ord-10-2024_fy2024_budget_amendment-memo.pdf
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THE TOWN OF CENTREVILLE 101 LAWYERS ROW CENTREVILLE, MD 21617
410-758-1180 FAX 410-758-4741 WWW.TOWNOFCENTREVILLE.ORG
MEMORANDUM
September 19, 2024 TO: Carolyn Brinkley, Town Manager FROM: Karen Luffman, Director of Finance RE: EOY Budget Update As of June 30th, the Town completed the end-year mark of Fiscal Year (FY) 2024. At this time, departments should be at or around 100% of budget spent. The following is information to further explain certain line items:
GF Revenue – 109% received ($557,404 above estimated budget) – The differences are in Local income tax and Public Utility Tax.
A10 – 94% spent A70 – 104% spent ($3,665 overspent) –There was an increase in MDIA fees.
A81 – 109% spent ($4,863 overspent) – Unexpected purchase of HVAC for unit in 105N Liberty.
A92 – 88% spent B10 – 84% spent B22 – 100% spent C11 – 88% spent C22 – 98% spent D10 – 104% spent H40 – 167% spent ($26,794 overspent) 212% received ($32,665 extra received) – The overage in expenses is based on a Main Street Improvement Grant not budgeted for.
H60 – 99% spent H90 – 96% spent EF Revenue – 103% received ($93,766 above estimated budget) – The differences are in investment earnings and water revenue.
7-C21 – 102% spent ($19,200 overspent) -The overage in this was based on electricity charges increasing after budget.
7-C24 – 104% spent ($39,461 overspent) – Shipment of 200 water meters came in 9 months earlier than anticipated. 120 Water invoices are included in this department and are covered by a grant. Meter Installation contracted to VEPO to install meters in large quantities.
7-C25 – 132% spent ($18,969 overspent) – Aging infrastructure and repairs that needed to be fixed.
Total General Fund Budget Amendment - $35,322 Total Enterprise Fund Budget Amendment - $77,630