Complete Agenda Package - Town of Hilton Head Island

MEMORANDUM
TO:
FROM:
VIA:
Town Council
Stephen G. Riley, ICMA-CM, Town Manager
Susan M. Simmons, CPA, Director of Finance
DATE: April 29, 2013
RE: First Reading of Proposed Ordinance No. 2013-03
Recommendation:
Staff recommends Town Council approve the first reading of Proposed Ordinance No. 2013-03
to amend the budget of several funds for the fiscal year ending June 30, 2013.
Summary:
In conjunction with the development of the new year’s budget, staff recommends a midyear
budget amendment to realign the original budgeted plans with expected actual results. Every
project in the Capital Projects and Stormwater Funds is assessed and amended when appropriate.
Finance staff also reviews the Debt Service and Capital Projects Fund to ensure that all bond
issue and debt service transactions have been properly reflected.
Background
In the Capital Projects Fund, staff assessed what they expect the status of their projects to be at
fiscal year-end. Accordingly, they are requesting amendments to their budgets as follows:
• If a project will not be started and funds not encumbered at fiscal year-end, staff
requested to reduce the fiscal year 2013 budget and the project will be re-budgeted in
fiscal year 2014. Significant re-budgeted projects will be:
o Road Imp. – Leamington/Fresh Mkt./278
o Existing Fac. – Station #2 Design Funds
o Park – Chaplin Tennis Courts
o Park – Collier Beach
o New Fac. – Coligny/Pope Area
• If a project is started and funds encumbered but the project will not be finished, the
encumbrance will be added to an ordinance in the fall to amend the 2014 budget. If the
unencumbered funds are needed, they will also be added to an ordinance in the fall. If
the unencumbered funds are not needed, staff requested a decrease in the budget on this
fiscal year 2013 ordinance. If funds are inadequate to complete the job, staff requested
an increase in this ordinance.