(8)(d)
CITY COMMISSION REGULAR MTG
- Meeting Date:
- 05/20/2026
- Title:
- BUDGET AMENDMENT - PRIOR YEAR EXPENDITURES
- Submitted For:
- Cynthia Rushing
- Submitted By:
- Cynthia Rushing, Finance
- Department:
- Finance
Information
ACTION REQUEST
APPROVE BUDGET AMENDMENT FOR PRIOR YEAR EXPENDITURES
BACKGROUND (Brief Summary)
Budget amendments are required whenever the City pays for items that were not included in the adopted budget for that fiscal year. There are $1,506,826.24 in prior‑year expenditures that were charged to the FY26 budget, even though these costs were not part of the FY26 adopted budget.
Under Generally Accepted Accounting Principles (GAAP), the matching principle must be followed. This principle requires that expenditures be recorded in the same fiscal period as the revenues that funded them. To comply with GAAP, these expenditures must be moved to the correct fiscal year, which requires a budget amendment to restore the FY26 Budget.
Under Generally Accepted Accounting Principles (GAAP), the matching principle must be followed. This principle requires that expenditures be recorded in the same fiscal period as the revenues that funded them. To comply with GAAP, these expenditures must be moved to the correct fiscal year, which requires a budget amendment to restore the FY26 Budget.
RECOMMENDATION
CFO is recommending the Commission to consider and approve the budget amendment for $1,506,826.24 for the various prior year expenditures paid in fiscal year 26.
Fiscal Impact
- Funds Available Y/N:
- Y
- Amount Requested:
- 1506826.24
- Source of Funds:
- Account #:
- SEVERAL