Explanation
BACKGROUND: The Center of Science and Industry (COSI) is supported by a network of community and statewide partnerships, including relationships with a variety of educational institutions, cultural and arts partners, as well as donors, sponsors, members, and more than 900,000 people served per year through visits to the museum and outreach activities.
In recognition of COSI as a cultural, educational and entertainment destination, the city committed to invest a total of $2 million in COSI in 2007 and 2008. The 2008 commitment is for a total of $1 million: $800,000 from the general fund, $150,000 from Greater Columbus Arts Council grants and $50,000 in-kind support for insurance coverage. This funding will support early childhood development education efforts, family learning opportunities, and interactive science, math and technology activities.
This legislation authorizes the Director of Finance and Management to enter into contract with COSI and for the expenditure of $800,000. This is a budgeted expense. The Contract compliance number is #31-4383802. COSI is a nonprofit organization and is exempt from certification.
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 processing promotes accurate accounting and financial management.
FISCAL IMPACT: A total of $800,000 was budgeted in the citywide account of the Department of Finance and Management for this contract.
Title
To authorize the transfer of $800,000 within the General Fund, Department of Finance and Management, Financial Management Division, to authorize the expenditure of $800,000 from the General Fund; to authorize the Director of the Finance and Management Department to enter into a contract with COSI Columbus; and to declare an emergency. ($800,000)
Body
WHEREAS, the Center of Science and Industry (COSI) is supported by a network of community and statewide partnerships, including relationships with a variety of educational institutions, cultural and arts partners, as well as donors, sponsors, members, and more than 900,000 people served per year through visits to the museum and outreach activities; and
WHEREAS, in recognition of COSI as a cultural, educational and entertainment destination, the city committed to invest a total of $2 million in COSI in 2007 and 2008; and
WHEREAS, the 2008 commitment is for a total of $1 million: $800,000 from the general fund, $150,000 from Greater Columbus Arts Council grants and $50,000 in kind insurance coverage support; and
WHEREAS, with these new resources, the city will be supporting early childhood development education efforts, family learning opportunities, and interactive science, math and technology activities; and
WHEREAS, an emergency exists in the usual daily operation of the City of Columbus in that it is immediately necessary to authorize the appropriation and expenditure of 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 Director of Department Finance and Management is hereby authorized to enter into contract with COSI Columbus.
Section 2. That for the purpose stated in Section 1, the transfer of $800,000 is hereby authorized within the general fund, Department of Finance and Management, Financial Management Division, from OCA 904508, Object Level One 10, Object Level Three 5501 to OCA 450015, Object Level One 03, Object Level Three 3337.
Section 3. That the expenditure of $800,000 or so much thereof as may be necessary, be and is hereby authorized to be expended from the Department of Finance and Management, Financial Management Division, Division No. 45-01, Object Level One 03, Object Level Three 3337 OCA Code 450015.
Section 4. 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.