Explanation
BACKGROUND AND FISCAL IMPACT:
As part of the 2016 third quarter financial review, the Department of Finance and Management identified surpluses and deficits in various object classes in several divisions. In order to properly align appropriations with projected expenditures and allow divisions to operate without interruption through the end of 2016, it is necessary to transfer $6,626,829 among divisions within the general fund.
Object class surpluses and deficits were projected as part of the third quarter financial review. This ordinance makes transfers to reflect these projections. The amounts may not mirror the third quarter review exactly, due to transfers that have occurred in the interim as well as adjustments made in assumptions since the completion of the review.
This ordinance also authorizes appropriation transfers for certain non-general fund departments and divisions in order to provide appropriations in the necessary object classes for the remainder of the fiscal year.
Based on projections at the end of the third quarter, additional appropriations are needed to the Recreation and Parks operation and extension fund and in Finance and Management’s print and mail services fund.
Finally, an appropriation of $5,000 is needed in the Public Safety Initiative Fund to the Recreation and Parks Department in Council support of additional funding for the Applications for Purpose, Pride, and Success (APPS) program.
EMERGENCY DESIGNATION
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 $6,626,829.00 within the general fund; to transfer appropriations between objects in certain non-general fund departments and divisions; to authorize and direct the City Auditor to appropr...
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