HomeMy WebLinkAboutOrdinance 9154~.
ORDINANCE NO. ~~~ 7
AN ORDINANCE TRANSFERRING $15,000 FROM THE UNAPPROPRIATED
FUND BALANCE OF THE GENERAL FUND TO THE ESTIMATED REVENUES
ACCRUING TO THE GENERAL FUND OF THE CITY OF FORT WORTH FOR
THE FISCAL YEAR 1983-1984, AND APPROPRIATING FROM THE IN-
CREASED ESTIMATED REVENUES OF THE GENERAL FUND THE SUM OF
$15,000 TO ACCOUNT NO. 13-50-00 FOR THE PURPOSE OF FUNDING
A STUDY OF THE CITY'S BANKING PRACTICES AND PROCEDURES TO
BE PROVIDED BY ARTHUR ANDERSEN & COMPANY; PROVIDING FOR A
SEVERABILI'I'Y CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF
PRIOR ORDINANCES AND REPEALING ALL PRIOR ORDINANCES IN
CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH,
TEXAS:
SECTION 1.
That the estimated revenues accruing to the General Fund of the
City of Fort Worth for the Fiscal Year 1983-1984 are hereby in-
creased by $15,000 transferred from the unappropriated General Fund
balance; and that in addition to providing the City Manager with
such other revenue as may be secured from various sources included
in Ordinance No. 8886 and in the Budget of the City Manager, there
shall also be appropriated from the increased revenues of the
General Fund the sum of $15,000 to Account no. 13-50-00, to fund the
consulting services and study of the City's banking practices and
procedures to be provided by Arthur Andersen & Company.
SECTION 2.
Should any portion, section or part of a section of this ordi-
nance be declared invalid, inoperative or void for any reason by a
court of competent jurisdiction, such decision, opinion or judgment
shall in no way impair the remaining portions, sections or parts of
sections of this ordinance, which said remaining provisions shall be
and remain in full force and effect.
SECTION 3.
This ordinance shall be cumulative of Ordinance No. 8886 and
all other ordinances and appropriations amending the same except in
those instances where the provisions of this ordinance are in direct
conflict with such other ordinances and appropriations, in which in-
stances said conflicting provisions are hereby expressly repealed.
SECTION 4.
That this ordinance shall take effect and be in full force and
effect from and after the date of its passage, and it is so or-
dained.
APPROVED AS TO FORM AND LEGALITY
City Attorney
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ADOPTED: ~ ~oZ ~"O 7`
EFFECTIVE:
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FINANCE
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~f~ll(t}~9C.WORKS~~ REFERENCE SUBJECT Development of Banking Services PAGE
NUMBER
7/24/84 C-8498 Agreement ~o' 2 '
Background
The "banking system" is an important and often central focus of the cash
management function in local government. Ths "banking system" consists of the
bank accounts and ancillary services used to monitor, manage, and record cash
flaws. The number and types of hank accounts, the number and location of
depositories, and the range of financial services available from financial
institutiang form the core of activities by which cash receipts and
disbursements are channelea through a local government treasury.
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Th® City's "banking system" presently consists of multiple bank accounts at
three major banks .utilizing only basic banking functios provided by the-banks
under informal agreements. Review of the proliferation of creative and
con-petitive services now being marketed by financial institutions seems to
indicate that the City's present "banking system" does not take fu11 advantage
of opportunities to increase the efficiency and effectiveness of the City's
cash management.
A survey of practices among municipalities reflects that significant
irrpravernenta~ in cash management can be achi®ved by developing a: banking
agreement which would give the City the ability txa et°fec~ively use t)~-e services
available from the banking camnunity.
It is believed that the most beneficial approach to developing a banking
services agrec~xnent for the City would include the follawi.ng:
1) an in-depth analysis of current cash management practices;
2) a review of all banking services now available from financial
institutions;
3) preparation of a "Request for Proposal" identifying those services
needed by the City;
4) evaluation of responses to the "F.equest for Proposal".
The City's external auditors, Arthur Andersen & Co. provide specialized
assistance in the akx7ve-defined procedures and would assist the City for a fee
not to exceed $15,000.
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DATE ~~
REFERENCE
NUMBER
SUBJECT
Deyeio jgent o,~ Bankin Sexv~.ces
P
PAGE
7/24/84 C-8498
Agreement
2 of 2
Financing
A supplemental appropriation is required to provide the $15,000 for
professional assistance on this project.
Recannendation
Zhe staff and the Audit Qormuttee of the City Council reco~miend that the City
Councils
l) Authorize the City Manager to execute a contract with Arthur Andersen
& Co. to provide cansu].ting eervica$ in c~evelc~ping ~ l7arilcing ee~`v~.cea
agreement in an acrr~unt net to exceed $15,OOOr and,
2) Adopt the attached supplemental appropriation ordinance appropriating
X1,5,000 frcxn the Unappropriated ~1and Fialance of the C~nera]. Fund to
Accx~unt l~--50-00.
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APPROVED BY
CITY COUNCIL
J
U L 24 1964 '
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SUBMITTED FOR THE
C17Y MANAGER'S ~j DISPOSITION BY COUNCIL: PROCESSED BY
OFFICE BY f ] APPROVED
ORIGINATING j, j OTHER (DESCRIBE)
DEPARTMENT MEAD A .IUCISOn Ba~ljf ~ CITY SECRETARY
FOR ADDITIONAL INFORMATION AdOp ~ rQIII~ ~'~' °
CONTACT A JU(~SOn IIHiliff DATE
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