I. RECOMMENDATION:
City Manager and Financial Services Director recommend Board of Directors of the Coalinga Public Financing Authority (CPFA) adopt Resolution No. PFA 19-01 for the adoption of final budget spending plan for Fiscal Year 2019-2020, providing for the appropriation and expenditure of all sums set forth in said final budget, and provide for the transfers and additional appropriations.
II. BACKGROUND:
The Board of Directors (Board) of the CPFA and staff have been deliberating on an appropriation and budget plan for FY 2019-2020. Resolution No. PFA 19-01 formally adopts the Board’s appropriation and budget plan for FY 2019-2020.
III. DISCUSSION:
City Council has discussed the budget plan for FY 2019-2020 at various meetings.
IV. ALTERNATIVES:
Council could decide to postpone adopting a final budget plan for FY 2019-2020.
V. FISCAL IMPACT:
Adoption of FY 2019-2020 CPFA final budget plan is a fiduciary fund with available resources and expenditures. |