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File #: 2462-2020    Version: 1
Type: Ordinance Status: Passed
File created: 10/26/2020 In control: Finance Committee
On agenda: 11/9/2020 Final action: 11/12/2020
Title: To authorize and direct the City Auditor to provide for the transfer of $720,142.00 within the general fund; to authorize the transfer of cash in the amount of $320,000.00 from the general fund to the property management fund; to transfer appropriations between objects in certain non-general fund departments and divisions; to authorize and direct the City Auditor to appropriate additional funds in the health operating fund and the property management fund; and to declare an emergency ($720,142.00).
Attachments: 1. 2020 3rd qtr trx
Explanation
BACKGROUND AND FISCAL IMPACT:

As part of the 2020 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 2020, it is necessary to transfer $720,142.00 among divisions within the general fund, to transfer $320,000 in cash from the general fund to the property management fund, and to authorize a supplemental appropriation in the property management 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 projections since the completion of the review.

This ordinance also authorizes appropriation transfers and additional appropriations 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.

Lastly, additional appropriation is necessary from the collection of all fines, fees, and from other sources of revenue in the Health Department’s operating fund, to properly align appropriations with projected expenditures.

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 $720,142.00 within the general fund; to authorize the transfer of cash in the amount of $320,000.00 from the general fund to the property management fund; to transfer appropriations between objects in certain non-gene...

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