| AGENDA ITEM #: 3. DATE: 02/22/2021 CAR #: {ud_fi4} |
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CITY COUNCIL ACTION REPORT
| SUBJECT: | APPROVE FY2021 TRANSFERS |
| STAFF PRESENTER(S): | Doug Sandstrom, Finance Director |
OTHER PRESENTER(S):
None
SUMMARY:
Approve the budget transfers for FY2021.
Recommendation:
Approve the FY2021 budget transfers. (Doug Sandstrom, Finance Director)
FISCAL IMPACT:
Fiscal impacts are outlined in the attached report. The FY2021 citywide budget total of $599,405,700 remains the same and within the State Expenditure Limitation amount.
BACKGROUND AND PREVIOUS ACTIONS:
Budget transfers requiring City council approval are presented on the last business agenda of each month. The FY2021 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. The transfer can occur if the funding is available, it is in the public’s interest and based on a demonstrated need, it does not result in exceeding the community’s expenditure limitation, and a majority of the members of the governing body vote affirmatively on the transfer at a public meeting.
Review of the budget transfers keeps the Council and general public informed about the city’s current fiscal year revenues and expenditures.
Review of the budget transfers keeps the Council and general public informed about the city’s current fiscal year revenues and expenditures.