Explanation
BACKGROUND: This legislation provides for appropriating and transferring funds from the Water System Reserve Fund for the Dublin Road Water Plant Treatment Capacity Increase Study and Evaluation. Previous legislation, which funded other projects, reduced the unencumbered funds available to the Division of Water to a level where the remaining balance is insufficient to fund this project. Therefore, funds are being transferred from Fund 603 the Water System Reserve Fund to Fund 606 the Waterworks Enlargements Voted 1991 Bonds Fund.
EMERGENCY: 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 appropriate and authorize the City Auditor to transfer $2,077,538.82 from the Water System Reserve Fund to the Waterworks Enlargement Voted 1991 Bonds Fund for the purpose of funding the Dublin Road Water Plant Treatment Capacity Increase Study and Evaluation, for the Division of Water, and to declare and emergency. ($2,077,538.82)
Body
WHEREAS, It is required in the usual daily operation of the Division of Water, Department of Public Utilities, to provide funding for the Dublin Road Water Plant Treatment Capacity Increase Study and Evaluation, and
WHEREAS, The funding method for this expenditure is a temporary measure until such time as the City sells notes or bonds for the above stated purpose, and
WHEREAS, An emergency exists in the usual daily operation Division of Water, Department of Public Utilities in that it is immediately necessary to appropriate funds from the Water System Reserve Fund, 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, and for the immediate preservation of public he...
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