Explanation
BACKGROUND AND FISCAL IMPACT:
As part of the 2010 third quarter financial review, the Department of Finance and Management identified surpluses and deficits in various objects in several divisions. In order to properly align appropriations with projected expenditures and allow divisions to operate without interruption through the end of 2010, it is necessary to transfer $11,187,812 among divisions within the general fund and $14,280.00 within the community development block grant.
Object level one surpluses and deficits were projected as part of the third quarter financial review. This ordinance makes transfers to reflect these projections. The amounts do not mirror the third quarter review exactly, due to transfers that have occurred in the interim as well as adjustments made in projections since the release of the review.
This ordinance also authorizes an appropriation in the Photo Red Light Fund so that expenses related to the Police Division's Strategic Response Bureau can be expenditure corrected as budgeted.
This ordinance also provides for the transfer of $1,786,000.00 from the general fund to the anticipated expenditures fund for the 2010 deposit towards the next occurrence of a fiscal year in which there are 27 rather than the standard 26 pay days. Annual deposits are made to this fund to ensure that there are sufficient funds to build the fund up for the next occurrence, which is estimated to be in 2020.
This ordinance also provides for the transfer of $7,500,000.00 from the general fund to the economic stabilization fund as part of the city's commitment to replenish the economic stabilization fund as memorialized in City Council Resolution 0178X-2009 which conveyed the intent of the city to achieve a balance of $50 million in the fund by the end of 2014.
This ordinance is submitted as an emergency so as to allow these financial transactions to be posted in the City's accounting system as soon as possible. Up to date financial posting promotes accurate accounting and financial management.
Title
To authorize and direct the City Auditor to provide for the transfer of $11,187,812.00 within the general fund; to authorize the transfer of $14,280.00 within the community development block grant, to authorize an appropriation of $31,200.00 in the Photo Red Light Fund; to authorize the transfer of $1,786,000.00 from the general fund to the Anticipated Expenditure Fund; to authorize the transfer of $7,500,000.00 from the general fund to the Economic Stabilization Fund, to reduce existing encumbrances for fleet maintenance, postage, and print services expenses, all to allow divisions to continue to operate through the end of 2010; and to declare an emergency ($11,187,812.00).
Body
WHEREAS, the third quarter financial review conducted by the Department of Finance and Management identified surpluses and deficits in the various objects of several general fund divisions; and
WHEREAS, it is necessary to transfer funds between objects and divisions, to increase an appropriation, and to cancel certain encumbering documents in order to allow divisions to continue to operate through the end of 2010; and
WHEREAS, it is necessary to transfer funds from the general operating fund to the anticipated expenditures fund for the 2010 deposit towards the next occurrence of a fiscal year in which there are 27 rather than the standard 26 pay days; and
WHEREAS, it is necessary to transfer funds from the general operating fund to the economic stabilization fund as part of the city's commitment to replenish the economic stabilization fund as memorialized in City Council Resolution 0178X-2009 which conveyed the intent of the city to achieve a balance of $50 million in the fund by the end of 2014; and
WHEREAS, this ordinance is submitted as an emergency so as to allow the financial transaction to be posted in the City's accounting system as soon as possible, promoting accurate accounting and financial management.
WHEREAS, an emergency exists in the usual daily operation of the City of Columbus in that it is immediately necessary transfer funds 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 is hereby authorized and directed to transfer $11,187,812 between various divisions and objects within the general fund, fund 010, as follows:
Attachment: 3rd Quarter trx.xls
SECTION 2. That the City Auditor is hereby authorized and directed to transfer $14,280 within the community development block grant fund, fund 248, subfund 001, from Division 44-10, OCA 440142, OL1: 01 to Division 44-03, OCA 410027, OL1: 01.
SECTION 3. That the City Auditor is hereby authorized and directed to unencumber a total of $338,245 in OL3 3380, fleet maintenance encumbering documents as follows:
Doc. No. OCA Amount
EA0074849/002 220202 3,185
EA0074849/009 301580 335,060
SECTION 4. That the City Auditor is hereby authorized and directed to unencumber a total of $20,194 in OL3 3387, postage encumbering documents as follows:
Doc. No. OCA Amount
EA007845/018 440307 11,864
EA007845/004 230227 3,102
EA007845/013 300301 5,228
SECTION 5. That the City Auditor is hereby authorized and directed to unencumber a total of $14,032 in OL3 3356, print services documents as follows:
Doc. No. OCA Amount
EA007846/020 499037 2,490
EA007846/002 220202 7,019
EA007846/001 200105 249
EA007846/011 300111 1,941
SECTION 6. That the City Auditor is hereby authorized and directed to appropriate $31,200 in the Photo Red Light Fund. Fund 293 to the Division of Police, Division 30-03, OCA 293001, Object Level 1 - 01, Object Level 3 - 1000.
SECTION 7. That the City Auditor shall transfer funds from Object Level 1 10 of the Department of Finance and Management. General Fund, Fund 010, OCA 904508 to the Anticipated Expenditure Fund, Fund 012 in the amount of $1,786,000.00
SECTION 8. That the City Auditor shall transfer funds from Object Level 1 10 of the Department of Finance and Management, General Fund, Fund 010, OCA 904508 to the Economic Stabilization Fund, Fund 011 in the amount of $7,500,000.00.
SECTION 9. 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 vetoes the same.