Explanation
BACKGROUND: This legislation transfers a total of $225,000.00 from Object Level One 02, Materials and Supplies, to Object Level One 03, Services, within the Electricity Operating Fund 550. The transfer is requested to cover anticipated expenses for services for the remainder of the 2008 Fiscal Year.
This transfer is necessary primarily due to higher than anticipated costs for internal services.
FISCAL IMPACT: There is a surplus in Object Level One 02 due to purchase power costs being less than anticipated, therefore, there is sufficient appropriation for the requested transfer to Object Level One 03. No increase in the total budget appropriation is estimated to be needed.
Title
To authorize the City Auditor to transfer $225,000.00 within the Electricity Operating Fund to align budget authority with projected expenditures and to declare an emergency. ($225,000.00)
Body
WHEREAS, anticipated expenditures from Object Level One 03 for various services for the remainder of the 2008 Fiscal Year necessitates the transfer of funds within the Electricity Operating Fund: and,
WHEREAS, available appropriation in Object Level One 02 can be transferred to Object Level One 03; and
WHEREAS, an emergency exists in the usual daily operations of the Division of Power and Water, Department of Public Utilities, in that it is necessary to transfer appropriation with the Electricity Operating Fund for the immediate preservation of the public health, peace, property, safety, and welfare; now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the City Auditor be and is hereby authorized and directed to transfer $225,000.00 within the Electricity Operating Fund 550, Dept./Div. No. 60-07 as follows:
FROM:
OCA Code: 600830
Object Level One: 02
Object Level Three: 2000
Amount: $225,000.00
TO:
OCA Code: 606742
Object Level One: 03
Object Level Three: 3000
Amount:...
Click here for full text