Explanation
BACKGROUND: Ordinance 2994-2021 established the Mobility Enterprise Operating Fund to support mobility and parking-related activities of the City. As the mobility system continues to evolve, the City has identified a need to establish accounting structures within the Mobility Enterprise Operating Fund to support mobility-related investments. This ordinance authorizes the creation of the Mobility Innovation Subfund and the Debt Service Reserve Subfund within the Mobility Enterprise Operating Fund.
DPS has engaged a third party to develop a business plan for the Mobility Enterprise Operating Fund. The draft business plan, while still under review, includes a recommendation to create subfunds for both mobility and debt service reserves. Columbus City Council anticipates reviewing the remainder of the business plan once it is finalized later in 2026, and may consider further legislation to establish subfunds such as the reserve subfunds contemplated in the draft business plan.
FISCAL IMPACT: The subfunds established herein are intended to ensure that mobility innovations and debt service obligations are supported by the Mobility Enterprise Operating Fund, Fund 6500. The intent is to direct five percent (5%) of the net revenue as defined herein from the Mobility Enterprise Operating Fund to the Mobility Innovation Subfund based on the annual revenue credited to Fund 6500. The legislation attached to this ordinance also directs funds to the Debt Service Reserve Subfund in an amount equal to no more than twice the annual amount needed for annual debt service. Finally, the ordinance authorizes a transfer from the Mobility Enterprise Operating Fund, Fund 6500, to the Mobility Innovation Subfund established by this ordinance in the amount of $500,000.00.
Title
To amend section 2155.01; to enact sections 2155.09 and 2155.10; to repeal the existing version of section 2155.01 of the Columbus City Codes; to establish the Mobility Innovation Subfund and the De...
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