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Staff Report —Fiscal Year 2012-13 Mid -Year Budget Review
February 19, 2013
Transfers In/Out
While technically not revenues and expenditures (and, hence, not shown above), transfers in and
out of the General Fund contribute to fund balance increases and decreases, respectively.
Transfers out from the General Fund are expected to be less than budget by approximately
$232,500, representing a savings to the General Fund. The savings results from an increase in
the property tax revenues allocated to the Library and Parks Maintenance funds, which will, in
turn, reduce the operating subsidies necessary for those funds. Transfers in are not expected to
deviate.
Net Impact on Fund Balance
Combining the above revenue and expenditure projections with expected transfers in and out
results in an anticipated fund balance gain of $973,727, as compared to the budgeted usage of
$1,233,582, a net difference of $2,207,309.
Fund Balance Change — Budget vs Projected
Adjusted Budget
Projected
Variance
Revenues
$ 39,381,108
$ 40,283,745
$ 902,637
Transfers In
120,612
120,612
-
Total Revenues & Transfers In
$ 39,501,720
$ 40,404,357
$ 902,637
Expenditures
$(38,685,671)
$(37,613,486)
$ 1,072,185
Transfers Out
(2,049,631)
(1,817,144)
232,487
Total Expenditures & Transfers Out
$(40,735,302)
$(39,430,630)
$ 1,304,672
Fund Balance Retained/(Used)
$ (1,233,582)
$ 973,727
$ 2,207,309
Beginning Fund Balance
$ 17,916,938
$ 17,916,938
-
Ending Fund Balance
$ 16,683,356
$ 18,890,665
$ 2,207,309
Budget Adjustments
During the mid -year budget review process, departments are afforded an opportunity to submit
supplemental appropriation requests based upon actual or projected budgetary impacts not
anticipated during the annual budgeting process. As a result of this process, two budget
adjustments are recommended.