Explanation
BACKGROUND AND FISCAL IMPACT:
As part of the 2006 third quarter financial review, the Department of Finance and Management identified surpluses and deficits in various objects in several divisions. It is necessary to authorize a transfer of $5,128,495 among divisions within the general fund to properly align object appropriations with projected expenditures, allowing divisions to operate without interruption through the end of 2006.
Transfer amounts were projected as part of the third quarter financial review. However, these 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 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. 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 $5,128,495 between various objects and divisions within the general fund to all to allow divisions to continue to operate through the end of 2006 without interruption; and to declare an emergency ($5,128,495).
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 allow divisions to continue to operate through the end of 2006; 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 $5,128,495 between various objects and divisions within the general fund, fund 010, as follows:
Attachment: 3rd Quarter 2006.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.