| AGENDA ITEM #: 7. DATE: 08/23/2021 AI #:444 |
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CITY COUNCIL ACTION REPORT
| SUBJECT: | APPROVE BUDGET TRANSFERS |
| STAFF PRESENTER(S): | Doug Sandstrom, Finance Director |
SUMMARY
Approve budget transfers
Recommendation
Approve budget transfers. (Doug Sandstrom, Finance Director)
FISCAL IMPACT
Fiscal impacts are outlined in the attached report. This action includes transfers for both FY2021 and FY2022 with citywide budget totals remaining unchanged within the Adopted State Expenditure Limitation Budgets.
BACKGROUND AND PREVIOUS ACTIONS
Budget transfers requiring City Council approval are presented as necessary throughout the year. The FY2022 expenditure limitation budget was adopted on June 07, 2021 and the FY2021 expenditure limitation budget was adopted on June 22, 2020.
STAFF ANALYSIS
Budget transfers are permitted by Arizona Revised Statute 42-17106(B), which provides authorization for cities and towns to exceed expenditures in a budget item after final adoption of a city/town budget by transferring appropriations between budget items. All budget transfers are completed within city policy established by Resolution 2020-2039.
Review of budget transfers keeps the Council and general public informed about the city’s current fiscal year revenues and expenditures.
Review of budget transfers keeps the Council and general public informed about the city’s current fiscal year revenues and expenditures.