Otay Mesa Enhanced Infrastructure Financing District FY20 Budget Amendment
Explore the updates on Otay Mesa Enhanced Infrastructure Financing District's FY20 budget amendment, including contract authorizations and budget changes. Learn about the financial audit services and requirements for compliance with AB-116.
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Otay Mesa Enhanced Infrastructure Financing District AB-116 Contract Authorization & FY20 District Budget Amendment March 9, 2020 Public Financing Authority Meeting
Otay Mesa Enhanced Infrastructure Financing District Today s Action Authorization to enter into contract with Macias, Gini & O Connell, LLP (MGO) for Financial Audit Services. Approve the Fiscal Year 2020 Adopted District Budget amendment. page 2
Otay Mesa Enhanced Infrastructure Financing District Contractual Services with MGO State Law AB-116, Section 53398, new financial requirements Annual Independent Financial Audit Fiscal Year 2019 MGO will provide financial audit services to comply with AB-116 Audit Results for Fiscal Year 2019 are due by June 30, 2020 page 3
Otay Mesa Enhanced Infrastructure Financing District BUDGET SUMMARY FY 2020 Adopted Budget FY 2020 Amended Budget Category Budget Change 45,500 $70,000 $24,500 FY20 Operating Expense Capital Expense $727,500 $727,500 $0 Revenue $773,000 $773,000 $0 Prior Year Fund Balance $0 $24,500 $24,500 page 4
Otay Mesa Enhanced Infrastructure Financing District Fiscal Year 2020 District Budget Amendment Appropriate $24,500 from fund balance to comply with AB-116 $19,500 for Financial Audit Services $5,000 for Annual Report Public Noticing Revised Total District Budget $797,500 page 5
Otay Mesa Enhanced Infrastructure Financing District AB-116 Contract Authorization & FY20 District Budget Amendment March 9, 2020 Public Financing Authority Meeting
