5:31 p.m. Public Hearing Request - Fund Balance Carry-forwards
From:
Amy Lovoy
Organization:
OMB
CAO Approval:
RECOMMENDATION:
Recommendation Concerning a 5:31 p.m., Public Hearing Request - Fund Balance Carry Forwards - Amy Lovoy, Management and Budget Services Department Director
That the Board authorize the scheduling of a Public Hearing on January 19, 2012, at 5:31 p.m., to amend the Fiscal Year 2011/2012 Budget to include the fund balance carry forwards.
BACKGROUND:
During the budget process an estimate is made for the amount of unspent monies that will be remaining at the end of the fiscal year. This amount is budgeted in a fund balance estimate. At the close of every fiscal year a reconciliation is made between the estimate of fund balance, or funds remaining from the previous year and the actual fund balance. The difference is then appropriated into the budget. A public hearing is required to amend the budget in this manner.