5:31 p.m. Public Hearing Request - Fund Balance Carry-forwards
From:
Stephan Hall, Interim Department Director
Organization:
OMB
CAO Approval:
RECOMMENDATION:
Recommendation Concerning a Public Hearing Request for Fund Balance Carry Forwards - Stephan Hall, Management and Budget Services Interim Department Director
That the Board authorize the scheduling of a Public Hearing on January 22, 2015, at 5:31 p.m., to amend the Fiscal Year 2014/2015 Budget to include fund balance carry forwards.
BACKGROUND:
During the budget process and 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.