| ITEM #: 6. DATE: 02/28/2022 AI #:654 |
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CITY COUNCIL ACTION REPORT
| SUBJECT: | APPROVE PROJECT BUDGET TRANSFERS |
| STAFF PRESENTER(S): | Doug Sandstrom |
SUMMARY
The recommended project budget transfers will align project budgets to match the actual funding source of the project, eliminating the need for multiple inter-fund transfers and enhancing both accuracy and transparency in expenditure reporting. This action changes how we budget but has no impact to actual project budget amounts or funding sources.
Recommendation
Approve budget transfers. (Doug Sandstrom, Finance Director)
FISCAL IMPACT
Net-zero fiscal impact. The project budgets remains unchanged within the adopted State Expenditure Limitation Budget.
BACKGROUND AND PREVIOUS ACTIONS
The projects impacted by this change are included in the FY2022 budget which was adopted on June 07, 2021.
STAFF ANALYSIS
To enhance the transparency, accuracy and timing of expenditures posting to a project, we are discontinuing the use of our current multi-funded projects fund. Expenditures will be posted directly to their ultimate funding source which will remove the need to perform inter-fund transfers to fund a project. This process change has no impact on any project budget amount or funding source, however it requires an adjustment to the budget which will place the project budget authority in the correct fund. As this action crosses lines of appropriation council action is required. The transfer itself is purely an internal tracking change that has a net-zero impact to the budget.
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