Explanation
This legislation transfers a total of $2,400,000.00 from Object Level 1 06 Object Level 02 and Object Level 3 within the Sewerage System Operating Fund 650. The need to transfer funding within the operating budget was identified through a pre-third quarter budget review. The transfer is requested to cover anticipated expenses through the last quarter of the 2008 Fiscal Year.
The second quarter review projected a deficit of $984,015.00 in Character 03 for fund 650. This was a direct result of an unanticipated service for repairs on the #3 incinerator at the Southerly Wastewater Treatment Plant. Recently a contract was established for $662,000.00 for asbestos survey that was not anticipated during the 2nd quarter. These 2 items have created a necessity to transfer to funds to OL 03.
In regards to Character 02 Heating Oil fuel costs have increased 33%. Slso, the company who supplies the wastewater treatment plants with Polymer, a chemical for used in the wastewater treatment process, was recently awarded an increase of 30%.
This legislation is requested to be an emergency so that funding will be made available as soon as possible so as not to have any break in procurement and payments.
FISCAL IMPACT: Sufficient appropriation is available in the 2008 budget for this requested transfer. It is not anticipated that the total appropriation to the Sewer System Operating Fund will need to be increased in 2008.
Title
To authorize the City Auditor to transfer of $2,400,000.00 within the Sewerage System Operating Fund to align budget authority with projected expenditures and to declare an emergency. ($2,400,000.00)
Body
WHEREAS, the need for this transfer was identified during a review of anticipated expenditures for the remainder of Fiscal Year 2008 for Fund 650, and
WHEREAS, anticipated expenditures through the last quarter of Fiscal Year 2008 necessitates the transfer of funds within the Sewerage System Operating Fund; and,...
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