Title:
Budget Amendment - Storm Water Management Fund Balance Appropriation
Action:
ACTION:
(A) Amend the 2019 - 2020 Annual Budget Ordinance and approve the FY2020 appropriation of $19,687,081 of fund balance from the Storm Water Management Fund (7005) for the transfer to the Storm Water Capital Reserve Fund (8910) to finance future Storm Water Capital Projects.
(B) Appropriate fund balance in the amount of $33,106 from Storm Water Multi-Year Fund (MY07) for the transfer to the Storm Water Capital Reserve Fund (8910) to finance future Storm Water Capital Projects.
Staff Contact: W. Dave Canaan, LUESA - Storm Water Services
Presentation: No
BACKGROUND/JUSTIFICATION:
The Storm Water Capital Reserve Fund (8910) was established to provide monies to fund the Storm Water Capital Improvement Program (CIP). Annually, approximately $6.4M in Storm Water revenue is transferred to the Storm Water Capital Reserve Fund since Storm Water CIP is 100% PayGo funded. In addition, over the past several years Storm Water revenues exceeded expenses and that has created a Fund Balance of $19,687,081. Lastly, a Multi-Year Fund (MY07) was established in the past and the projects within that Fund have been closed out. There is a need to transfer both the funds in Fund Balance ($19,687,081) and the Multi-Year Fund ($33,106) to Storm Water Capital Reserve Fund (8910) to allow flexibility in the Storm Water CIP. The transfer of these funds requires Mecklenburg Board of County Commissioners approval.
PROCUREMENT BACKGROUND:
N/A
POLICY IMPACT:
N/A
FISCAL IMPACT:
Funds exist in the Storm Water Fund balance for the transfer. No impact on county funding. By Law, Storm Water revenue may only be expended on Storm Water related expenses.