Summary As part of its normal procedures, the Finance Department routinely performs reviews of the actual and anticipated receipts, as well as expenditures for each fund and department. The purpose of this item is to recognize and appropriate previously unanticipated revenue received since the adoption of the FY 2014-2015 Budget. Corresponding expense accounts must also be appropriated in order to maintain a balanced budget.
A breakdown of the adjustment by fund is as follows:
1) Debt Service Fund – Increase of $1,150,000. The Finance Department refinanced the Series 2001 Section 108 Loan in May 2015. Proceeds in the amount of $1,150,000 were used to defease the outstanding Series 2001 Loan. |