Explanation
BACKGROUND: This ordinance authorizes the appropriation and transfer of funds within the General Fund to the Basic City Services Subfund related to the refund of certain Bureau of Workers’ Compensation proceeds by the State of Ohio to the City of Columbus.
On October 28, 2020, Ohio Governor Mike DeWine formally requested the Ohio Bureau of Workers' Compensation (BWC) to process up to $5 billion in dividends to Ohio employers to ease the continued financial impact from the COVID-19 pandemic. In mid-December, the City of Columbus will receive an amount estimated at $63,972,429.71 from the BWC. Of this, an amount estimated at $53,193,075.00 (or the amount of monies actually received and allocated from BWC) will be deposited into the General Fund and will be included in the City Auditor’s revised 2020 revenue estimate released in December 2020. Legislation is needed to appropriate and transfer these proceeds to the appropriate Subfund within the General Fund.
Emergency Designation: Emergency action is requested so that these BWC proceeds can be formally appropriated and transferred to the General Fund - Basic City Services Subfund without delay.
FISCAL IMPACT: This ordinance authorizes the appropriation and transfer of an amount estimated at $53,193,075.00 (or the amount of monies actually received and allocated from BWC) of BWC proceeds to the General Fund - Basic City Services Subfund. It should be noted that this transaction is contingent upon the December 2020 revised revenue estimate issued by the City Auditor.
Title
To authorize the appropriation of an amount estimated at $53,193,075.00, or the amount of monies actually received and allocated from the Bureau of Workers’ Compensation rebate proceeds, within the General Fund; to authorize the transfer of the same amount to the General Fund Basic City Services Subfund; and to declare an emergency. ($53,193,075.00)
Body
WHEREAS, the State of Ohio has recently processed a refund of c...
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