Explanation
February 1, 2006
BACKGROUND
The City has entered into a new funding mechanism for its' Workers' Compensation Costs. It is appropriate that the accounting for this financial activity be separately identified and recorded via an accounting entity known as an Internal Service Fund as prescribed by the Governmental Accounting Standards Board. This ordinance will authorize and direct the City Auditor to establish such accounting entity.
FISCAL IMPACT
The adoption of this ordinance will have no fiscal impact on the City.
Title
To authorize and direct the City Auditor to establish an Internal Service Fund titled the Workers' Compensation Fund and to declare an emergency. ($0.00)
Body
Whereas, the City of Columbus has entered into a new process for the payment of Workers' Compensation costs; and
Whereas, the City wishes to comply in every way with accounting policies recommended by the Governmental Accounting Standards Board, and
Whereas, the City previously accounted for workers' compensation financial activities through what is known as an Agency Fund, and
Whereas, an emergency exists in the usual daily operation of the City in that it is now necessary that this financial activity be transferred to an Internal Service Fund and accounted for therein, thereby preserving the public health, peace, property, safety, and welfare; and NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the City Auditor is authorized and directed to establish an Internal Service Fund titled Workers' Compensation Fund.
Section 2. That the financial activities for Workers' Compensation costs previously accounted for in an Agency Fund be transferred to the Internal Service Fund indicated in Section 1 of this ordinance.
Section 3. That monies coming into this Workers' Compensation Internal Service Fund are limited in use for Workers' Compensation related costs and are hereby deemed appro...
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