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HomeMy WebLinkAboutOrdinance 8717 r ORDINANCE NO. d AN ORDINANCE INCREASING BY $180,393 THE ESTIMATED REVENUES ACCRUING TO THE WATER AND SEWER FUND OF THE CITY OF FORT WORTH FOR THE FISCAL YEAR .1982-1983, AND APPROPRIATING FROM THE INCREASED ESTIMATED REVENUES OF THE WATER AND SEWER FUND THE SUM OF $180,393 TO ACCOUNT NOS. 70-70-03, 60-70~~05 and 60-70-07, ALL OF WHICH ARE OPERATING BUDGET ACCOUNTS; PROVIDING FOR A SEVERABILITY CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES AND REPEALING ALL PRIOR ORDINANCES IN CONFLICT HEREWITH; AND PROVIDING AN EFFECTIVE DATE . WHEREAS, the actual revenues of the Water and Sewer Fund for the fiscal year 1983 exceeded estimated revenues by $180,393, due to an accounting entry made after the sale of some machinery of the Water Department, and; WHEREAS, it is necessary to appropriate the. said additional $180,393 out of the increased revenues, and transfer it to Account Nos. 70-70-03, 60-70-OS and 60-70-07, all of which are various Water Department Operating Accounts, thereby replacing a portion of funds in the Water Departments 1982-83 Operating Budget which were spent for the purchase of replacement machines; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT WORTH , TEXAS: SECTION 1. That the Estimated Revenues accruing to the Water and Sewer Fund of the City of Fort Worth for the Fiscal Year 1983 are hereby increased by $180,393; and that in addition to providing the City Manager with other such revenue as may be secured from various sources included in Ordinance No-.~ 8615 and in the budget of the City Manager., there shall be appropriated, from the revenues of the Water and Sewer Fund thus increased, the sum of $180,393 to various Water Department Operating Accounts, as follows: Account No. 70-70-03 60-70-05 60-70-07 Title Sewer Warehouse New Services Maintenance of Mains 7 SECTION 2. Amount 60,131 60,131 60,131 That should any portion, section or part of a section of this ~, Ordinance be declared invalid, inoperative or void for any reason by i~ f M ~ ~.i l 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 provision shall be and remain in full force and effect. SECTION 3. T hat this ordinance shall be cumulative of Ordinance No. 8615, and all other ordinances and appropriations amending the same, ex- cept in those instances where the provisions of this ordinance are in direct conflict with such other ordinances and appropriations, in which instances 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 ordained. APPROVED AS TO FORM AND LEGALITY ~~ City Attorney Date : t ~ ~ `~ - Q' 3 ADOPTED: ~-- ~s- fJ.3 - __. - _ __ ~__- ~ _ EFFECTIVE: /- 2 5-~3 MAS fEJ, FILE l: cr "~ CITY MANAGER 1' ACCOUNTING 2 ~~l///®~ TRANSPORTATION~PUBLIC WORK'S•~ N•ATER AO ~~ City of Fort Worth, texas a ~oa.~ncil ~or~~.r-~,~,anicati~n DATE REFERENCE SUBJECT Supplemental Appropriation from PAGE NUMBER INIStlR~~p~/g3 **G-5522 "Increased Revenues" to the Water Oper- 1 ut 2 Background On January 8, 1981, a Bid Quotation form was completed and signed by Jerry West, Dallas Area Sales Manager for DARR Equipment Company. Essentially, the bid was to sell the City of Fort Worth four wheel loaders for $57,120 each in 1981, and included a guaranteed repurchase agreement, specifying that the units would be repurchased by DARR Co. after one year, for $60,131 each. The City Council authorized the purchase of the four wheel loaders from DARR Equipment Co , on May 26, 1981 (M&C P-1452). Three of these loaders were purchased with Water Department funds and were used ~'^~ for approximately 14 months. The Department then desired to acquire new units. The City exercised the right of the repurchase agreement, and DARR Equipment Co. repurchased the three loaders for $180,393. In accordance with Generally Accepted Accounting Principles which require that the proceeds of any sale of an asset be treated as revenue. The proceeds received from DARR Equipment Co. were not placed in the Water Department's Operating Budget, but instead were placed in a separate revenue account. Then the amount of >192,813, the full cost of purchasing three new units from DARR Co had to be taken from the Water Department's Operating Budget for 1982-83. During the budget process, it had been assumed that the "trade-in" method should be used in relinquishing the old units and acquiring new units. It was not anticipated that the purchase cost of the new units would be taken from current operating budget. However, the exercise of the repurchase agreement and the large amount of funds involved in this transaction have caused Water Account to exceed their budgeted amounts. • Financial Adjustments It is necessary that $180,393 be transferred from "Increased Revenue" to ~Tater Operating Budget, as a supplemental appropriation, in order to cover the cost of purchasing the new equipment, as follows: FROM TO Account No. Title Amount Account No. Title Amount g~e1 093187 Real Property Sales $180,393 70-70-03 Sewer Ware- $60,131 house 60-70-05 New Services $60,131 60-70-07 Maint. of $60,131 Mains $180,393 ~~ • . ~~.1 DATE REFERENCE suB~ECT Supplemental Appropriation from PAGE MBER *U "Increased Revenues" to the Water Oper- 2 2 1/25/83 * G-5522 atin Bud et _ of Recommendation It is recommended that the City Council adopt the attached supplemental appro- priation ordinance, whi ch transfers $180,393 from "Increased Revenues" of the Water Department to the operating budget accounts identified above. DAI kc Attachment +. 4 APPROVED BY cin ~ou~s~c~~ F ti r ,lA~ ~5 ~9~3 ~a.dV~~Tia~ex-etary :of the '') SUBMITTED FOR TH I CITY MANAGER'S o DISPOSITION BY COUNCIL. PROCESSED BY OFFICE BY ~~ ^ APPROVED ORIGINATING ^ OTHER (DESCRIBE) DEPARTMENT HEAD• Richard Sawey CITY SECRETARY On TIONAL INFORMARTI gppp ED ORD~6~A~~.CE ~~~ ~/~ DATE O n H CONTACT EXt. 8220 .