FY 13-14 2ND QUARTER FINANCIAL REPORT, BUDGET TRANSFERS, AND MID-YEAR FINANCIAL UPDATE RECOMMENDATION: Receive fiscal year (FY) 13-14 2nd Quarter Financial Report and Mid-Year Financial Update and approve FY13-14 second quarter budget transfers. PURPOSE: City staff will review the 2nd Quarter Financial Report for FY 13-14, budget transfers, and the five-year financial forecast. Council approval of the 2nd Quarter budget transfers will be requested. Budget transfers are required according to Arizona State Statute and budget law and are necessary for continuance of City operations. An Arizona city or town may not revise its adopted budget to increase total expenditures, but it is permitted to revise budgeted expenditures at the department level by transferring monies between budget items, if certain conditions are met. (Kim Bradford, Interim Budget & Research Manager)

Committee

City Council Regular Meeting

Introduced

January 27, 2014

On agenda

February 24, 2014

Passed

February 24, 2014