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Resolution accepting mid-year update for fiscal year ending June 30, 2024, and approving proposed budget appropriations for Fiscal Year 2023-24 City Operating and Capital Improvement Program (CIP) budgets
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WHEREAS, on June 28, 2023, a resolution adopting the Fiscal Year ("FY") 2023-24 budget was approved by the City Council; and
WHERAS, preliminary (unaudited) financial results for the first half of FY 2023-24 are available; and
WHEREAS, additional appropriations are necessary to fund certain projects and/or programs for FY2023-24; and
WHEREAS, the availability of unrestricted funds have been identified within the City's General Fund as a result of the audit for year ended June, 30, 2023; and
WHEREAS, on February 8, 2024, the information related to the above was presented and accepted by the Budget Standing Committee at a public meeting.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of South San Francisco that the City Council approves the revenue adjustments to the FY2023-24 budget based upon the preliminary unaudited financial data available through December 31, 2023.
BE IT FURTHER RESOLVED that the City Council approves the additional expenditure requests for FY2023-24 described in the report associated with this resolution and approves the appropriation of additional funds, thereby amending the FY2023-24 expenditure budget.
BE IT FURTHER RESOLVED that the fund balance and reserve categories presented in the report herein related to FY2023-24 are designed for decision-making and informational purposes only for the City Council and are not intended to replace the reserve classifications supplied by GASB Statement 54 for governmental funds.
BE IT FURTHER RESOLVED that the Director of Finance is hereby authorized to use professional judgment to make corrections to the adopted budget schedules as necessary to follow the intent of Council's appropriation approval if any related numbers represented herein do not match.
BE IT ...
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