City Council

(37) 23­0600­S117 BUDGET, FINANCE AND INNOVATION COMMITTEE REPORT relative to authorization for 2023­24 year­end Reserve Fund borrowing. Recommendations for Council action, SUBJECT TO THE APPROVAL OF THE MAYOR: 1. AUTHORIZE the Controller to process Reserve Fund borrowing for each departmental budget authority (appropriation) up to $50,000 or one percent of said budget authority, whichever amount is greater, to cover any circumstances where departmental expenditures exceed appropriations at year­end closing. 2. REQUEST the Controller; and, INSTRUCT the City Administrative Officer (CAO) to work with departments to cancel encumbrances where expenditures and encumbrances exceed either appropriations or available receipts. 3. REQUEST the Controller to include in the Preliminary Financial Report to the Mayor and Council a list of year­end Reserve Fund advances resulting from this authority. Fiscal Impact Statement: None submitted by the Controller. Neither the CAO nor the Chief Legislative Analyst has completed a financial analysis of this report.