DEPARTMENT: Office of Management and Budget
DEPARTMENT HEAD: Scott Huizenga
COUNCIL DISTRICTS IMPACTED: City Wide
SUBJECT:
FY 2020 Closing Ordinance
SUMMARY:
This item authorizes several financial transactions to be completed prior to the close of FY 2020, including carrying forward planned, yet undesignated, FY 2020 expenditures into FY 2021; carrying forward prior year(s) unencumbered funds into FY 2021, authorizing the ratification of Grant awards, Emergency Contract and Purchases as a result of the impacts of COVID-19 on the community, approving certain contracts, closing accounting records in certain funds and returning balances to their respective funds, and amending prior appropriations. These actions are in accordance with General Accepted Accounting Principles (GAAP).
BACKGROUND INFORMATION:
As part of the City's annual year-end fiscal closeout process, a Closing Ordinance is developed to authorize several financial transactions within certain operating, capital and grant funds to comply with Generally Accepted Accounting Principles (GAAP) requirements. Items addressed in the Closing Ordinance include: carry forward of necessary FY 2020 encumbrances into the FY 2021 Budget; earmarked funds in the operating funds designated for Capital Projects or grants; and carry forward of planned, but unencumbered, FY 2020 expenditures into FY 2021 (see Attachment 1); authorizing the ratification of Grants, Emergency Contract and Purchases as a result of the impacts of COVID-19 on the community, and amendment of certain prior appropriations.
This action will allow the Deputy Chief Financial Officer to implement: General Accounting Standards Board (GASB) Statements effective in and applicable for the fiscal year ending September 30, 2020; any transfers between funds; and budget adjustments necessary to reflect FY 2020 re-estimates included within the Proposed FY 2021 Budget.
This ordinance also authorizes the ratification of grant awards total...
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