Vote — approved

Clint Hickman	yes
Jack Sellers	yes
Thomas Galvin	yes
Bill Gates	yes
Steve Gallardo	yes

Ayes: Clint Hickman, Jack Sellers, Thomas Galvin, Bill Gates, Steve Gallardo

Item Text

27. FY 2024 BUDGET ADJUSTMENT FOR COPS, SERIES 2022, ARBITRAGE REBATE LIABILITY In accordance with A.R.S. 42-17106(B), approve the following adjustments to the FY 2024 budget: 1. Approve an increase to the Non Departmental (D470) County Improvement COP Series 2022 (F443) Operating (OPER) expenditure budget in the amount of $563,170. 2. Approve a decrease to the Non Departmental (D470) Non Departmental Grants (F249) Operating (OPER) Contingency expenditure budget in the amount of $563,170. This action will increase the expenditure authority in the Non Departmental (D470) County Improvement COP Series 2022 (F443) budget to allow the disbursement of the calculated arbitrage rebate liability due as a result of excess investment interest earnings in accordance with Internal Revenue Code Regulations Section 1.148-3(f)(2). These actions will have a county-wide impact of zero and do not alter the budget constraining the expenditure of local revenues duly adopted by the Board pursuant to A.R.S. §42-17105. Investment earnings are not local revenues for the purpose of the constitutional expenditure limitation and therefore expenditures of these revenues are not subject to the constitutional expenditure limitation. (C-18-24-028-X-00)

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