Ordinance amends Oakland budget for remainder of current fiscal year

The Oakland Board of Mayor and Aldermen unanimously passed an ordinance on final reading last week that amends the town’s budget for the remainder of the current fiscal year.
Board members took the action Thursday night during a special called meeting on a motion offered by Alderman Kelly Rector and seconded by Alderman Karl Chambless.
At the board’s April 16 regular monthly meeting, the ordinance was passed on first reading by a 2-1 vote, with Alderman John Troncone dissenting and Chambless abstaining.
The amending ordinance notes that, when the current fiscal year ends on June 30, General Fund revenues and expenses will be “more than anticipated,” primarily because of the 2012 Community Development Block Grant Disaster Recovery Project.
The Drug Fund will also have more revenues and expenses than were originally anticipated. But revenues in the Street Aid, Solid Waste and Water and Sewer funds will be less, while expenses will be greater.
The Municipal Budget Law, enacted in 1982 by the Tennessee General Assembly, allows the Oakland board to authorize Town Recorder/Treasurer Tammie Hightower to transfer money from one appropriation to another within the same fund.
Mayor Chris Goodman has said passage of the amending ordinance will ensure that the CDBG funds are allocated for the Disaster Recovery Project. He has noted that the ordinance is also designed to bring the town’s revenues “in line” for the remaining quarter of the current fiscal year and to make any necessary changes.
In the budget approved for the 2014-15 fiscal year, the board expected that the General Fund revenues would be $3,715,249. They are now projected to be $4,924,006.
Expenditures in that fund were originally expected to be $3,693,233. But they are now projected to be $4,762,172.
The board anticipated that the Water and Sewer Fund revenues would be $2,287,236. But they are now projected to be $2,051,313.
Expenditures in that fund were originally expected to be $2,259,295. But they are now projected to be $2,389,923.
Although the board anticipated that the Solid Waste Fund revenues would be $471,294, they are now projected to be $470,794.
Expenditures in that fund were originally expected to be $541,202. But they are now projected to be $546,352.
The board anticipated that revenues in the Street Aid Fund would be $179,120. But they are now projected to be $178,620.
Expenditures in that fund were originally expected to be $251,250. But they are now projected to be $499,559.
Although the board anticipated that the Drug Fund revenues would be $45,933, they are now projected to be $172,258.
Expenditures in that fund were originally expected to be $49,329. But they are now projected to be $151,729.