Explanation
BACKGROUND AND FISCAL IMPACT:
As part of the 2011 third quarter financial review, the Department of Finance and Management identified surpluses and deficits in various objects in several divisions. In order to properly align appropriations with projected expenditures and allow divisions to operate without interruption through the end of 2011, it is necessary to transfer $9,556,984 among divisions within the general fund.
Object level one surpluses and deficits were projected as part of the third quarter financial review. This ordinance makes transfers to reflect these projections. The amounts do not mirror the third quarter review exactly, due to transfers that have occurred in the interim as well as adjustments made in projections since the release of the review.
This ordinance also authorizes an appropriation in the E911 Fund so that additional expenses related to the Police Division's communications section can be expenditure corrected. Additional revenues over and above what were originally appropriated are available for this appropriation increase.
Due to continually increasing fuel prices, this ordinance will also increase the appropriation in the fleet management fund to provide sufficient authority to pay for fuel increases.
This ordinance is submitted as an emergency so as to allow these financial transactions to be posted in the City's accounting system as soon as possible. Up to date financial posting promotes accurate accounting and financial management.
Title
To authorize and direct the City Auditor to provide for the transfer of $9,556,984 within the general fund; to authorize an appropriation of $600,000 in the E911 Fund, to allow divisions to continue to operate through the end of 2011; to authorize an appropriation of $2,387,612 in the fleet management fund; and to declare an emergency ($9,556,984).
Body
WHEREAS, the third quarter financial review conducted by the Department of Finance and Management identified...
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