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Approve the Miscellaneous Budget Ordinance Amendments to Adjust Various Fund Budgets for FY 2018-19.
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Staff:
Department:
Amy Oland, Director
Business Management
Matt Brinkley, Budget Manager
Overview: After the Council approves the annual budget, periodic changes require the Town to amend the original budget.
Recommendation(s):
That the Council:
* Enact the attached budget ordinance amendments to adjust the General Fund, Parking Fund, Vehicle Replacement Fund, and the Capital Improvement Projects Fund; and
* Enact the attached project ordinance amendments to adjust the 2015 Parks and Recreation Facilities Bond Fund, Capital Projects Ordinance Fund, Transit Capital Grants Fund, and the Affordable Housing Fund.
Key Issues:
* General Fund
The performance agreement between the Town of Chapel Hill and the Chapel Hill/Orange County Visitors Bureau states that the Town will pay the Visitors Bureau 50% of any occupancy tax revenues received greater than $1,000,000. In FY 2018, the Town received $1,281,711 in occupancy tax receipts. The amount above the $1,000,000 is $281,711. Thus, the total additional funding due to the Visitors Bureau is $140,856. Enactment of the attached budget ordinance amendment would reflect the additional payment of $140,856 to be made to the Visitors Bureau from appropriated fund balance from the General Fund.
* Off Street Parking Fund
On March 27, 2018, the Town executed a lease for property located at 125 East Rosemary Street with 137 E. Franklin, LP, for the purpose of managing an established parking deck to expand the Town's public parking capacity. The Town identifies this parking space as the Rosemary Deck. Beginning on May 1, 2018, the Town began management operations for the parking deck (identified as Orange County PIN# 9788374748). The parking deck is used for public hourly parking, as well as parking leased by month and semester.
From the beginning of the property lease, the Town agreed to make the follo...
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