Memo

To: Scott Hildebran, Mayor, and Town Council

From: Nicole Norman, Finance Officer

Date: 10/14/2008

Re: Budget Amendment (Ordinance #2008-14)

Enclosed please find a budget amendment for the fiscal year 2008-2009 for your consideration.

Section 1 (General Fund) is to account for the expenses involved in the demolition of the Balestrieri’s house on Laurel Park Rd. and the corresponding lien put on the property for these costs, as well as to account for year end TDA revenue.

Section 2 (General Capital Fund) allocates the remaining 1/3 Fiscal Year 07-08 Occupancy Tax revenue due to the Town from the TDA and applies it towards parking reserves. This amendment will also allocate the $50,000 ABC Board donation towards Park Avenue Building renovations.

Section 3 (General Capital Fund) will reallocate funds already budgeted for various capital projects which corrects a clerical error in the budget ordinance.

Section 4 (Water Fund) is to account for the costs and proceeds associated with the sale of the second order of Rain Barrels.

Section 5 (Water Capital Fund) is to account for the expense and reimbursement of expenses for the Quail Hollow Sewer Line extension. Reimbursement for the project is expected from Mr. Ceigler and Mr. Glazier over a period of three years.

Please let me know if you need further details on the proposed amendment.

Nicole Norman