Laserfiche WebLink
Department Approval <br />MEQUEST FOR, COUNCIL ACTION <br />Date: 5/12/08 <br />Item No.: 7.f <br />City Manager Approval <br />Item Description: Approve Further Amendments to the 2007 Budget <br />BACKGROUND <br />2 On April 14, 2008 the City Council approve a number of amendments to the 2007 Budget in accordance <br />1 3 with the City's year end financial and auditing adjustments. Subsequent to this action, the City's Auditors <br />41 made a recommendation that the City re-categorize the expenditure relating to the release of the Twin <br />5 Lakes Letter of Credit proceeds received in the prior year. As a result, the expenditure is now treated as an <br />6 operating expenditure (as opposed to a non-operating expenditure) which necessitates a change in the <br />7 General Fund's budget -to- actual financial statement presentation. <br />The change is noted under the 'Economic Development' expenditure category. <br />POLICY OBJECTIVE <br />1 Where applicable, budget amendments are made to comply with State Statutes. <br />1 2 FINANCIAL IMPACTS <br />, 3 There are no current year financial impacts. The budget amendment is necessary to demonstrate that <br />1111 previously incurred expenditures are within the adopted budget. Any changes in expected expenditure <br />1� 5 trends are incorporated into future budgets. <br />1� 6 STAFF RECOMMENDATION <br />1� 7 Staff recommends that the budget amendment be approved. The City's Auditors will make a formal <br />1 f presentation on the 2007 financial statements at the May 12, 2008 Council Meeting. <br />2 <br />2 1� <br />REQUESTED COUNCIL ACTION <br />Motion to approve the subsequent year-end amendment to the 2007 Budget. <br />Prepared by: Chris Miller, Finance Director <br />Attachments: A: Excerpt of the 2007 financial statements. The amendments have been incorporated in the column <br />marked 'final' budget. <br />Page I of I <br />