Explanation
BACKGROUND: This legislation authorizes the City Auditor to allow the Division of Power and Water's (Power) capital bonds fund to reimburse the operating fund, for labor and equipment costs incurred in the installation of various street lighting projects from June 9, 2008 through October 31, 2008.
FISCAL IMPACT: This legislation includes a transfer of funds from the Electricity Reserve Fund to the Voted Street Lighting and Electricity Distribution Improvement Fund as a temporary measure until such time as the proceeds from a bond sale can be made available, as well as an amendment to the 2008 Capital Improvements Budget.
Title
To authorize the appropriation and transfer of $60,075.72 from the Electricity Reserve Fund to the Voted Street Lighting and Electricity Distribution Improvement Fund; to amend the 2008 Capital Improvements Budget; and to authorize the City Auditor to allow the Division of Power and Water's capital bond fund to reimburse the operating fund in the amount of $60,075.72 for labor and equipment costs incurred in the installation of various street lighting projects. ($60,075.72)
Body
WHEREAS, it is necessary to reimburse the Division of Power and Water (Power) for labor and equipment incurred in the installation of various street lighting projects;
WHEREAS, the costs from the operating fund are reimbursed through the capital bonds fund; and
WHEREAS, it is necessary for this Council to authorize the City Auditor to transfer funds from the Electricity Reserve Fund to the Voted Street Lighting and Electricity Distribution Improvement Fund; and
WHEREAS, the City anticipates incurring certain Original Expenditures (as defined in Section 1.150-2(c) of the Treasury Regulations (the "Treasury Regulations") promulgated pursuant to the Internal Revenue Code of 1986, as amended) with respect to the construction of the Project described in this Ordinance (collectively, the "Project"), and
WHEREAS, it is necessary to authorize an amendment to the 2008 Capital Improvements Budget for purposes of providing sufficient funding and spending authority for the aforementioned project expenditures; and
WHEREAS, it has become necessary in the usual daily operation of the Department of Public Utilities, Division of Power and Water, to authorize the City Auditor to allow the Division of Power and Water's (Power) capital bonds fund to reimburse the operating fund for labor and equipment costs incurred in the installation of various street lighting projects, 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 from the unappropriated monies in the Electricity Reserve Fund, and from all monies estimated to come into said fund from any and all sources, and unappropriated for any other purpose during the fiscal year ending December 31, 2008, the sum of $60,075.72, is hereby appropriated to the Division of Power and Water, Division 60-07, Object level One 10, Object level Three 5502, OCA 551001.
SECTION 2. That the City Auditor is hereby authorized and directed to transfer $60,075.72, from the Electricity Reserve Fund to the Voted Street Lighting and Electricity Distribution Improvement Fund, Fund No. 553, into the appropriate project accounts as follows:
Project Number |
Project Name |
OCA Code |
Amount |
440007-100000 |
UIRF |
440007 |
$ 1,092.55 |
670003-100002 |
Street Lighting Reimbursements |
675017 |
$ 56,535.88 |
670620-100000 |
Underground Sys. Rehab/Betterments |
670620 |
$ 327.78 |
670777-100000 |
Walnut Bluffs SL Impv. |
553777 |
$ 415.21 |
670787-100000 |
Willow Creek SL Impv. |
553787 |
$ 1,704.30 |
TOTAL |
|
|
$60,075.72 |
SECTION 3. That upon obtaining other funds for the purpose of funding electricity distribution capital improvement work, the City Auditor is hereby authorized to repay the Electricity Reserve Fund the amount transferred under Section 2 above, and said funds are hereby deemed appropriated for such purpose.
SECTION 4. That the 2008 Capital Improvements Budget is hereby amended as follows:
Project No. | Project Name | Current Authority | Revised Authority | change
670620-100000 | Underground System Rehab/Betterments | $ 3628| $ 3956| +$328
670777-100000 | Walnut Bluff SL Imp's | $151,555 | $ 151,971| +$416
670003-100002 | Street Lighting | $432,500 | $431,756| -$744
SECTION 5. That the City Auditor's Office hereby authorizes the reimbursement (expenditure) up to an amount not to exceed $60,075.72, or so much thereof as may be needed, from the Division of Power and Water's capital bonds fund to the operating fund, via internal bill, for labor and equipment costs incurred in the installation of various street lighting projects be and is hereby authorized from Division of Power and Water (Power), Division No. 60-07, Voted Street Lighting and Electricity Distribution Improvements Fund, Fund No. 553, Object Level Three 6625, and is to be disbursed as follows:
PROJECT PROJECT OCA
NUMBER NAME CODE AMOUNT
440007 UIRF 440007 $ 1,092.55
670003 Street Lighting Improvements 675017 $ 56,535.88
670620 Underground Sys. Rehab/Betterments 670620 $ 327.78
670777 Walnut Bluffs Street Lighting Imp's 553777 $ 415.21
670787 Willow Creek Street Lighting 553787 $ 1,704.30
$ 60,075.72
SECTION 6. That the City Auditor is hereby authorized and directed to transfer any unencumbered balance in the project account to the unallocated balance within the same fund upon receipt of certification by the Director of the Department administering said project that the project has been completed and the monies no longer required for said project; except that no transfer shall be made from a project account by monies from more than one source.
SECTION 7. That the City Auditor is authorized to establish proper project accounting numbers as appropriate.
SECTION 8. That the City Auditor is authorized to make any accounting changes to revise the funding source for all contracts or contract modifications associated with this Ordinance.
SECTION 9. That this Ordinance shall take effect and be in force from and after the earliest period allowed by law.