FY2020 Budget

3. May recognize and appropriate all insurance claim reimbursements received along with fees for the disposal of assets and direct said funds back to the affected department. D. Inter-fund Loan Authorization 1. May make inter-fund loans as necessary to meet cash flow needs for approved capital project ordinances for working capital purposes pending receipt of debt proceeds, awarded grant reimbursements or other agreements.

SECTION 16. UTILIZATION OF BUDGET ORDINANCE

A. This ordinance shall be the basis of the financial plan for the Morrisville Municipal Government during Fiscal Year 2020. The Town Manager/Budget Officer shall administer the Budget and ensure that operating officials are provided guidance and sufficient details to implement their appropriate portion of the Budget. B. The Finance Department shall establish and maintain all records, which are in consonance with this Budget Ordinance and the appropriate Statutes of the State of North Carolina. C. The equivalent estimated value of 1 Cent on the tax rate will be dedicated annually to the Roadway and Transportation Reserve Fund.

SECTION 17. RE-APPROPRIATION OF FUNDS ENCUMBERED IN FY 2019

Operating funds encumbered on the financial records as of June 30, 2019, are hereby re-appropriated to Fiscal Year 2020.

Adopted this 11 th day of June, 2019

______________________________

TJ Cawley, Mayor

ATTEST:

______________________________

Eric W. Smith II, Town Clerk

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