City of Columbus - File #: 1086-2006

• File #: 1086-2006
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 6/7/2006
• In control: Utilities Committee
• On agenda: 7/10/2006
• Final action: 7/12/2006
• Title: To authorize the transfer of appropriations within the Electricity Operating Fund to align budget authority with projected debt interest expenditures for the Division of Power and Water. ($1,600,000.00)

Date	Ver.	Action By	Action	Result
7/12/2006	1	CITY CLERK	Attest
7/11/2006	1	MAYOR	Signed
7/10/2006	1	Columbus City Council	Approved	Pass
7/10/2006	1	COUNCIL PRESIDENT	Signed
6/26/2006	1	Columbus City Council	Read for the First Time
6/9/2006	1	Finance Reviewer	Reviewed and Approved
6/9/2006	1	FINANCE DIRECTOR	Reviewed and Approved
6/9/2006	1	Utilities Drafter	Sent for Approval
6/9/2006	1	CITY AUDITOR	Reviewed and Approved
6/9/2006	1	CITY AUDITOR	Reviewed and Approved
6/9/2006	1	Utilities Drafter	Sent to Clerk's Office for Council
6/8/2006	1	Utilities Reviewer	Sent for Approval
6/8/2006	1	UTILITIES DIRECTOR	Reviewed and Approved
6/8/2006	1	Utilities Drafter	Sent for Approval
6/7/2006	1	Utilities Drafter	Sent for Approval

Explanation

BACKGROUND:  This legislation requests a transfer of $1,600,000 from Object Level One: 04 to Object Level One: 07 within the Electricity Operating Fund 550.  The need to transfer funding within the Electricity Operating Fund budget was identified in the second quarter budget review.  A surplus in Object Level One: 04, Principal, and a deficit in Object Level One:  07, Interest, is due to a combined total of principal and interest for debt service being appropriated in Object Level One:  04.  This legislation will align the budget authority with projected expenditures.

FISCAL IMPACT:  No increase in overall funding is requested.  There is sufficient appropriation available in Object Level One:  04, Principal, for this requested transfer to Object Level One:  07, Interest.

Title

To authorize the transfer of appropriations within the Electricity Operating Fund to align budget authority with projected debt interest expenditures for the Division of Power and Water.  ($1,600,000.00)

Body

WHEREAS, a combined total of principal and interest for debt service was appropriated in Object Level One:  04, Principal, in the 2006 Electricity Operating Fund budget; and

WHEREAS, surplus in Object Level One: 04, Principal, should be transferred to Object Level One:  07, Interest, to align authority with projected expenditures; now, therefore,

BE IT ORDAINED BY THE COUNCIL FO THE CITY OF COLUMBUS:

SECTION 1.  That the City Auditor be and is hereby authorized and directed to transfer appropriations within the Electricity Operating Fund 550, Dept./Div. No. 60-07, as follows:

FROM

Object Level One:  04

OCA:  600700

Object Level 3: 4410  

Amount $1,600,000.00

TO:

Object Level One:  07

OCA:  600700

Object Level Three:  7411

Amount:  $1,600,000.00

SECTION 2.  That this ordinance shall take effect and be in force from and after the earliest period allowed by law.