Council approves year-end budget amendment to move surplus into special projects and economic development
The council approved a year-end budget amendment authorizing the city manager to transfer a portion of unspent appropriations and excess revenue: 75% to a self-funded special-projects fund and 25% to the economic-development fund; staff estimated about $1.2 million in the adopted budget and noted actual amounts will be known after books close.
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Stephen Glickman, the town’s chief financial officer, presented the year-end budget amendment that authorizes staff to transfer unspent appropriations and excess revenue when the fiscal year closes. The council resolved that 75% of that amount will go to a self-funded special-projects fund and 25% to the economic-development fund.
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