SML Board of Control - Minutes Sept. 28, 1998. Page 3 bring it into balance with the budgeted revenues for 1996-1998. The adjustments are necessary because it was not taken into account that in the City's accounting system, the unspent amount of budgeted expenditures is ""rolled forward"" and is still available for expenditures in the following years. The Library only had $11,714,904 in budgeted revenues in the Capital Program for the first three years (1996-1998), but showed capital expenditures totaling $15,124,327. The 1997 Parish Audit showed that the Library had an undesignated-unreserved fund balance of$7,173,158. Thus, the Library budgeted 'anticipated' expenditures of$7,173,158. However, since all capital accounts are not cleared out at the end of the year in the City's accounting system, the Library's budgeted expenditures for 1998 should have been $3,699,264. The Finance Committee recommended (see attached - Finance Committee Minutes) that the Board approve the 1999 Proposed Budget and the 1998 Budget adjustments, as written. Gail Griffin moved and Orella Brazile seconded the motion to approve the following adjustments to the 1998 Library Budget, decreasing budgeted expenditures by $3,409,423 in order to balance with the total budgeted revenues of $11, 714,904 for 1996-1998: [Table] The motion carried. and Orella Brazile moved and Glenn O'Bryan seconded the motion to approve the Shreve Memorial Library 1999 Proposed Budget (see attached, SML 1999 Proposed Budget) as presented. The motion carried.
