department Head: |
Linda Symank, Director of Fiscal Services |
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Additional Department. Head (s): |
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Subject / Proceeding: |
Consideration and approval to adjust the FY
2007/08 budget for carryovers from the previous fiscal year for the |
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Exhibits: |
Summary of carryover Requests |
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Clearances |
Approval |
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Legal: |
N/A |
Executive Director: |
Joseph Esch, Bus. & Intergov. Relations |
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Budget |
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Expenditure Required: $ |
n/a |
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Amount Budgeted/Reallocation: $ |
n/a |
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Additional Appropriation: $ |
332,567 |
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Recommended Action |
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Consideration and
approval to adjust the FY 2007/08 budget for carryovers totaling $332,567 in
expenditures for the |
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Executive Summary |
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The corporation’s fiscal year ended on September 30, 2007. At that time there were operational projects that were underway but not completed. These projects were included in the year-end projections, and are not included in the current year’s funding. As a result, a budget adjustment needs to be considered by the board to increase the fiscal year 2007/08 budget by $332,567 to accommodate these expenditures. The budget anticipated an ending balance of $6,841,300. The actual ending balance is $9,227,937. After CIP carryovers of $1,883,990, there is $502,647 available to fund these carryovers. After carryovers, there is $170,080 in available funding over the budgeted fund balance. As capital projects are funded on a project length basis versuss a fiscal year basis, remaining balances will carry over and the budget is re-established in the current fiscal year. Requested operating carryovers include the Corporation’s
$60,000 budgeted toward a video documentary of Imperial Sugar in partnership
with Cherokee. Also included are
unspent funds from the feasibility study for the entertainment district.
Other funds are for projects that were in progress but not completed at year
end, including contracts for the memory stick marketing project, upgrade of
the economic development web site, broker marketing, and |
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Exhibits |
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Description |
Amount |
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Entertainment District Feasibility Study |
189,266 |
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Economic Development Website |
3,315 |
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Memory Stick Marketing Project |
37,871 |
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Blacks Guide- Ad |
3,000 |
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Broker Marketing Program |
22,500 |
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Imperial Video |
60,000 |
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Shop Sugar Land Website & Passport Map |
16,615 |
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Total Carryovers Requested |
332,567 |