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Report regarding resolution providing interim spending authority for the first 60 days of Fiscal Year 2017-18. (Richard Lee, Director of Finance)
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It is recommended that the City Council adopt a resolution providing interim spending authority for the first 60 days of the Fiscal Year, in the event the proposed Fiscal Year 2017-18 operating budget is not approved on June 28, 2017.
BACKGROUND/DISCUSSION
The City’s authority to expend funds, granted under prior budget resolutions, expires on June 30, 2017. A resolution must be passed to allow for continued operations until the budget is adopted, in the event that the budget is not adopted on June 28, 2017.
The proposed resolution allows the Fiscal Year 2016-17 operating budget to be continued for a period of 60 days in terms of staffing and appropriations, which would be prorated accordingly.
CONCLUSION
Adopting this resolution allows the City to continue operation in a fiscally sound manner until a final budget is passed.