City of Rock Hill - File #: 09-0210

• File #: 09-0210
• Version: 1
• Type: Communication or Report
• Status: Passed
• File created: 6/9/2009
• In control: City Council
• On agenda: 6/22/2009
• Final action: 6/22/2009
• Title: Consider appropriating retained earnings to fund year-end expenses, if necessary. (Strategic Goal: Implementation of Financial Management Plan: Thoroughly review the City's expenditures and recommend necessary changes to reduce expenses across the organization.)

Date	Ver.	Action By	Action	Result
6/22/2009	1	City Council

Title

Consider appropriating retained earnings to fund year-end expenses, if necessary.

(Strategic Goal:  Implementation of Financial Management Plan:  Thoroughly review the City's expenditures and recommend necessary changes to reduce expenses across the organization.)

Body

As we have done in prior years, the City Council is asked to appropriate retained earnings to fund year-end expenses, if necessary.  As the end of the fiscal year approaches, the influence of many factors can still affect the year-end bottom line.  Uncertainties and complexities in expenditure and revenue receipts make it extremely difficult to predict exact year-end figures.  At the end of each fiscal year, the City Council is asked to authorize the City Manager to appropriate from the City's retained earnings any revenue that will be sufficient to meet a year-end shortfall.  According to state law, this action must be taken in the current fiscal year.  Staff recommends approval of the item.