Title:
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An Act concerning Fiscal Year 2008-2009 Current Expense Budget for the purpose of amending certain revenue estimates and certain appropriations in the Annual Budget and Appropriations Ordinance for Fiscal Year 2008-2009
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Title
An Act concerning Fiscal Year 2008-2009 Current Expense Budget for the purpose of amending certain revenue estimates and certain appropriations in the Annual Budget and Appropriations Ordinance for Fiscal Year 2008-2009
Background
This legislation will amend the Approved FY 2009 Current Expense Budget in accordance with Section 817 of the Prince George’s County Charter which provides that [i]f at any time during the fiscal year, the County Executive shall ascertain that the available revenue for the year may be less than the total appropriations, he shall reconsider the appropriations for all agencies, and may revise them so as to forestall expenditures in excess of the income and fund balances.”
June estimates for FY 2009 revenue are $48,000,000 less than the estimates in the Approved FY 2009 Current Expense Budget. Because we are obligated to maintain the Board of Education appropriation, the Legislation utilizes $14 million of Board of Education Fund Balance; recognizes $2 million of additional revenue from the Maryland-National Capital Park and Planning Commission and $1 million from the Revenue Authority to reduce the budget reduction to $31,000,000.