Explanation
1. BACKGROUND
This ordinance authorizes the transfer of appropriation of $143,000.00 within the Mobility Enterprise Fund, Parking Services Division, Department of Public Service.
The creation of a Mobility Enterprise Fund, per ordinance 2994-2021 allows for the holistic management of all the City’s mobility assets within a sustainable and long-term self-supporting program. The Mobility Enterprise Program that combines on and off-street revenues and expenses for parking ensures the health of the City’s off-street garage assets and allows for continued innovation and reinvestment in the City’s on-street parking and curb lane management program as well as other mobility initiatives of the department.
The Mobility Enterprise Fund budget was created based on estimated principal and interest payments due during the 2022 fiscal year. The city has concluded its annual bond sale and the principal and interest payments due have now been finalized. The transfer of appropriation from object class 04 (Debt) to object class 07 (Interest) is now required to fulfill the Mobility Enterprise Fund debt obligations.
2. FISCAL IMPACT
This ordinance authorizes the transfer of appropriation of $143,000.00 within the Mobility Enterprise Fund.
3. EMERGENCY DESIGNATION
Emergency action is requested so that the Mobility Enterprise Fund can fulfill its debt obligations as quickly as possible.
Title
To authorize and direct the City Auditor to transfer appropriation of $143,000.00 within the Mobility Enterprise Fund, Parking Services Division, Department of Public Service; and to declare an emergency. ($143,000.00).
Body
WHEREAS, this ordinance authorizes the transfer of appropriation of $143,000.00 within the Mobility Enterprise Fund, Division of the Director’s office, Department of Public Service; and,
WHEREAS, the creation of a Mobility Enterprise Fund, per ordinance 2994-2021 allows for the holistic management of all the City’s mobility assets within a sustainab...
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