City of Walton, KentuckY                                                    Ordinance Number 2007-07 

AN ORDINANCE ADOPTING THE CITY OF WALTON, KENTUCKY ANNUAL BUDGET FOR THE FISCAL YEAR JULY 1, 2007 THROUGH JUNE 30, 2008 BY ESTIMATING REVENUE AND RESOURCES AND APPROPRIATING FUNDS FOR THE OPERATION OF CITY GOVERNMENT.

            WHEREAS, an annual budget proposal and message has been prepared and delivered to the City Council;

            WHEREAS, the City Council has reviewed such budget proposal and made necessary modifications.

             NOW, THEREFORE, BE IT ORDAINED, by the City of Walton, Kentucky as follows:

 SECTION 1:

 The annual budget for the fiscal year beginning July 1, 2007 and ending June 30, 2008 is hereby adopted as follows:

                                    General                 Municipal              Park                       CDBG                    Water/
                                                Fund                       Aid Fund                Fund                       Program                Sewer

Resources Available
Fund Balance/
Retained Earnings
Carried Forward                531,505                        131,797                     49,855                   140,600           433,420

Estimated Revenue
Property Taxes                      315,000                            67,000                    -                               -                               -              
Licenses/Permits                   600,000                           -                              -                               -                               -
Intergovernmental                    -                                    97,000                    550,000                   -                        1,000,000
Tax Penalties                              2,800                           -                              -                               -                               -
Charges for Services                 -                                  -                              -                               -                         1,409,000
W-V Veterans Memorial          1,000                           -                              -                               -                                -              
Miscellaneous                           6,000                              1,200                      25,200                  -                              14,000
Bond/Ban                                    -                                  -                             -                               -                         2,500,000
Interest                                     14,000                               3,000                          500                          500                    6,000
Total Estimated
Revenues                                938,800                          168,200                   575,700                          500             4,929,000

 Total Resources
Available for
Appropriation                   1,470,305                       299,997                  625,555               141,100               5,362,420                                                                                       

General                 Municipal              Park                       CDBG                    Water/
                Fund                       Aid Fund                Fund                       Program                Sewer

Estimated
Appropriations:
General Fund                          509,470                          -                               -                               -                             -
Public Works                          229,690                         430,000                    -                               -                             -
Water & Sewer                          -                                   -                              -                                -                        4,771,400
Parks/Recreation                       -                                   -                              680,500                    -                             -
Economic Development           -                                   -                               -                             141,100                   -
Debt Service                              -                                   -                               -                               -                             83,000

Total
Appropriations                       739,160                         430,000                    680,500                    141,100            4,854,400

 Excess of Resources
Over/Under
Appropriations                       731,145                        (130,003)                 (54,945)                    -                           508,020

 Operating transfers               300,000                         200,000                   100,000                    -                              -

Estimated Fund
Balances/Retained
Earnings-end of
Fiscal Year                            431,145                          69,997                    45,055                           00                508,020 

 SECTION 2:

 This Ordinance shall be in effect upon passage and publication as required by law.

 SECTION 3:

 Approved and passed on first reading by  6  Members of City Council on the 7th  day of June, 2007.

 Approved and passed on second reading by  5  Members of City Council on the 11th  day of June, 2007.

Date of Publication:   June 21, 2007.

 Approved: _________________
                    Phillip W. Trzop, Mayor                                                                                    

Attest: ______________________
             Peggy Gray, City Clerk

A copy of this budget is available for inspection at City Hall 40 North Main Street during regular business hours:  8:00AM to 5:00 PM Monday through Friday.