Summary:
The attached schedules list the FY2024 4th Quarter Budget Amendments and FY2024 4th Quarter Chargebacks, which under current Council and/or administrative policy require Council approval. These amendments have been reviewed by the Finance and Budget Department and are submitted to Council for approval. The following listing describes the budget amendments by category.
FY2024 4th Quarter Budget Amendments Summary:
Capital: The amendments in this category re-align spending authority in several projects to close out the 2021 General Obligation Bond Series. In other words, generally G.O. Bonds must be spent within three years of their issuance. Sometimes projects don't go as fast as was planned while others go faster. This action re-aligns expenditures that are complete into the 2021 Bond Series that is coming upon its 3-year horizon. The Capital adjustments total $12,335,089.
Grants & Outside Sources: The amendments in this category establish spending authority for grant funding awarded to Human Resources from Safety National.com, Economic Development from the Office of Tourism and Fire-Medical and Neighborhood and Human Services from the State of Arizona. The Grants & Outside Sources adjustments total $129,350.
FY2024 4th Quarter Chargebacks:
Chargebacks and Arts: The items in this category represent an administrative mechanism for charging capital projects for project management and procurement services provided by city staff, as well as the one percent (1%) charge for public art. Each quarter, budget authority is moved to individual capital projects to be charged. The Chargebacks and Arts adjustments total $920,957.