Explanation
1. BACKGROUND
This ordinance authorizes the amendment of the Department of Public Service’s 2019 Capital Improvement Budget (CIB). This will align budget authority by project to reflect budget amendments required for legislation passed during the transition period from the 2018 CIB to the 2019 CIB. It will also amend the 2019 CIB and transfer cash to restore budget authority and cash previously moved due to the need to fund some projects before the 2019 bond sale proceeds were received.
2. FISCAL IMPACT
There are no new expenditures associated with this legislation. It is necessary to amend the 2019 CIB to reflect budget amendments required for legislation passed during the transition period from the 2018 CIB to the 2019 CIB. It is also necessary to amend the 2019 CIB and transfer cash within the Street and Highway Taxable Bond Fund, Fund 7708, to restore budget authority and cash previously moved due to the need to fund some projects before the 2019 bond sale proceeds were received.
3. EMERGENCY DESIGNATION
This ordinance is submitted as an emergency to allow the amendments to be posted in the City's CIB and cash to be moved as soon as possible, allowing an accurate accounting of budget authority and cash.
Title
To amend the Department of Public Service’s 2019 Capital Improvement Budget to reflect changes for legislation passed during the transition from the 2018 Capital Improvement Budget to the 2019 Capital Improvement Budget; to authorize the transfer of cash and appropriation within the Street and Highway Taxable Bond Fund to restore cash moved to fund projects before the 2019 bond sale proceeds were received; and to declare an emergency. ($0.00)
Body
WHEREAS, modifications could not be made to the Capital Improvement Budget during the transition from the 2018 Capital Improvement Budget to the 2019 Capital Improvement Budget (CIB); and
WHEREAS, the Department of Public Service submitted legislation during the transition period...
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