Item Coversheet

Spotsylvania County
Board of Supervisors Agenda
Executive Summary



Meeting Date:
July 11, 2017
Title:
Adjustment to FY 2017 Revenue Budgets to Match to Third-Quarter Projections
Type:
Action
Agenda Title:

Adjustment to FY 2017 Revenue Budgets to Match to Third-Quarter Projections

Recommendation:
Staff recommends approval of the attached budget adjustments.
Non-Staff Name and Title of Presenters:
Staff seeks the Board's approval of a budget adjustment to match FY 2017 revenue projections to those provided to the Board for the third quarter financial update.  Revenue collections are expected to be $3.5M greater than currently budgeted estimates.  Note that the bulk of the increases were already accounted for in the FY 2018 Budget.
Summary:

As reported to the Board in the FY 2017 third quarter financial update, based on collections through the beginning of May 2017, staff anticipates that General Fund year end revenue collections will vary from the currently budgeted estimates by approximately $3.5 million (1.4%).  It should be noted that the bulk of the increased projections for revenue in FY 2017 has already been factored into the FY 2018 Budget figures.

 

Staff requests the Board’s approval to adjust the FY 2017 Budget to reflect the updated revenue projections as noted on the attached Recommended 3rd Quarter Revisions – FY 2017 General Fund Revenues report. 

Committee/Commission Summary:
Finance Committee
Review Date:
June 22, 2017
Status:Approved
Financial Impact:
Please see attached.
Staff Contacts:
Bonnie Jewell, Budget Manager
Consequence of Denial/Inaction:
The revised FY 2017 Budget which will be shown in the FY 2017 Comprehensive Annual Financial Report and the FY 2018 Adopted Budget will not reflect the appropriate estimates for revenues as determined in the third quarter analysis.
Talking Points:
Staff seeks the Board's approval of a budget adjustment to match FY 2017 revenue projections to those provided to the Board for the third quarter financial update.  Revenue collections are expected to be $3.5M greater than currently budgeted estimates.  Note that the bulk of the increases were already accounted for in the FY 2018 Budget.

ATTACHMENTS:
File NameDescriptionType
3rd_Q_Report_Revenue_Budget_Adjustment.pdfBudget AdjustmentBudget Amendment