Staff Recommendation

Approve

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The MPC FY06/07 budget was approved by the Board on April 13, 2006. The budget needs to be amended to current funding levels approved by the City and County as well as to update for grant funding. Please include this 1st budget amendment in the July 13, 2006 MPC board agenda and its corresponding Executive Committee meeting. See changes below:

1. ($46,570) decrease in funding from City of Knoxville.
2. $30,000 increase in funding expected from City of Knoxville ? Community Development in support of MPC work on Empowerment Zone ? PNI; bringing total to $75,000. Community Development is in process of submitting contract to PNI Board for approval.
3. ($56,262) decrease in funding from Knox County.
4. $200,500 net increase due to revised projections for grant reimbursements. This includes a significant increase in consultant services to be reimbursed through the FHWA grant which requires a 20% local match.
5. $5,000 increase in fund balance withdrawal to purchase a vehicle; bringing total to $10,000. Adding a sedan would facilitate staff getting to public meetings, etc.
6. $23,365 increase in expenditures to cover the 20% local match required under the FHWA transportation grant for the additional consultant contracts.
7. $205,070 net increase in grant reimbursable expenses due to revised projections.
8. ($94,767) additional fund balance withdrawal to balance the budget. MPC?s current fund balance at 6-30-05 equaled $366,385. After deducting total projected fund balance withdrawals of $139,767 for FY06/07 this will leave an ending fund balance of $226,618 which is 5 percent of the budget and should be a sufficient reserve.

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Disposition Summary

Approve