Explanation
BACKGROUND AND FISCAL IMPACT:
As part of the 2010 third quarter financial review, the Department of Finance and Management identified surpluses and deficits in various objects in several divisions. In order to properly align appropriations with projected expenditures and allow divisions to operate without interruption through the end of 2010, it is necessary to transfer $11,187,812 among divisions within the general fund and $14,280.00 within the community development block grant.
Object level one surpluses and deficits were projected as part of the third quarter financial review. This ordinance makes transfers to reflect these projections. The 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.
This ordinance also authorizes an appropriation in the Photo Red Light Fund so that expenses related to the Police Division's Strategic Response Bureau can be expenditure corrected as budgeted.
This ordinance also provides for the transfer of $1,786,000.00 from the general fund to the anticipated expenditures fund for the 2010 deposit towards the next occurrence of a fiscal year in which there are 27 rather than the standard 26 pay days. Annual deposits are made to this fund to ensure that there are sufficient funds to build the fund up for the next occurrence, which is estimated to be in 2020.
This ordinance also provides for the transfer of $7,500,000.00 from the general fund to the economic stabilization fund as part of the city's commitment to replenish the economic stabilization fund as memorialized in City Council Resolution 0178X-2009 which conveyed the intent of the city to achieve a balance of $50 million in the fund by the end of 2014.
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. Up t...
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