Explanation
BACKGROUND AND FISCAL IMPACT:
As part of the 2023 third quarter financial review, the Department of Finance and Management identified surpluses and deficits in various object classes in several divisions. In order to properly align appropriations with projected expenditures and allow divisions to operate without interruption through the end of 2023, it is necessary to transfer $21,655,333.00 among divisions within the general fund and $3,063,237.00 in certain non-general fund departments and divisions.
Object class surpluses and deficits were projected as part of the third quarter financial review. This ordinance makes transfers to reflect these projections. The amounts may 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 completion of the review.
This ordinance also authorizes appropriation transfers and additional appropriations for certain non-general fund departments and divisions in order to provide appropriations in the necessary object classes for the remainder of the fiscal year.
EMERGENCY DESIGNATION
This ordinance is submitted as an emergency so as to allow these financial transactions to be posted in the city's accounting system as soon as possible to allow divisions to operate without interruption through the end of 2023. 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 $21,655,333.00 within the general fund; to transfer $3,063,237.00 in appropriations between objects in certain non-general fund departments and divisions; and to declare an emergency ($24,718,570.00).
Body
WHEREAS, the third quarter financial review, conducted by the Department of Finance and Management, identified projected surpluses and deficits in various object classes of several general fund and non-general fund divisions; and
WHEREAS, it is ne...
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