Explanation
Background:
This ordinance will properly align existing the Capital Improvement Projects (CIP) cash balance with the future projects for which the funds will be expended. This ordinance will additionally modify the existing Capital Improvement Budget (CIB).
Emergency Justification:
An emergency exists in the usual daily operations of the Recreation and Parks Department in that it is immediately necessary to transfer funding and modify the existing CIB to keep accurate up-to-date financial information.
Fiscal Impact:
The purpose of this ordinance is to authorize the transfer of $4,085,968.25within the voted Recreation and Parks Bond Fund No. 746 (Build America Bonds) ,$650,000 within the voted Recreation and Parks Bond Fund 702, and to amend the 2011 CIB to allow for funding to renovate recreation and parks facilities.
Title
To authorize the transfer of $4,735,968.25 within the Recreation and Parks Voted Bond Fund; to amend the 2011 Capital Improvements Budget; and to declare an emergency. ($4,735,968.25)
Body
WHEREAS, funds are being moved to alternate projects within 746 and 702 to establish correct funding location for future Recreation and Parks projects; and
WHEREAS, the 2011 Capital Improvement Budget will be amended to reflect the fund transfers from projects within; and
WHEREAS, an emergency exists in the usual daily operation of the Recreation and Parks Department in that it is immediately necessary to transfer said funds in order to allow the financial transaction to be posted in the City's accounting system as soon as possible; NOW, THEREFORE
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the City Auditor is hereby authorized to transfer $4,085,968.25 within the voted Recreation and Parks Bond Fund No. 746 for the projects listed below:
FROM:
Project OCA Code Object Level 3 Amount
510011-100005 761105 6620 $3,018,120.33
510717-100002 767702 6620 $67,847.92
510316-100022 763622 6620 $747,316.00
440006-100000 765100 6620 $100,000.00
510035-100004 763504 6620 $58.33
510011-100005 761105 6620 $152,625.67
$4,085,968.25
TO:
Project OCA Code Object Level 3 Amount
510035-100045 763545 6620 $364,269.00
510035-100010 728050 6620 $60,323.00
510035-100024 728053 6620 $457,608.00
510017-100004 761704 6620 $225,000.00
510035-100040 743540 6620 $15,000.00
510320-100000 746320 6621 $250,000.00
510035-100006 763506 6680 $350,000.00
510011-100013 761113 6620 $1,363,768.25
510017-100045 761745 6620 $1,000,000.00
$4,085,968.25
SECTION 2. That the City Auditor is hereby authorized to transfer $650,000.00 within the voted Recreation and Parks Bond Fund No. 702 for the projects listed below:
FROM:
Project OCA Code Object Level 3 Amount
510316-100016 731616 6621 $645,000.00
510229-100001 722901 6621 $5,000.00
TO:
Project OCA Code Object Level 3 Amount
510717-100007 727177 6621 $650,000.00
SECTION 3. That the 2011 Capital Improvements Budget Ord. # 0266-2011 is hereby amended as follows, in order to provide sufficient budget authority for this legislation and future projects:
See Attached File: 2011 CIB Recreation Amend.xls
SECTION 4. That the City Auditor is authorized to make any accounting changes to revise the funding source for all contracts or contract modifications associated with this legislation
SECTION 5. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor, or 10 days after passage if the Mayor neither approves nor vetoes the same.