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Committee schedules public hearing on appropriation for economic development fund
Summary
The Finance Committee recommended a public hearing for an additional appropriation to the economic development fund to cover trailing professional and advisory fees from the event center project, explaining cash-basis budgeting requires appropriation though costs are accrued for audits.
Staff told the committee that an additional appropriation to the economic development fund will be needed to cover trailing costs from the event center project, including professional services and advisory fees that trailed into the new fiscal year. Because the city budgets on a cash basis but reports financial statements on an accrual basis, those accrued expenses must still be appropriated to be paid.
Staff notified the committee that a public hearing on the appropriation will be scheduled for the upcoming city council meeting. A committee member asked whether the expenses had been accrued on the financial statements; staff confirmed they were accrued for audit reporting but still require a cash appropriation to pay them.
The committee voted to recommend the appropriation and send the item to the council for a public hearing.
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