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HomeMy WebLinkAbout07397ORDINANCE NO. 7397 A ORDINANCE APPROVING THE TRANSFER OF $214,000 FROM THE GENERAL FUND RESERVES FUND BALANCE IN THE 2005 BUDGET TO THE PUBLIC WORKS DEPARTMENT TO BE USED FOR STREETLIGHT UTILITY ACCOUNT. BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. Funds in the amount of $214,000 shall be transferred from the 2005 general fund reserves fund balance into the 2005 Public Works Department budget. SECTION 2. Said funds shall be used to supplement the streetlight utility account. INTRODUCED October 24, 2005 BY Randy Thurston Councilperson APPROVED: PR E CITY C IL ATTESTED BY: CITY CLERK PASSED AND APPROVED November 14, 2005 Background Paper for Proposed ORDINANCE 0 # ") 39-) AGENDA ITEM # 37 DATE: OCTOBER 24, 2005 DEPARTMENT: TITLE FINANCE PUBLIC WORKS BOB HAIN, DIRECTOR DAN CENTA, PE, DIRECTOR A ORDINANCE APPROVING THE TRANSFER OF $214,000 FROM THE GENERAL FUND RESERVES FUND BALANCE IN THE 2005 BUDGET TO THE PUBLIC WORKS DEPARTMENT TO BE USED FOR STREETLIGHT UTILITY ACCOUNT. ISSUE Should City Council transfer $214,000 from the 2005 general fund reserves fund balance to the Public Works Department budget to provide additional funds for the streetlight utility account. RECOMMENDATION Approval of Ordinance There will be an estimated $422,000 shortfall in the 2005 streetlight utility account. The salary savings from the 2005 Public Works budget in the amount of $208,000 will be transferred to the streetlight utility account leaving a shortfall of $214,000. FINANCIAL IMPACT Funds in the amount of $214,000 will be transferred from the 2005 general fund reserves fund balance into the 2005 Public Works Department budget.