Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Authorizing Year End Budgetary Transfers And Adjustments For Fiscal Year 2014 As Set Forth In Exhibit One, And Providing An Effective Date.
Body
Staff Recommends: Approval of the Attached Resolution
Explanation:
This Resolution sets forth the FY 2014 Year End budgetary transfers and adjustments, as may be needed. Budgetary transfers and adjustments are necessary and needed to resolve budget variances among the various Offices and Departments' personal services and operating accounts and to make adjustments in various City Funds as may be needed.
As detailed in the attached Exhibit to the Resolution, certain identified accounts may have exceeded budget appropriations in the course of operations of the Office or Department during Fiscal Year 2014. As a result, budget transfers and adjustments are necessary to offset and balance the identified budget variances. Sufficient budgetary resources are available from other accounts in the FY 2014 Operating Budget for the proposed budget transfers.
This is the first of two planned year-end closeout resolutions for FY 2014. The second closeout resolution is scheduled to come before the Commission on November 17th.
These resolutions are necessary in order to capture expenses attributable to FY 2014, but for which invoices were received after the end of the fiscal year. They provide budget authority for expenses which must be accrued back to FY 2014 per Generally Accepted Accounting Principles (GAAP). State law provides the authority to make these necessary adjustments within a sixty (60) day period following the close of the fiscal year.
Recommended for inclusion on the agenda by:
Cathy Swanson-Rivenbark, City Manager
Matthew Lalla, Director, Financial Services