Explanation
Background: This ordinance authorizes the appropriation and transfer of cash within the Electricity G.O. Bonds Fund, and the Electric Build America Bonds (B.A.B.s) Fund for the Public Utilities Department, Power and Water (Power) Division. This will align the needed cash 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 in order to align current cash with current needs.
Title
To authorize the City Auditor to appropriate and transfer funds within the Electricity G.O. Bonds Fund, the Electric Build America Bonds (B.A.B.s) Fund; for the Division of Power and Water (Power) to align current cash with the Divisions current needs; and to declare an emergency.
Body
WHEREAS, it is necessary for this Council to authorize the City Auditor to transfer funds within the Electricity G.O. Bonds Fund and Electric Build America Bonds (B.A.B.s) Fund; and
WHEREAS, an emergency exists in the usual daily operation of the Division of Power and Water (Power), Department of Public Utilities, in that it is immediately necessary to authorize the aforementioned transfers to align cash and authority with current project expenditures for the immediate preservation of the public health, peace, property and safety;
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the City Auditor is hereby authorized to transfer $309,145.30 within the Division of Power and Water (Power), Dept/Div. No. 60-07, Electric Build America Bonds (B.A.B.s) Fund, Fund No. 559, Object Level One 06, Object Level Three 6625, as follows:
FROM:
Fund No. | Project No. | Project Name | OCA Code | change
559 | 559999-100000 | Fu...
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