AGENDA REQUEST

Sponsor:

Board of Supervisors Meeting Date: 

Raymond E. Graham , Cedar Run District Supervisor

June 16, 2003

Staff Lead:

Department: 

Bryan Tippie, Director

 Budget Office

Topic:  

A Resolution to Allocate Economic Opportunity Funds

Topic Description:

In FY 2001, the Board of Supervisors appropriated $250,000 into the Capital Fund as an Economic Development Fund.  The intended purpose of the fund was to support economic development in the County.  As presently constituted, expenditure of monies from the Fund requires a majority vote of the Board of Supervisors.  To provide greater flexibility and a more diversified use of these funds, the attached resolution would divide the $250,000 between the five magisterial districts. Each Supervisor would determine the best  use of $50,000 for economic development within his/her district. The resolution would also allow the Supervisors to move funds between districts on agreement of the Supervisors affected.  Expenditure of these funds would remain within the limits imposed for the use of public funds and procurement policies. 

Requested Action of the Board of Supervisors: 

Consider adoption of the attached resolution .

Financial Impacts Analysis:

As indicated.

Identify any other Departments, Organizations or Individuals that would be affected by this request:

Budget Office
Finance Department
Economic Development Office
 Agriculture Development Office

 

RESOLUTION

A RESOLUTION TO ALLOCATE ECONOMIC OPPORTUNITY  FUNDS

WHEREAS, in FY 2001, the Board of Supervisors appropriated $250,000 into the Capital Fund to be used as necessary for economic development ; and

WHEREAS, several Board of Supervisors members have indicated an interest in allocating the use of these funds equally by magisterial district with the economic development use determined by the Supervisor of that district ; and

WHEREAS, Board of Supervisors members have also stated an interest in allowing for a further transfer of these Economic Opportunity Funds between magisterial district based on agreements between the Supervisors involved; now, therefore, be it

RESOLVED by the Fauquier County Board of Supervisors this 16th day of June 2003, That the $250,000 Economic Opportunity Fund will be reallocated within the Capital Fund by magisterial district as follows :

                                                            TRANSFER

FROM                                               TO

4-302-94130-9999   $250,000         Scott District , Economic Opportunity        TBD   $50,000

                                                         Center District, Economic Opportunity       TBD   $50,000

                                                        Cedar Run District, Economic Opportunity TBD   $50,000

                                                         Lee District , Economic Opportunity            TBD   $50,000

                                                     Marshall District , Economic Opportunity        TBD  $50,000;

and, be it

RESOLVED FURTHER, That additional transfers of Economic Opportunity funds between magisterial districts are approved, subject to agreement of the Supervisors concerned; and, be it

RESOLVED FINALLY, That any use of these Economic Opportunity funds will conform to the limits established for the use of public funds and County procurement policies.