Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Amending The Fiscal Year 2016 Adopted Budget, Authorizing Year End Budgetary Transfers And Adjustments For Fiscal Year 2016 As Set Forth In Exhibits 1 Through 10, And Providing An Effective Date.
Body
Staff Recommends: Approval of the Resolution
Explanation:
This Resolution recognizes and appropriates additional revenues that have been received by the City, and sets forth the FY 2016 Year End budgetary transfers and adjustments. 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 needed.
As detailed in the attached exhibits to the Resolution, certain identified accounts may have exceeded budget appropriations in the course of operations by the Office or Department during Fiscal Year 2016. 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 2016 Operating Budget for the proposed budget transfers.
This Resolution is necessary in order to accurately capture expenses attributable to FY 2016. The Resolution provides budget authority for expenses which must be accrued back to FY 2016 per Generally Accepted Accounting Principles (GAAP). Florida State Statutes provide the legal 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:
Dr. Wazir Ishmael, City Manager
George R. Keller, Jr., Assistant City Manager for Finance and Administration