| ITEM #: 7. DATE: 10/24/2022 AI #:1120 |
 |
CITY COUNCIL ACTION REPORT
| SUBJECT: | APPROVE BUDGET AMENDMENTS & RELATED EXPENDITURE AUTHORITY |
| STAFF PRESENTER(S): | Doug Sandstrom, Finance Director |
SUMMARY
Approve FY2023 budget amendment utilizing one-time City Manager contingencies.
Recommendation
Approve budget amendment utilizing one-time City Manager contingencies. (Doug Sandstrom, Finance Director)
FISCAL IMPACT
Fiscal impacts are outlined in the attached report. The citywide budget total remains unchanged within the Adopted State Expenditure Limitation Budget. City Manager's One-Time Contingencies are programmed in the FY2023 budget in the amount of $350,000. This is the first use of this account in FY2023, upon approval of the $67,500 amendment this contingency account will have a remaining balance of $282,500.
BACKGROUND AND PREVIOUS ACTIONS
Budget amendments requiring City Council approval are presented, as necessary throughout the year. The FY2023 expenditure limitation budget was adopted on June 06, 2022.
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.