| ITEM #: 7. DATE: 07/01/2024 AI #:2131 |
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CITY COUNCIL ACTION REPORT
| SUBJECT: | APPROVE BUDGET AMENDMENTS & RELATED EXPENDITURE AUTHORITY |
| STAFF PRESENTER(S): | Ryan Bittle, Finance Manager |
SUMMARY
APPROVE BUDGET AMENDMENTS
STRATEGIC PLAN ALIGNMENT
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RECOMMENDATION
Approve budget amendments and related expenditure authority. (Ryan Bittle, Finance Manager)
FISCAL IMPACT
Fiscal impacts are outlined in the attached report. The citywide budget total remains unchanged within the Adopted State Expenditure Limitation.
BACKGROUND AND PREVIOUS ACTIONS
Budget amendments requiring City Council approval are presented as necessary throughout the year. The FY2024 expenditure limitation budget was adopted June 12, 2023.
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 2022-2256. Review of budget transfers keeps the Council and public informed about the city's current fiscal year revenues and expenditures.