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.
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.
City Council has discussed the budget plan for FY 2019-2020 at various meetings.
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.