Broken Arrow Economic Development Authority
Meeting of: 10-20-2020
Title:
title
Approval of and authorization to execute Budget Amendment Number 8 for Fiscal Year 2021
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Background:
The Municipal Budget Act adopted by the City Council and the Authority allows the amendment of the budget at any time during the year for necessary expenditures incurred that exceed the original budget or when circumstances warrant the action.
For budgetary compliance required by law, Budget Amendment Number 8 is to provide funding for purchase orders issued or contracts entered into during the previous fiscal year that continue into Fiscal Year 2021. The City’s practice is to liquidate encumbrances at the end of the previous fiscal year and re-encumber in the current fiscal year. Funds are available in Fund Balance as a result of the liquidated encumbrances.
Cost: $58,327.00
Funding Source: Fiscal Year 2020 liquidated encumbrances
Requested By: Cynthia Arnold, Finance Director
Approved By: City Manager’s Office
Attachments: Budget Amendment #8 for Fiscal Year 2021
Recommendation:
recommend
Approval of and authorization to execute Budget Amendment Number 8 for Fiscal Year 2021.
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