Financial Services Director recommends Board of Directors for the Successor Agency of the former Redevelopment Agency of the City of Coalinga adopt Resolution No. SA-329 providing authorization for a continuation of usual and customary expenditures through July 31, 2019 until budget FY 2019/2020 is adopted.
The City's Fiscal Year 2018/2019 adopted budget ends on June 30, 2019. The City's fiscal year 2019/2020 budget to start July 1, 2019 has not been adopted. In order for the City to continue to pay its usual and customary expenditures, approval of this Resolution is necessary.
Fiscal year 2019/2020 budget discussions with City Council will continue until adoption of budget.
V. FISCAL IMPACT:
Adoption of Resolution No. SA-329 will allow the City to pay its usual expenditures including payroll until July 31, 2019.