Explanation
BACKGROUND: This legislation authorizes the transfer funds from one project to another in fund 7739 to allow the City Auditor to change the funding source for an established ACPO.
Under Ordinance No. 2715-2019, ACPO006580-30 was established as a local match for a federal grant. The funding source for the local match was bond funds from fund 7782. For financial management reasons, the department wishes to change the funding source of the funds remaining on line 30 of ACPO006580 from bond funds in fund 7782 to bond funds in fund 7739.
Emergency action is requested to close out old programs in an expeditious manner in the interest of timely and accurate accounting.
FISCAL IMPACT: This ordinance authorizes the transfer of cash and appropriation within the Development Taxable Bond fund. All expenditures had been previously authorized by Council under different funds.
Title
To amend the 2021 Capital Improvement Budget; to authorize the transfer of funds within the Development Taxable Bond fund; to authorize the expenditure of up to $720,249.72 from the Development Taxable Bond fund; to authorize the City Auditor to cancel ACPO006580 and reestablish the remaining balance on a new ACPO; and to declare an emergency. ($720,249.52)
Body
WHEREAS, for financial management reasons, the department wishes to change the funding source for line 30 on ACPO006580; and
WHEREAS, in order to accomplish this, funds must be transferred from one project to another in fund 7739; and
WHEREAS, once the funds are transferred the City Auditor will cancel the existing ACPO and create a new ACPO with the new funding source for line 30 and existing funding sources for the remaining lines; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to close out old programs in an expeditious manner in the interest of timely and accurate accounting, all for the preservation of the public health, peace...
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