HomeMy WebLinkAbout10254RESOLUTION NO. 10254
A RESOLUTION AUTHORIZING THE TRANSFER OF $11,000.00 FROM THE CONTINGENCIES
ACCOUNT IN THE 2004 GENERAL FUND BUDGET TO THE PROFESSIONAL SERVICES
ACCOUNT IN THE CITY COUNCIL BUDGET.
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that:
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The transfer of $11,000.00 from the Contingencies Account in the 2004 General Fund
budget to the City Council Operating Budget is hereby approved.
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Said funds shall be used to pay for consulting fee to the City's outside auditor for GASB 34
start -up year work.
INTRODUCED November 8, 2004
BY Robert Schillir
Councilperson
AGENDA ITEM #
DATE: November 8, 2004
DEPARTMENT: CITY MANAGER'S OFFICE
DAVE GALLI, ACTING CITY MANAGER
ROBERT HAIN, FINANCE DIRECTOR
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A RESOLUTION AUTHORIZING THE TRANSFER OF $11,000.00 FROM THE
CONTINGENCIES ACCOUNT IN THE 2004 GENERAL FUND BUDGET TO
THE PROFESSIONAL SERVICES ACCOUNT IN THE CITY COUNCIL
BUDGET.
ISSUE
Should the City Council provide funding for GASB 34 work performed by the
City's outside auditor?
RECOMMENDATION
Staff recommends approval of this resolution.
BACKGROUND
Preparation of the 2003 comprehensive annual financial report involved the
complicated task of converting to the new reporting model. A considerable
amount of this work was done in house by the city staff, however, additional
consulting work and review was needed from the City's outside auditor. Our
estimate for the cost of this effort fell short of the actual cost. This is a one -time
expense which will not be necessary in future years.
FINANCIAL IMPACT
Funds in the amount of $11,000.00 will be transferred from the Contingencies
Account in the 2004 General Fund Budget (see attached spreadsheet for the
balance in the contingencies account).