Broken Arrow City Council
Meeting of: 06/17/2019
Title:
title
Approval of and authorization to execute Budget Amendment Number 8 for Fiscal Year 2019
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Background:
The Municipal Budget Act adopted by the City Council allows the City to amend the budget at any time during the year for necessary expenditures incurred that exceed the original budget or when circumstances warrant the action.
Budget Amendment Number 8 is to provide funding for the transfer of $1,700,000 from the General Fund to the Broken Arrow Economic Development Authority for future economic development projects. The $1,700,000 was previously reserved in the General Fund, fund balance, and became available to transfer as a result of the TIF note refinancing earlier this year.
Cost: $1,700,000.00
Funding Source: General Fund Unreserved Fund Balance
Requested By: Cynthia Arnold, Finance Director
Approved By: City Manager Office
Attachments: Budget Amendment Number 8
Recommendation:
recommend
Approve and authorize execution Budget Amendment Number 8 for Fiscal Year 2019.
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