Explanation
BACKGROUND: As part of the 2003 third quarter financial review, the Department of Finance identified surpluses and deficits in various objects in several divisions. It is necessary to authorize a transfer of $8,182,279 among divisions within the general fund to properly align object appropriations with the projected expenditures, allowing divisions to operate without interruption through the end of 2003.
Included within this ordinance are transfers totaling approximately $4,745,935 from the finance citywide account to general fund agencies for personnel and services expenses. Emergency action is requested 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.
FISCAL IMPACT: The total to be transferred is $8,182,279. Transfer amounts were projected as part of the third quarter financial review. 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.
Title
To authorize and direct the City Auditor to provide for the transfer of $8,182,279 between various objects and divisions within the General Fund, to allow divisions to continue to operate through the end of 2003 without interruption; and to declare an emergency. ($8,182,279)
Body
WHEREAS, the third quarter financial review conducted by the Department of Finance identified surpluses and deficits in the various objects of several General Fund divisions; and
WHEREAS, it is necessary to transfer $8,182,279 between objects and divisions to allow divisions to continue to operate through the end of 2003, and
WHEREAS, an emergency exits in the usual daily operation of the City of Columbus in that it is immediately necessary to appropriate and transfer the aforementioned funds for the immediate preservation of th...
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