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Topics Of Discussion  
Council Work Session
 
Meeting Date:
02/07/2023
Advances/Transfers - Finance Department
Submitted By:
Jim Bell
Department:
Division:
Accounting
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
02/07/2023
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 Gasoline Tax Fund to the Carriage Trails Infrastructure Fund for initial financing for development prior to the receipt of a SIB Loan. The advance for this project was $640,000 in anticipation of a SIB Loan which was not obtained. The Director of Finance recommends that the original advance of $640,000 be now classified as a transfer from the Gasoline Tax Fund to the Carriage Trails Infrastructure 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. 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 February 13, 2023 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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