Explanation
BACKGROUND: This ordinance authorizes a transfer of $1,000,000.00 between object levels within the Electricity Operating Fund to align budget authority with projected expenditures. There is insufficient budget authority in Object Level One: 01 and 03 to meet the division's need for personnel costs and services through the remainder of 2003.
The Division is projecting to be over budget in Object Level One: 01 primarily due to salaries, unexpected Worker's Compensation costs and unforeseen overtime expenses due to the Town Street Bridge incident and subsequent street light grounding work.
The Division is also projecting to be over budget in Object Level One: 03 due to the unforeseen need for professional services, increases in utility costs, unexpected costs and increases in internal billings for DOT expenses, Fleet Management, Department of Transportation reimbursement, and Pro Rata.
Due to purchase power costs being lower than projected, there is sufficient budget authorizing in Object Level One: 02 for these transfers.
Emergency action is requested to facilitate this financial transaction as soon as possible.
FISCAL IMPACT: Funds are available in the approved 2003 operating budget to accommodate this transfer. Additionally, this transfer is consistent with the third quarter 2003 financial projections.
Title
To authorize and direct the City Auditor to transfer $1,000,000.00 in appropriation authority within the Electricity Operating Fund to provide funding for personnel and services; and to declare an emergency. ($1,000,000.00)
Body
WHEREAS, the Department of Public Utilities, Division of Electricity, requires budget authority for personnel costs and for the purchase of services; and
WHEREAS, funds are available in the approved 2003 operating budget to accommodate this transfer and said transfer is consistent with third quarter 2003 financial projects; and
WHEREAS, it is necessary to transfer budget authority between object levels within the Electricity Operating Fund to align budget authority with projected expenditures; and
WHEREAS, an emergency exists in the usual daily operation of the Division of Electricity, in that a transfer of budget authority between object levels is immediately necessary for the 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 budget authority in the amount of $1,000,000.00 within the Electricity Operating Fund 550, Division No. 60-07, as shown in attachment ORD2398-2003funding.xls.
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 vetoes the same.