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Approve an Appropriation Transfer Request (ATR) of $70,000 to recognize unanticipated revenue for FY2018/19 in the General Fund for the increase in property tax refunds (4/5 vote required)
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Published Notice Required? Yes ____ No _X _
Public Hearing Required? Yes ____ No _X _
DEPARTMENTAL RECOMMENDATION:
The Auditor/Controller’s Office recommends that the Board approve an Appropriation Transfer Request (ATR) of $70,000 to recognize unanticipated revenue for FY2018/19 in the General Fund for the increase in property tax refunds (4/5 vote required).
SUMMARY/DISCUSSION:
The working budget for the General Fund’s General Revenue Department for FY2018/19 includes an appropriation for property tax refunds in the amount of $400,000. Due to various approved assessment appeals, the actual property tax refunds are projected to be at $500,000. Therefore, an increase to the appropriations for property tax refunds is necessary to enable the payments to taxpayers. The Department is requesting an increase in appropriation for $70,000. The remaining $30,000 will be absorbed within the department’s appropriation savings.
The source of funds to finance the increase in the appropriations will be from unanticipated interest income.
FINANCIAL IMPACT:
The costs associated with preparing the agenda item are nominal and absorbed by the department’s FY2018/19 Budget. The increase to the projected property tax refunds for $70,000 is not included in the FY2018/19 budget; therefore, an Appropriations Transfer Request must be approved by the Board.
ALTERNATIVES:
The Board could elect not to approve the Appropriation Transfer Request in the amount of $70,000 for the increase in property tax refunds; however, this is not recommended as the property tax refunds are due and payable to the taxpayers.
OTHER AGENCY INVOLVEMENT:
The County Administrator’s Office concurs with the recommendation.
CAO RECOMMENDATION:
APPROVE DEPARTMENTAL RECOMMENDATION