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| SPONSOR: | Mallory | DATE TYPED: | 02/09/00 | HB | 408 | ||
| SHORT TITLE: | Grady Payment Obligations | SB | |||||
| ANALYST: | Gonzales | ||||||
| Recurring
or Non-Rec |
Fund
Affected | ||||
| FY00 | FY01 | FY00 | FY01 | ||
| $ 39.0 | Non-Recurring | GF | |||
(Parenthesis ( ) Indicate Expenditure Decreases)
SOURCES OF INFORMATION
Department of Finance and Administration (DFA)
SUMMARY
Synopsis of Bill
House Bill 408 appropriates $39.0 from the general fund for the Village of Grady to meet its payment obligations for a village water tank.
Significant Issues
This bill contains an emergency clause.
FISCAL IMPLICATIONS
This bill makes a $39.0 general fund appropriation to the Local Government Division, DFA, for expenditure in FY00 and FY01 for the purpose stated above. Any unexpended or unencumbered balance remaining at the end of FY01 shall revert to the general fund.
According to the Local Government Division, the Village of Grady's actual gross receipt revenue in the general fund is below budgeted gross receipt revenue by 25% as of December 1999. Actual expenditures in the general fund at 43% of budget. Currently, they are not meeting their reserve requirement.
The joint utility fund actual revenue is at 51% of budgeted revenues and their actual expenditures are at 59% of budgeted expenditures. This leaves an estimated ending cash balance of $6.7 in the fund. The village does have two outstanding water system revenue bonds in the amounts of $36.0 and $64.0 for which they have budgeted payments of $2.8 and $5.2, respectively.
JMG/njw