SUBJECT:
PUBLIC HEARING - Consideration and Action regarding Resolution No. 2022-08, FY2021-2022 Mid-Year Budget Revisions
BACKGROUND/DISCUSSION:
Each year the current fiscal year budget is reviewed and updated for necessary changes. The attached memo outlines the proposed revisions. Adoption of the proposed resolution will modify the budget as detailed in the attachment.
FINANCIAL IMPACT:
The financial impact by fund can be found in the attachment. Funding for projects budgeted in the previous fiscal year but not completed by September 30, 2021 must be carried forward to budget for the completion of the project in the current fiscal year. The budget must also be amended for items that have been approved by the City Council since the beginning of the fiscal year. The attachment details each of these items. Mid-year revisions this year include a one time retention payment to all full time and part time employees with one year of service by September 30, 2022.
RECOMMENDATION:
Staff recommends approval of Resolution No. 2022-08 adopting the mid-year budget revisions. |