2019-2020 Budget Update
The Finance committee met to review the year to date revenue updates, expenditures, and project future impacts. The budget was updated to reflect the budget amendments approved at last month’s board meeting. Based on YTD activity, we are projecting an end of year surplus of $228,400.43. The balance sheet and income statement along with the YTD budget report are attached for your review.
2020-2021 Budget Process
Staff Input Sessions
Community Input Session
Draft Budget -March
Budget Presented to Board in April
Budget Approved in May
Board approval is requested to modify the employee handbook and allow for part-time employees to receive the 401K match according to the plan guidelines.
Five Year Projections and Bond Financing
The five year projections were reviewed and updated at the 2/19/20 finance committee meeting and are attached for Board review. Updated financials were provided to BB&T for a re-evaluation of our bond financing capacity. We would like to understand our minimum and maximum capacity for borrowing based on our current size and our anticipated growth.
Board approval is requested to approve the Underwriter Letter of Intent with BB&T so that they can provide full underwriting estimates of our bond capacity. Five year projections are attached for Board review.