(a) The Town Council shall require quarterly reports to be prepared for review by the Town Council showing the relation between budgeted expenditures and revenues, and the year’s actual expenditures and revenues to date.

(b) If it appears that revenues may be less than anticipated, the Town Council may reduce appropriations and amend the budget as necessary to avoid expenditures exceeding revenues.

(c) During the year, the Town Council may make supplemental appropriations by resolution provided that revenues are available from unanticipated revenues, unappropriated fund balances, reserves, emergency reserves or other sources for such purpose.

(d) The Town Council may authorize unappropriated fund balances, unencumbered appropriation balances or revenues to be transferred from one (1) fund to another.

(e) All supplemental appropriations, reduced appropriations or transfers shall be accomplished by a resolution approved by a minimum of four (4) members of the Town Council.

(f) Annual expenditures shall not exceed appropriations on a fund basis. (Amended January 17, 2019)