Explanation
BACKGROUND AND FISCAL IMPACT:
As part of the 2008 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 2008, it is necessary to transfer $5,530,822 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 provides for supplemental appropriations of $320,870 to the Recreation and Parks Operating Fund, and $277,191 within the Health Special Revenue Fund, and for a transfer within the Fleet Management internal service fund. Lastly, this ordinance reduces the appropriation authority within the Department of Technology, Technology internal service fund by $249,768.
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 $5,530,822 between various objects and divisions within the general fund; to authorize the subsequent transfer from the general fund of $400,000 to the Recreation & Parks Operating Fund and $500,000 to the Health Special Revenue Fund, to authorize a $320,870 supplemental appropriation within the Recreation & Parks Operating Fund, to authorize a transfer of $174,593 within the Recreation and Parks Operating Fund, to authorize a $277,191 supplemental appropriation in the Health Op...
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