Explanation
BACKGROUND: This ordinance authorizes the appropriation of $492,158 to the Information Services Internal Service Fund for cable debt service attributable to non-general fund agencies for various cable infrastructure improvements.
In 2003, the city's Government Television Channel incurred capital costs for infrastructure improvements. Initially, a portion of this debt service (the portion allocated to non-general fund agencies) was budgeted and serviced from the Cable Special Revenue Fund. These funds were recovered by billing non-general fund agencies a pro-rated share for this debt. (The balance of the debt, representing general fund agencies, was paid for by the Special Income Tax Fund [SIT].)
In 2006, all cable revenues and a portion of its liabilities have been shifted to the general fund. Liabilities not shifted to the Cable Fund were shifted to the Information Services Internal Service Fund. (to include personnel, supplies, services and other costs attributable to the Technology Department). It was determined that SIT serviced debt would continue to be budgeted in the SIT. However, no appropriation authority was established for payment of this portion of the debt. As such, it is necessary to create said authority so that the obligation into which the city entered in 2003 can be met in full. Non-general fund agencies do have adequate authority in their technology budget's to pay for this debt when billed as funds were included in their 2006 budgets for this expense.
FISCAL IMPACT: There is adequate cash in the Information Services Internal Service Fund cash balance to cover this appropriation. Passage of this ordinance will reduce this balance by the same amount.
EMERGENCY DESIGNATION: Emergency designation is requested as it is very important that these funds be in place to cover debt service payments when they come due.
Title
To authorize an appropriation in the amount of $492,158 from the unappropriated b...
Click here for full text