Making MidYear Moves: What to Include & Avoid in a MidYear Budget Amendment
Earlier this month, City Council adopted and Mayor Kenney signed Bill 230767, which amends the City’s FY24 General Fund budget and adds more than $100M in appropriations, a 2% increase over the Original Adopted Budget. MidYear Transfer Ordinances are tools to adjust appropriations during the fiscal year to fix errors (like funds being allocated to the wrong department or class due to a drafting mistake) and respond to changing conditions (like a significant court-ordered payment, public health or safety emergencies, an influx of revenue, or spike in prices for critical items, such as gas).
In recent years, MidYears have gone from refinements on the margins of the budget to more material changes that could impact the City’s fiscal stability. To maintain and enhance the City’s financial condition, PICA recommends that MidYear Transfer Ordinances generally be limited to one-time costs that can’t wait until the coming fiscal year.
To read the full fact sheet, click here.