City of Columbus - File #: 2667-2003

• File #: 2667-2003
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 11/26/2003
• In control: Health, Housing & Human Services Committee
• On agenda: 1/12/2004
• Final action: 1/13/2004
• Title: To authorize the transfer of $373,844 (cash only) from the CDBG subfund known as the "revolving loan fund" to the CDBG subfund known as the "entitlement fund" to provide resources for all approved 2004 CDBG program activities, and to declare an emergency. ($373,844)

Date	Ver.	Action By	Action	Result
1/13/2004	1	MAYOR	Signed
1/13/2004	1	CITY CLERK	Attest
1/12/2004	1	Columbus City Council	Taken from the Table	Pass
1/12/2004	1	Columbus City Council	Approved	Pass
1/12/2004	1	COUNCIL PRESIDENT	Signed
12/15/2003	1	Columbus City Council	Tabled to Certain Date	Pass
12/3/2003	1	Finance Drafter	Sent for Approval
12/3/2003	1	Auditor Reviewer	Reviewed and Approved
12/3/2003	1	CITY AUDITOR	Reviewed and Approved
12/3/2003	1	Finance Drafter	Sent to Clerk's Office for Council
12/2/2003	1	FINANCE DIRECTOR	Reviewed and Approved
12/1/2003	1	Finance Drafter	Sent for Approval
12/1/2003	1	Finance Reviewer	Reviewed and Approved

Explanation

BACKGROUND: The approved 2004 City of Columbus Consolidated Plan includes activities for both the CDBG entitlement subfund and the CDBG revolving loan subfund. Total estimated resources in these two subfunds support the 2004 Consolidated Plan budget, however a transfer of cash is needed from the revolving loan subfund to the entitlement subfund to property align resources with programs. This ordinance authorizes the transfer.

FISCAL IMPACT: Cash on hand and anticipated revenues in the revolving loan subfund exceed planned expenditures in the subfund to the extent that $373,844 is available for transfer to the entitlement subfund to support budgeted activities.

This legislation is presented as an emergency for the effective implementation of the 2004 CDBG Program.

Title

To authorize the transfer of $373,844 (cash only) from the CDBG subfund known as the "revolving loan fund" to the CDBG subfund known as the "entitlement fund" to provide resources for all approved 2004 CDBG program activities, and to declare an emergency. ($373,844)


Body

WHEREAS, CDBG revolving loan fund cash on hand and anticipated revenues exceed planned expenditures in the revolving loan subfund and are available to support planned expenditures in the entitlement subfund; and

WHEREAS, an emergency exists in the usual daily operation of the Department of Finance, in that it is immediately necessary to transfer the aforementioned funds, thereby preserving 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 is hereby directed to transfer cash only in the amount of $373,844 from Fund 248, Subfund 002, OCA code 041491 to Fund 248, Subfund 001, OCA code 064428.

SECTION 2. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect...