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City of Missoula, Montana Item to be Referred to City Council Committee Committee: A & F Item: Set Public Hearing to amend the FY 2010 budget to appropriate expenditures that were not identified in the original budget Date: October 28, 2010 Prepared by: Brentt Ramharter Initiated by: Brentt Ramharter Action Required: Set a Public Hearing to amend the FY 2010 budget to appropriate expenditures that were not identified in the original budget and adopt the budget resolution amending the FY 2010 budget after the public hearing. Recommended Motion: I move the City Council set a public hearing on the proposed additional appropriations that were previously approved as projects by the city council but not formally added to the budget. This budget amendment is necessary primarily to recognize grants received, contracts received, financings that occurred during the fiscal year and incorporate on-going construction projects related to these grants carried forward from fiscal year 2009. Timeline: Referral to committee: October 28, 2010 Committee discussion: November 3, 2010 Deadline: Have council approve ASAP, preferably at hearing on December 6, 2010. Background and Alternatives Explored: The city council has authorized a number of significant transactions during FY 2010 that need to be formally recognized in the budget for FY 2010, in particular grants received during the fiscal year and financings accomplished that need to be acknowledged in the budget in order to close out our fiscal year. The city's financial accounts were held open through September to pay all bills related to FY 10. Because we are required to utilize the accrual method of expenditure recognition for our accounting and budgeting by state law (and for audit requirements), we have just closed our books for the prior fiscal year and made the final FY 2010 payments to vendors for work performed as of June 30, 2010 (many invoices did not get generated and presented for payment until August and September). We are now processing just those amendments needed to address the areas needing attention. Financial Implications: This must be approved be approved per state law to finalize the budget for FY 2010. Attachments: Budget Amendments Resolution Budget Transfers