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Approve Miscellaneous Budget Ordinance Amendments to Adjust Various FY 2017-18 Fund Budgets.
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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.
Recommendation(s):
That the Council:
* Enact the attached budget ordinance amendment to adjust the General Fund, Capital Projects (CIP) Fund, Parking Fund, Transit Fund, and Transit Capital Reserve Fund; and
* Enact the attached project ordinance amendment to adjust the Transit Capital Grants Fund and 2010 Public Buildings Bond Fund;
* Adopt the attached resolution to amend the fee schedule for FY 2017-18; and
* Adopt the attached resolutions to accept the GO Triangle Bus Grant and the FY 2018 NCDOT Section 5339 State Match Grant.
Key Issues:
* General Fund
The Town has received the following payments in lieu of traffic signals and traffic studies between 2012 and 2017.
During negotiations in the development review process, agreements are made between the developers and the Town regarding what payments in lieu are required for the project to be approved. In order to recognize the revenue received by the developer and appropriate the expenditure, a budget amendment must be brought back to Council. The Town also budgets funds annually in the General Fund for traffic signal and traffic study projects to address town-wide traffic flow needs. For each of the projects above, the Town completed the traffic signal or traffic study using available operating funds rather than coming back to Council each time we collected a payment. The purpose of this item is to recognize this revenue to be used for planned signal timings, construction of speed tables and crosswalks, and street light installation throughout various areas in the Town to replenish the operating budget. Enactment of the attached budget ordinance amendment wou...
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