Explanation
This legislation transfers a total of $500,000.00 between object levels within the Electricity Operating Fund 550. The transfer is requested to cover anticipated expenses for supplies and services for the remainder of the 2008 Fiscal Year.
This transfer is necessary primarily due to higher than anticipated costs for internal and other services and some commodities that were budgeted as capital expenses in Object Level One: 06 but later determined to be materials and supplies and were purchased under Object Level One: 02. These factors have resulted in anticipated shortages in Object Level One: 02 and 03 and a surplus in Object Level One: 06.
Approval as an emergency measure is requested so the requested transfers can be made immedately. Additional legislation in process is dependent on these transfers.
FISCAL IMPACT: As stated above, there is a surplus in Object Level One: 06 to allow this transfer. No increase in the total budget appropriation is estimated to be needed.
Title
To authorize the City Auditor to transfer $500,000.00 within the Electricity Operating Fund to align budget authority with projected expenditures and to declare an emergency. ($500,000.00)
Body
WHEREAS, anticipated expenditures from Object Level One: 02 and 03 for various materials, supplies and services for the remainder of the 2008 Fiscal Year necessitates the transfer of funds within the Electricity Operating Fund: and,
WHEREAS, available appropriation in Object Level One: 06 can be transferred to Object Level One: 02 and 03; and
WHEREAS, an emergency exists in the usual daily operations of the Division of Power and Water, Department of Public Utilities, in that it is necessary to transfer appropriation within the Electricity Operating Fund for the immediate preservation of the public health, peace, property, safety, and welfare; now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS
SECTION 1. That the City Auditor be and is hereby authorized and directed to transfer $500,000.00 within the Electricity Operating Fund 550, Dept./Div. No. 60-07 as follows:
FROM:
OCA Code: 606723
Object Level One: 06
Object Level Three: 6000
Amount: $500,000.00
TO:
OCA Code: 606723
Object Level One: 02
Object Level Three: 2000
Amount: 200,000.00
OCA Code: 600700
Object Level One: 03
Object Level Three: 3000
Amount: $300,000.00
SECTION 2. 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 ten days after passage if the Mayor neither approves nor disapproves the same.