Explanation
Background: This ordinance authorizes the transfer of cash within the Storm Build America Bonds (B.A.B.s) Fund, Storm Recovery Zone Bonds (Super B.A.B.s) Fund and the Storm Bonds Fund and the amendment of the 2011 Capital Improvements Budget (CIB) for the Public Utilities Department, Sewerage and Drainage Division. This will align the needed cash and authority of the Division for projects scheduled in 2012.
Emergency action: This ordinance is submitted as an emergency so as to allow the financial transaction to be posted in the City's accounting system as soon as possible. Up to date financial posting promotes accurate accounting and financial management.
Fiscal impact: This legislation includes a transfer of funds between projects within the Bonds Funds and an amendment to the 2011 CIB in order to align current cash with current and future needs.
Title
To authorize the City Auditor to transfer funds within the Storm Build America Bonds Fund, Storm Recovery Zone Bonds Fund and the Storm Bonds Fund; to amend the 2011 Capital Improvements Budget for the Division of Sewerage and Drainage to align current cash and authority with the Divisions current and future needs; and to declare an emergency. ($0.00)
Body
WHEREAS, it is necessary for this Council to authorize the City Auditor to transfer funds within the Storm Build America Bonds Fund, Storm Recovery Zone Bonds Fund and the Storm Bonds Fund; and
WHEREAS, it is necessary to authorize an amendment to the 2011 Capital Improvements Budget for purposes of providing sufficient funding and expenditure authority for current and future project expenditures; and
WHEREAS, an emergency exists in the usual daily operation of the Division of Sewerage and Drainage, Department of Public Utilities, in that it is immediately necessary to authorize the aforementioned transfers and amendments to align cash and authority with current and future project expenditures for the immediate preservation of th...
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