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RECEIVE THE FY15 SECOND QUARTER FINANCIAL UPDATES AND APPROVE BUDGET TRANSFERS
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RECOMMENDATION:
Receive the fiscal year (FY) 2015 second quarter financial updates and approve budget transfers.
PURPOSE:
Staff will review the FY15 second quarter financial updates and year-to-date budget transfers. Council approval of the FY15 year-to-date 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. (Lauri Wingenroth, Budget and Research Manager)