Print Agenda Item

AI-8841

Topics Of Discussion M.

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