OCTOBER AND NOVEMBER 2015 BUDGET TRANSFER(S), CFD REDUCTION IN REVENUES AND OCTOBER 2015 MONTHLY FINANCIAL REPORT AND BUDGET TERMINOLOGY OVERVIEW RECOMMENDATION: 1. Approve October and November 2015 budget transfer(s). 2. Authorize the reduction of revenue estimates in an amount not to exceed $100,000 from the CFD’s to facilitate hiring consultants to provide administrative services for the CFD’s. 3. City Staff will present the October 2015 monthly financial report and budget terminology. PURPOSE: City staff will present the October and November 2015 budget transfer(s). Council approval of the budget transfers will be requested. Budget transfers are required to comply with 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 the budget as necessary by transferring appropriation authority between budget items, if certain conditions are met. Due to staff changes, City staff will discuss the reduction of Community Facilities Districts (CFDs) revenue. City staff will present the October 2015 monthly financial report and budget terminology. Implementation of a monthly financial report will provide Council with timely information, enable timely action and increase transparency. (Lauri Wingenroth, Budget & Research Manager; Larry Lange, Finance Director)

Committee

City Council Regular Meeting

Introduced

November 18, 2015

On agenda

December 14, 2015