Explanation
BACKGROUND: Ordinance 2994-2021 established the Mobility Enterprise Operating Fund to support mobility and parking-related activities of the City. As the mobility system continues to evolve, the City has identified a need to establish accounting structures within the Mobility Enterprise Operating Fund to support mobility-related investments. This ordinance authorizes the creation of the Mobility Innovation Subfund and the Debt Service Reserve Subfund within the Mobility Enterprise Operating Fund.
DPS has engaged a third party to develop a business plan for the Mobility Enterprise Operating Fund. The draft business plan, while still under review, includes a recommendation to create subfunds for both mobility and debt service reserves. Columbus City Council anticipates reviewing the remainder of the business plan once it is finalized later in 2026, and may consider further legislation to establish subfunds such as the reserve subfunds contemplated in the draft business plan.
FISCAL IMPACT: The subfunds established herein are intended to ensure that mobility innovations and debt service obligations are supported by the Mobility Enterprise Operating Fund, Fund 6500. The intent is to direct five percent (5%) of the net revenue as defined herein from the Mobility Enterprise Operating Fund to the Mobility Innovation Subfund based on the annual revenue credited to Fund 6500. The legislation attached to this ordinance also directs funds to the Debt Service Reserve Subfund in an amount equal to no more than twice the annual amount needed for annual debt service. Finally, the ordinance authorizes a transfer from the Mobility Enterprise Operating Fund, Fund 6500, to the Mobility Innovation Subfund established by this ordinance in the amount of $500,000.00.
Title
To amend section 2155.01; to enact sections 2155.09 and 2155.10; to repeal the existing version of section 2155.01 of the Columbus City Codes; to establish the Mobility Innovation Subfund and the Debt Service Reserve Subfund within the Mobility Enterprise Operating Fund; to authorize future transfers thereto; to establish funding priorities and permissible uses thereof; to authorize a transfer within the Mobility Enterprise Operating Fund; and to authorize an appropriation from the Mobility Enterprise Operating Fund. ($500,000.00)
Body
WHEREAS, the City of Columbus owns and operates parking facilities, parking infrastructure, and mobility-related assets through the Mobility Enterprise Operating Fund; and
WHEREAS, the City desires to support mobility innovation, multimodal transportation investments, and community mobility initiatives while preserving the long-term financial sustainability of the Mobility Enterprise; and
WHEREAS, it is the intent of Council that: mobility enterprise assets be maintained in a state of good repair; debt obligations be responsibly managed; enterprise revenues be transparently accounted for; and a portion of enterprise revenues be reinvested in mobility programs and improvements that benefit residents, businesses, and visitors; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That section 2155.01 of the Columbus City Codes be amended per the attachment to this ordinance, which is incorporated herein by reference.
SECTION 2. That sections 2155.09 and 2155.10 of the Columbus City Codes be enacted per the attachments to this ordinance, which are incorporated herein by reference.
SECTION 3. That existing section 2155.01 of the Columbus City Codes be repealed.
SECTION 4. That division (B) of section 2155.10 as established in SECTION 2 of this ordinance shall take effect and be in force from and after January 1, 2027.
SECTION 5. That the City Auditor is hereby authorized and directed to appropriate $500,000.00 in the Mobility Innovation Subfund, fund 6500, subfund-TBD, per the accounting codes attached to this ordinance.
SECTION 6. That the funds necessary to carry out the purpose of this ordinance are hereby deemed appropriated, and that the City Auditor shall establish such accounting codes as necessary.
SECTION 7. That the transfer of $500,000.00 from the Mobility Enterprise Operating Fund, Fund 6500, to the Mobility Innovation Subfund is hereby authorized per the accounting codes attached to this ordinance.
SECTION 8. That, except as stated in SECTION 4, this ordinance shall take effect and be in force from and after the earliest period allowed by law.