Explanation
Background: The Public Service Department, Transportation Division, constructs roadway improvement projects using a myriad of funding sources. These sources are segregated/identified by Fund. The State Issue Two Street Projects Fund is the fund established to receive and expend money for grants that utilize State Issue Two proceeds from the State of Ohio. This Fund operates on a cash reimbursement basis, meaning that the City first incurs a liability sanctioned by City Council then invoices eligible portions of these expenses to the State and finally deposits the proceeds received from billed reimbursements.
There should be no cash surplus or cash deficit in a grant account within this Fund at the time that a grant is closed out. Cash should be transferred from grants that have a cash surplus and grants having cash deficits must have cash transferred in to eliminate the deficits. There are several possible reasons for cash deficits existing at the time a grant is closed; these include reimbursements being less than anticipated and/or accounts receivable posting inconsistencies.
Three closed grants within the State Issue Two Street Projects Fund currently have cash deficits that must be eliminated including the Kingston Avenue Improvement grant ($38,390.98), the Group Ten Intersection Improvement grant ($113,223.23) and the Greenlawn Avenue Improvement grant ($126,054.19). These total $277,668.40. This ordinance eliminates these cash deficits by transferring available cash within and from the 1995, 1999 Voted Streets and Highways Fund to the State Issue Two Street Projects Fund.
Fiscal Impact: Monies for this purpose have been identified within the Transportation Division's 2004 Capital Improvements Budget in the 1995, 1999 Voted Streets and Highways Fund in the Federal/State Match project. This ordinance transfers cash from one Fund to another; it does not appropriate funds nor authorize any expenditure.
Emergency action is requ...
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