Explanation
BACKGROUND: This legislation requests transfer of $1,046,900 from Object Level One: 01 and 06 to Object Level One: 02 within the Electricity Operating Fund 550. The need to transfer funding within the Electricity Operating Fund budget was identified in the third quarter budget review. A surplus in Object Level One: 01, Personal Services, is primarily due to personnel vacancies and a surplus in Object Level One: 06 is due to a deferment of purchases of commodities and large trucks. A projected deficit in Object Level One: 02, Materials and Supplies, is due to increased costs for purchased power and the need to encumber sufficient funds to pay power bills received prior to passage of the 2007 operating budget and establishment of a purchase order based on the new budget. This legislation will align the budget authority with projected expenditures.
Emergency action is requested in order that this transaction may be completed in order that funding will be available to establish an agreement for payment of purchase power invoices. An ordinance to establish funding for payment of purchase power has been prepared and is being processed for City Council's consideration.
FISCAL IMPACT: No increase in overall funding is requested. There is sufficient appropriation available in Object Level One: 01, Personal Services, and 06, Capital Outlay, for this requested transfer to Object Level One: 02, Materials and Supplies.
Title
To authorize the transfer of appropriations within the Electricity Operating Fund to align budget authority with projected expenditures for the Division of Power and Water, and to declare an emergency. ($1,046,900.00)
Body
WHEREAS, the third quarterly review of the Electricity Operating Fund budget identified a surplus in Object Level One: 01, Personal Services, and Object Level One: 06, Capital Outlay, and a deficit in Object Level One: 02, Materials and Services; and
WHEREAS, additional funding is needed in Object Level One: 02 for purchased power costs; and
WHEREAS, surplus in Object Level One: 01, Personal Services, and 06, Capital Outlay, should be transferred to Object Level One: 02, Materials and Services, to align authority with projected expenditures; and
WHEREAS, emergency action is necessary in order that the transfer transaction may be completed to provide funding for a new purchase power contract; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Public Utilities, Division of Power and Water, in that it is immediately necessary to transfer budget appropriations within the Electricity Operating Fund to provide funding for purchased power 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 appropriations within the Electricity Operating Fund 550, Dept./Div. No. 60-07, as follows:
FROM
Object Level One: 01
OCA: 600700
Object Level 3: 1000
Amount $546,900
Object Level One: 06
OCA: 606723
Object Level 3: 6000
Amount: $500,000
TO:
Object Level One: 02
OCA: 600830
Object Level Three: 2233
Amount: $1,046,900
SECTION 2. That for 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 vetoes the same