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.:
Agenda Item Description or Legislation Title
Authorization Of Previous Advance As Transfer - Finance Department
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 that this legislation be adopted as emergency legislation at the December 13, 2021 City Council Meeting.