Explanation
Many grants and projects with the City require initial expenditures by the City with subsequent reimbursement by the grantor or lender. This legislation will simply authorize and provide cash flow capabilities for the City to continue the construction of projects and/or the services while waiting for such reimbursement.
Ordinances #2200-2001, previously repealed, and #1937-2002, currently in effect, previously recognized the need and authorized such cash flow transfers of $1,000,000 and $3,000,000, respectively.
Because of the magnitude of certain capital grants, in addition to the more traditional operating grants, I ask that this authorization be increased to $5,000,000 per grant/project.
Fiscal Impact: None
Title
To authorize the transfer of funds to grants and projects and to authorize the reimbursement of such transfers on the receipt of such monies from the originating grantor or lender and to declare an emergency. ($5,000,000.00)
Body
WHEREAS, many grants and projects with the City require initial expenditures by the City, and
WHEREAS, such expenditures are subsequently reimbursed to the City from the grantor or lender, and
WHEREAS, temporary transfers of funds can prevent any potential interruption of services or construction dependent on these grants and projects, and
WHEREAS, Ordinances #2200-2001, previously repealed, and #1937-2002, currently in effect, previously recognized this need and authorized such cash flow transfers of $1,000,000, and $3,000,000, respectively, and
WHEREAS, because of the magnitude of certain capital grants, in addition to the more traditional grants, I ask that this authorization be increased to $5,000,000 per grant/project.
WHEREAS, an emergency exists in the usual daily operation of the Auditor's Office in that it is immediately necessary to authorize these transfers for the preservation of the public health, peace, property, safety and welfare; now, therefore:
BE IT ORDAINED...
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