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Approve Miscellaneous Budget Ordinance Amendment to Adjust Various Fund Budgets for FY 2017-18.
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Staff:
Department:
Kenneth C. Pennoyer, Director
Business Management
Amy Oland, Assistant Director
Overview: After the Council approves the annual budget, changes occur that require the Town to amend the original budget. The changes to be considered are for the FY 2017-18 Adopted Budget.
Recommendation(s):
That the Council:
* Enact the attached budget ordinance amendment to adjust the Transit Fund; and
* Adopt the attached resolution to accept the North Carolina Department of Transportation Section 5307 Grant.
Key Issues:
Transit Fund
* The North Carolina Department of Transportation awarded Grant #18-LS-006 to Chapel Hill Transit for $727,761. The purpose of the grant was to offset the cost of purchasing replacement buses from July 1, 2016 to June 30, 2018. Chapel Hill Transit has already expended these funds with the purchase of the 16 replacement buses, 14 of which were financed and two of which were paid for out of fund balance. Total project costs were $7,277,616 of which the state match is 10%. There are no federal funds associated with this project. Adoption of the attached resolution would authorize acceptance of the grant and enactment of the attached budget ordinance amendment would recognize the state grant funds and reduce the amount of fund balance appropriated to replenish the Transit Fund fund balance.
Where is this item in its process?
Council Goals:
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Create a Place for Everyone
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Develop Good Places,
New Spaces
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Support
Community Prosperity
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Nurture Our Community
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Facilitate Getting Around
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Grow Town
and Gown Collaboration
Attachments:
* Budget Ordinance
* Resolution for North Carolina Department of Transportation Section 5307 Grant
AN ORDINANCE TO AMEND "THE ORDINANCE CONCERNING APPROPRIATIONS AND THE RAISING OF REVENUE FOR THE FISCAL YEAR BEGINNING JULY 1, 2017" (201...
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