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12.E. HumANSERVICES - NONE <br /> 12. F. LEISURE SER VICES - NONE <br /> 12G. OFFICE OFMANAGEMENTAND BUDGET <br /> 12 G. 1 QUARTERLYBUDGETREPORT (FOR FISCAL YEAR 20114012) <br /> Budget and Management Director Jason Brown reviewed his PowerPoint presentation <br /> (on file) to provide an overview of the Fourth Quarter Budget Report for Fiscal Year 2011 -2012 . <br /> He noted that certain revenues and expenses in the General Fund have not yet been finalized for <br /> Fiscal Year 2011 -2012 , and year-end adjustments will be made . He reported that there is a <br /> slight decrease in the General Fund balance due to pay off of the Land Acquisition Bonds ; <br /> however, in the financial statements, the Municipal Service Taxing Unit (M . S . T . U . ) and General <br /> Funds are combined into one fund for a surplus of approximately $600,000 . He advised that due <br /> to a positive cash flow of around $4 million in the Utilities Department, there is the possibility <br /> of paying off some bonds that are callable in 2015 , thus reducing the debt burden, realizing a <br /> substantial interest savings, and potentially allowing for a slight decrease in utility rates . <br /> Administrator Baird remarked that he was not alarmed by the small loss in the General <br /> Fund, because despite the recession, there has been a surplus for the last five years . He <br /> commented on the gains in the Golf Course, and spoke about early payment of the outstanding <br /> construction bonds . He reported that he was comfortable with cuts made mid-year in Fleet <br /> Management, and that the budget would continue to be monitored and adjusted as required . <br /> Commissioner Davis sought and received confirmation that funds have been included in <br /> the budget for two potential liabilities : ( 1 ) the Federal Emergency Management Agency ' s <br /> (FEMA' s) demand to be paid back grant money they awarded for the Rockridge Sewer Project <br /> 43 PG <br /> Y d Y i YO <br /> November 6 , 2012 15 <br />