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Meeting Date:
12/13/2021
Authorization Of Previous Advance As Transfer - Finance Department
Submitted By:
Jim Bell
Department:
Division:
Accounting
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
12/07/2021
Audio-Visual Needs:
None
Emergency Legislation?:
Yes
Motion/Ordinance/
Resolution No.:
2021-O-2517
Agenda Item Description or Legislation Title
An Ordinance Authorizing A One-Time Transfer Of Monies From The Gasoline Tax Fund To Document An Advance Previously Made To The Issue 2 Fund, And Declaring An Emergency.
(first reading)
Purpose and Background
An advance was made from the Gasoline Tax Fund to the Issue 2 Fund to pre-fund the expenses for the Bellefontaine Road Widening and Culvert Replacement Project. The advance for this project was $500,000, but Ohio Public Works Commission only provided $250,000 of grant funding which will be a return of half of the original advance to the Gasoline Tax Fund. The Finance Director recommends that the remaining $250,000 of that original advance be now classified as a transfer from the Gasoline Tax Fund to the Issue 2 Fund. This legislation, if approved, will make that correction so that those monies will not be expected to be returned to the Gasoline Tax Fund. In order for this transaction to be reconciled by the end of 2021, City Staff request that the second reading of the legislation be waived and and that this legislation be adopted as emergency legislation at the December 13, 2021 City Council Meeting.
Fiscal Impact
Source of Funds:
N/A
Cost:
N/A
Recurring Cost? (Yes/No):
N/A
Funds Available in Current Budget? (Yes/No):
N/A
Financial Implications:
Attachments
Ordinance
2021-O-2517
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