Explanation
This ordinance directs that, notwithstanding repeals Section 2 of Ordinance No. 0071-2004, passed January 26, 2004, certain payments received by the City through December 31, 2008, would be deposited to the General Fund rather than the Economic Stabilization Fund. That oOrdinance No. 0071-2004 was passed in recognition that the majority of the terms of the previous ordinance were no longer relevant or necessary and directed that as of January 1, 2004, payments for the lease of the Waste to Energy Facility by the Solid Waste Authority of Central Ohio, including any payments made as a result of issuance of debt obligations by SWACO, would be deposited to the Economic Stabilization Fund, rather than the Special Income Tax Fund.
This ordinance directs that effective with the passage of this ordinance, payments described above are to be deposited to the General Fund, Fund No. 010 through December 31, 2008. With respect to the Economic Stabilization Fund, the city's financial policies state that "it shall be the policy of the city to maintain moneys in this fund equal to no less than five percent of expenditures from the general operating fund during the preceding year." The balance in the Economic Stabilization Fund has increased significantly since early 2004 and is currently over seven percent of prior year expenditures. This is above that threshold and is expected to remain so for several years. Therefore, it has been determined by the City Auditor and the Director of Finance and Management that future payments from SWACO can be redirected into the General Fund through December 31, 2008 at least for the next couple of years. Should the situation change, the parties will return to Council with the appropriate proposal. Subsequent to that date, any payments would resume being deposited to the Economic Stabilization Fund under Section 2 of Ordinance No. 0071-2004.
This ordinance is submitted as an emergency so as to allow any financial t...
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