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Regular City Council Meeting Tuesday, May 19, 2015, City Hall Council Chambers 5249 South 400 East, Washington Terrace City 8013938681 www.washingtonterracecity.com 1. WORK SESSION: 5:00 p.m. FY 2015

How to fill out fy 2015 amended budget

How to Fill Out FY 2015 Amended Budget:

1. Review the original FY 2015 budget: Start by thoroughly reviewing the original FY 2015 budget to understand the initial allocation of funds and the changes that need to be made. This will help you identify any discrepancies and areas that require amendments.
2. Gather necessary information: Collect all relevant financial data, including revenues, expenses, and any revised projections or forecasts. Ensure that you have accurate and up-to-date information to make informed adjustments to the budget.
3. Identify the specific changes: Determine the specific modifications that need to be made in the amended budget. Look for areas where expenditures or revenues may have deviated from the original projections or where adjustments are required due to unforeseen circumstances.
4. Make necessary adjustments: Modify the respective sections of the budget based on the identified changes. This could involve increasing or decreasing allocations for various line items, updating revenue estimates, or reallocating funds to different programs or departments.
5. Document all amendments: Keep a record of all changes made to the FY 2015 budget. Ensure that each amendment is clearly documented and supported by appropriate justifications or explanations. This documentation will be crucial for transparency, accountability, and future reference.
6. Conduct thorough reviews: Before finalizing the amended budget, conduct comprehensive reviews to ensure accuracy and consistency. Verify that all changes have been implemented correctly and that the budget complies with any relevant regulations or guidelines.
7. Seek necessary approvals: Depending on the organization or entity for which the budget is being amended, seek the appropriate approvals. This might involve obtaining approval from higher-level management, a finance committee, or any other relevant authorities.

Who needs FY 2015 amended budget?

1. Government agencies: Various government departments and agencies often require amended budgets to reflect changes in economic conditions, policy priorities, or unexpected events. The amendments help them adjust their spending and revenue plans accordingly.
2. Non-profit organizations: Non-profit organizations, such as charities or foundations, may have to amend their budgets if there are significant changes in funding sources, program expansions or contractions, or shifts in financial priorities.
3. Publicly traded companies: Publicly traded companies may need to amend their annual budgets if there are changes in market conditions, mergers or acquisitions, regulatory requirements, or unexpected financial developments that impact their projected revenues and expenses.
4. Educational institutions: Schools, colleges, and universities might require amended budgets to adapt to changes in student enrollment, fluctuating funding levels, unexpected expenses, or alterations to academic programs.
5. Local governments: Municipalities and local governments often need to revise their budgets due to evolving community needs, changing taxation rates, infrastructure projects, or modifications to public services.

In summary, anyone responsible for financial planning and management in an organization, whether it's a government agency, non-profit organization, publicly traded company, educational institution, or local government, may need to fill out an FY 2015 amended budget to adjust their financial plans according to their specific circumstances and requirements.

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