City of Columbus - File #: 2123-2006

• File #: 2123-2006
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 11/15/2006
• In control: Finance & Economic Development Committee
• On agenda: 11/20/2006
• Final action: 11/22/2006
• Title: To authorize and direct the City Auditor to provide for the transfer of $5,128,495 between various objects and divisions within the general fund to all to allow divisions to continue to operate through the end of 2006 without interruption; and to declare an emergency ($5,128,495).

Date	Ver.	Action By	Action	Result
11/22/2006	1	CITY CLERK	Attest
11/21/2006	1	MAYOR	Signed
11/20/2006	1	Columbus City Council	Approved	Pass
11/20/2006	1	COUNCIL PRESIDENT	Signed
11/16/2006	1	FINANCE DIRECTOR	Reviewed and Approved
11/16/2006	1	Finance Drafter	Sent for Approval
11/16/2006	1	Auditor Reviewer	Reviewed and Approved
11/16/2006	1	CITY AUDITOR	Reviewed and Approved
11/16/2006	1	Finance Drafter	Sent to Clerk's Office for Council
11/16/2006	1	City Clerk's Office	Sent back for Clarification/Correction
11/16/2006	1	FINANCE DIRECTOR	Sent to Clerk's Office for Council
11/15/2006	1	Finance Drafter	Sent for Approval

Explanation
BACKGROUND AND FISCAL IMPACT:

As part of the 2006 third quarter financial review, the Department of Finance and Management identified surpluses and deficits in various objects in several divisions. It is necessary to authorize a transfer of $5,128,495 among divisions within the general fund to properly align object appropriations with projected expenditures, allowing divisions to operate without interruption through the end of 2006.

Transfer amounts were projected as part of the third quarter financial review. However, these 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 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.

Title
To authorize and direct the City Auditor to provide for the transfer of $5,128,495 between various objects and divisions within the general fund to all to allow divisions to continue to operate through the end of 2006 without interruption; and to declare an emergency ($5,128,495).

Body
WHEREAS, the third quarter financial review conducted by the Department of Finance and Management identified surpluses and deficits in the various objects of several general fund divisions; and

WHEREAS, it is necessary to transfer funds between objects and divisions to allow divisions to continue to operate through the end of 2006; and

WHEREAS, 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, promoting accurate accounting and financial management.

WHEREAS, an emergency exists in the usual daily operation of the City of Columbus in that it is immediately necessary transfer funds for the immediate p...