Surplus to fund town services
The Farmville Town Council is set to vote to schedule a public hearing to amend its 2018-19 Fiscal Year (FY) budget to distribute funds from a surplus in the town’s budget.
The vote is scheduled to take place during the council’s Sept. 12 meeting. The hearing itself is proposed to take place during the council’s Oct. 10 meeting.
According to a resolution included in the town council meeting packet, the board voted to approve the FY 2018-2019 budget June 22 and determined June 30 that the previous year’s budget, FY 2017-2018 had a surplus of $747,383.09 that could be carried over into the recently-adopted 2018-2019 budget.
The FY budget totaled $27,871,389.71. The surplus would result in the FY 2018-2019 budget totaling $28,618,772.80.
The more than $747,000 surplus is set to be distributed through several allocations, including $489,847.41 added to the general fund, $21,379.49 added to the water fund, $111,286.45 added to the sewer fund and $124,869.74 added to the transportation fund.