CONSENT AGENDA REQUEST

Finance Committee                                                                                March 18, 2002

  Department, Organization                                                                 Board of Supervisors

  Or Person Making Request                                                                      Meeting Date

Topic:  A Resolution to Authorize a Public Hearing to Amend the FY 2002 Budget in the Amount of $2,428,620

The Code of Virginia requires a public hearing when amendments to the budget exceed the lesser of $500,000 or one percent (1%) of the total budget.  The Board of Supervisors has approved resolutions, which establish construction reserves for both the School Division and the General County Government from the prior year fund balances.  An amount of $2,428,620 has been identified for these reserves from FY 2001 and therefore requires a public hearing.

The following budget related issues, to be subject to the public hearing, have been reviewed and recommended for approval by the Finance Committee. 

 

Amount

Source of Funds

Issue

$863,929

½ of Prior Year Net Balance

School Construction Reserve

$1,564,691

½ of Prior Year Expenditure Balance, General Fund Revenue

General County Construction Reserve

 

 

 

 

$2,428,620

 

TOTAL

 

Requested Action of the Board of Supervisors: 

Consider adopting the attached Resolution.

Financial Impacts Analysis: 

Financial impact as indicated.

Identify Any Other Departments, Organizations or Individuals That Would be Affected by This Request: 

For implementation, actions would also affect the General Government, School Division, and Capital Improvements Funds.