3.15.090 Date appropriations shall lapse.
Funds appropriated by the assembly shall lapse for further use in the following manner:
A. For encumbrance (obligation):
1. All single-year funds shall lapse for the purpose of encumbrance on the last day of the fiscal year. The fiscal year is as defined in KIBC 3.15.020.
2. All multi-year appropriations (usually capital projects) shall normally lapse upon completion of the project. When such projects are funded by state or federal grants the legal restraints of acceptance of such grant or loan shall apply.
B. For expenditure (payments):
1. All single-year funds shall lapse as to disbursement of funds upon payment of those encumbrances outstanding at fiscal year end.
2. All multi-year funds shall normally lapse at project completion. Staff will exercise due prudence to ascertain that completion dates and other restraints imposed by the grantor are in compliance. [Ord. 87-03-O §2, 1987. Formerly §3.08.090].