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AUDITOR-CONTROLLER - Auditor-Controller Krista Peterson
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Requested Action(s)
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a) TRANSFER OF FUNDS - Request authorization of Blanket Transfer B-84, as necessary for year-end budget and revenue adjustments (Requires a 4/5’s vote)
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Financial Impact:
There is no financial impact for this request. The transfers will have no impact on the budget in total.
Background Information:
In the process of closing the books on the fiscal year, various adjustments to the budget may be made. Budget adjustments may be necessary to comply with Proposition Gann Limit requirements. Appropriations of tax revenue are to be recognized in the period in which they are received. Some actual expense over budget in salary and benefit accounts may be balanced with appropriate continencies. Certain carryover funds are moved to Fund Balance accounts in accordance with the Fund Balance policy. Open purchase orders and balances on purchase agreements may be encumbered as appropriate and necessary to meet those obligations. During the audit process, it may be necessary to make journal entries for Financial Reporting purposes. An accounting of all activity related to budget adjustments under this transfer is made available to Administration for review.