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Topics Of Discussion  
Council Work Session
 
Meeting Date:
12/06/2022
Advances/Transfers - Finance Department
Submitted By:
Jim Bell
Department:
Division:
Accounting
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
12/06/2022
Audio-Visual Needs:
None
Emergency Legislation?:
Yes
Motion/Ordinance/
Resolution No.:
Agenda Item Description or Legislation Title
Advances/Transfers - Finance Department
Purpose and Background
An advance was made from the General Fund to the Community Development Block Grant (CDBG) Fund for a blighted property project. The advance for this project was $16,999.41 in anticipation of the receipt of grant dollars which were never received. The Director of Finance recommends that the original advance of $16,999.41 be now classified as a transfer from the General Fund to the CDBG Fund. This legislation, if approved, will make that correction so that those monies will not be expected to be returned to the General Fund. In order for this transaction to be reconciled by the end of 2022, the Director of Finance requests that the second reading of the legislation be waived and that this legislation be adopted as emergency legislation at the December 12, 2022 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
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