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Spotsylvania County
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Meeting Date: June 28, 2018
Title: Adjustment to FY 2018 Revenue Budgets to Match to Third-Quarter Projections
Type: Action
Agenda Title:

Adjustment to FY 2018 Revenue Budgets to Match to Third-Quarter Projections
Recommendation: Staff recommends approval of the attached budget adjustments.
Summary:

As reported to the Board in the FY 2018 third quarter financial update, based on collections through May 2018, staff anticipates that General Fund year end revenue collections will vary from the currently budgeted estimates by approximately $6.4 million (2.5%).  It should be noted that all but $1.0 million of the increased projections for revenue in FY 2018 was already factored into the FY 2019 Budget figures.

 

Staff requests the Board’s approval to adjust the FY 2018 Budget to reflect the updated revenue projections as noted on the attached Recommended 3rd Quarter Revisions – FY 2018 General Fund Revenues report. 

Committee/Commission Summary: Finance Committee
Review Date: June 21, 2018 Status: Approved
Financial Impact: Please see attached.
Staff Contacts: Bonnie Jewell, Budget Manager
Legal Counsel:
Additional Background/Other Considerations:
Consequence of Denial/Inaction: The revised FY 2018 Budget which will be shown in the FY 2018 Comprehensive Annual Financial Report and the FY 2019 Adopted Budget will not reflect the appropriate estimates for revenues as determined in the third quarter analysis.
 
ATTACHMENTS:
Name: Description: Type:
FY_2018_-_3rd_Quarter_Revenue_Budget_Adjustment.pdf Budget Adjustment Budget Amendment