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. �� . <br /> . � �, . <br /> COUNCIL MEMORANDUM #88-83 <br /> July 12, 1988 <br /> Page Two <br /> Object #441 - Transfer to Debt Service - was increased by <br /> $117,000 to cover a portion of the principal and interest expense <br /> for the 1983 Surface Drainage bond issue. The County Clerk in- <br /> correctly abated this amount so the Non-Departmental Account of <br /> the General Fund must absorb this expense. <br /> The Contingency Account in the General Fund has been reduced <br /> from $779,422 budgeted to $485,454. I would recommend that under <br /> no circumstance more than $200,000 be expended from this account <br /> unless revenue projections from the 1� local sales tax continue <br /> to be on target. <br /> Monthly collections have improved but it is still too early <br /> to feel comfortable with the budgeted estimate for FY1988/89 <br /> ($4,530, 000) . <br /> April receipts received in May were $375,000 and May <br /> receipts received in June were $386,000. Based on these monthly <br /> receipts, it appears that estimated receipts from 1$ local sales <br /> tax are on target. <br /> The total appropriation ordinance amounts to $64, 728,557 <br /> compared to $70,111,725 budgeted for FY1988/89 . <br /> If you have any questions prior to Monday night' s meeting, <br /> please call Ron Lappi since he has the detailed breakdown for all <br /> funds. <br /> Ron Lappi and I will be prepared to answer any questions. <br /> Attachment <br /> cc: Ron Lappi <br /> Dan Sommerfeldt <br />