Item Coversheet

Spotsylvania County
Board of Supervisors Agenda
Executive Summary



Meeting Date:
March 13, 2018
Title:
Technical Adjustment to Capital Projects Fund Revenue – Corrects Prior Adjustment
Type:
Action
Agenda Title:
Technical Adjustment to Capital Projects Fund Revenue – Corrects Prior Adjustment
Recommendation:
Approve the attached budget adjustment.
Non-Staff Name and Title of Presenters:
A technical budget correction to shift budgeted revenue between the State account and the account for use of the Capital Projects Fund balance.  This corrects an error made in a previously approved budget adjustment.  The net impact to the budget for this adjustment is $0.
Summary:
In October 2017, I requested and the Board approved a budget adjustment to close the completed VRE project.  As part of that adjustment, I mistakenly reduced the budget for a State revenue account when in fact I should have reduced the budgeted use of the Capital Projects Fund balance.  The attached budget adjustment is the technical adjustment required to correct my previous error.  The net impact to the budget for this adjustment is $0.
Committee/Commission Summary:
Finance Committee
Review Date:
February 22, 2018
Status:Approved
Financial Impact:
Please see the attached budget adjustment.
Staff Contacts:
Bonnie Jewell, Budget Manager
Consequence of Denial/Inaction:

Denial of this adjustment will cause the budget for State revenue in the Capital Projects Fund to continue to reflect a negative budget while the budget for use of Capital Projects Fund balance will continue to be overstated.

Talking Points:
A technical budget correction to shift budgeted revenue between the State account and the account for use of the Capital Projects Fund balance.  This corrects an error made in a previously approved budget adjustment.  The net impact to the budget for this adjustment is $0.

ATTACHMENTS:
File NameDescriptionType
Correction_to_CPF_Revenue_Adjustment_-_Budget_Adjustment.docBudget AdjustmentBudget Amendment