(1) (a) If, after adopting the budget and making appropriations, the governing body of a local government deems it necessary, it may transfer appropriated moneys between funds or between spending agencies within a fund, as determined by the original appropriation level, in accordance with the procedures established in subsection (2) of this section. (b) If, after adoption of the budget, the local government receives unanticipated revenues or revenues not assured at the time of the adoption of the budget from any source other than the local government's property tax mill levy, the governing body may authorize the expenditure of such funds by enacting a supplemental budget and appropriation. (c) In the event that revenues are lower than anticipated in the adopted budget, the governing body may adopt a revised appropriation ordinance or resolution as provided in section 29-1-108. (2) (a) (I) Any transfer, supplemental appropriation, or revised appropriation made pursuant to this section shall be made only by ordinance or resolution which complies with the notice provisions of section 29-1-106. (II) (A) Notwithstanding subsection (2)(a)(I) of this section, if after adoption of a budget on or before December 31, 2023, for the 2024 fiscal year, an ordinance or resolution making a transfer, supplemental appropriation, or revised appropriation is required pursuant to this section due to the changes to the assessed valuation of property within the local government's boundaries pursuant to Senate Bill 23B-001, enacted in 2023, and Senate Bill 22-238, enacted in 2022, the ordinance or resolution does not need to comply with the notice provisions of section 29-1-106. (B) This subsection (2)(a)(II) is repealed, effective July 1, 2025. (b) For transfers, such ordinance or resolution shall set forth in full the amounts to be transferred and shall be documented in detail in the minutes of the meeting of the governing body. A certified copy of such ordinance or resolution shall be transmitted immediately to the affected spending agencies and the officer or employee of the local government whose duty it is to draw warrants or orders for the payment of money and to keep the record of expenditures as required by section 29-1-114. A certified copy of such ordinance or resolution shall be filed with the division. (c) (I) For supplemental budgets and appropriations, such ordinance or resolution shall set forth in full the source and amount of such revenue, the purpose for which such revenues are being budgeted and appropriated, and the fund or spending agency which shall make such supplemental expenditure. A certified copy of such ordinance or resolution shall be filed with the division. (II) (A) For the 2024 fiscal year, for supplemental budgets and appropriations required due to the changes to the assessed valuation of property within the local government's boundaries pursuant to Senate Bill 23B-001, enacted in 2023, and Senate Bill 22-238, enacted in 2022, such changes are a sufficient purpose to satisfy the requirements set forth in subsection (2)(c)(I) of this section. (B) This subsection (2)(c)(II) is repealed, effective July 1, 2025.
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