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2011_04_12_O007 FY2012 BudgetThe Town of Leesburg, Virginia ORDINANCE NO. AN ORDINANCE: PRESENTED April 12, 2011 2011 -0 -007 ADOPTED April 12, 2011 ADOPTING THE BUDGET FOR FISCAL YEAR 2012; MAKING APPROPRIATIONS FOR FY 2012 FOR THE GENERAL FUND, UTILITIES FUND, AIRPORT FUND, AND CAPITAL PROJECTS FUND; AUTHORIZING THE CONTINUATION OF THE REVENUE STABILIZATION RESERVE; COMMITTING THE FISCAL RESERVE OF 15% OF EXPENDITURES FOR FY 2012; AUTHORIZING AMENDMENTS TO THE BUDGET AND SUPPLEMENTAL APPROPRIATIONS BY COUNCIL RESOLUTION; AND AUTHORIZING AND DIRECTING THE TOWN MANAGER TO TAKE ALL STEPS NECESSARY AND PRUDENT TO EFFECTUATE THE IMPLEMENTATION OF THIS ORDINANCE The Council of the Town of Leesburg in Virginia hereby ordains: SECTION I. The budget for the fiscal year beginning July 1, 2011; and ending June 30, 2012, is hereby adopted to include the adjusted totals in the categories and accounts of the General Fund in the amount of $46,268,605 the Utilities Fund in the amount of $21,378,793; the Airport Fund in the amount of $3,813,048; and Capital Projects Fund in the amount of $12,481,001. SECTION II. The amounts reflected in the budget for the fiscal year beginning July 1, 2012 and ending June 30, 2012, are hereby appropriated to include the adjusted totals in the categories and accounts to the General Fund in the amount of $46,268,605; Utilities Fund in the amount of $21,378,793; Airport Fund in the amount of $3,813,048; and Capital Projects Fund in the amount of $12,481,001. SECTION III. The Revenue Stabilization Reserve in the amount of $1,400,000 is hereby committed for FY 2012. SECTION IV. The fiscal reserve shall be 15% of expenditures for FY 2012. -2- AN ORDINANCE: ADOPTING THE BUDGET FOR FISCAL YEAR 2012; MAKING APPROPRIATIONS FOR FY 2012 FOR THE GENERAL FUND, UTILITIES FUND, AIRPORT FUND, AND CAPITAL PROJECTS FUND; AUTHORIZING THE CONTINUATION OF THE REVENUE STABILIZATION RESERVE; COMMITTING THE FISCAL RESERVE OF 15% OF EXPENDITURES FOR FY 2012; AUTHORIZING AMENDMENTS TO THE BUDGET AND SUPPLEMENTAL APPROPRIATIONS BY COUNCIL RESOLUTION; AND AUTHORIZING AND DIRECTING THE TOWN MANAGER TO TAKE ALL STEPS NECESSARY AND PRUDENT TO EFFECTUATE THE IMPLEMENTATION OF THIS ORDINANCE SECTION V. Any amendments to the budget or supplemental appropriations adopted herein may be enacted by Town Council by resolution from time to time. SECTION VI. The Town Manager is hereby authorized and directed to take all appropriate administrative actions necessary and prudent to effectuate implementation of this ordinance including, but not limited to, transferring money within and between funds, paying all sort and long term debt due, and establishing necessary encumbrances at fiscal year end. SECTION VII. All prior ordinances and resolutions in conflict herewith are hereby repealed. SECTION VIII. If any provision of this ordinance is declared invalid, the decision shall not affect the validity of the ordinance as a whole or any remaining provisions of the ordinance. SECTION IX. This ordinance shall be effective July 1, 2011. PASSED this 12 day of April, 2011. P: \Ordinances\201 I \0412 FY 2012 Budget Appropriaton Ordinance.doc Kristen C. Umstattd, Mayor Town of Leesburg