HomeMy WebLinkAboutOrdinance 11574 ORDINANCE NO. l/ /
AN ORDINANCE APPROPRIATING $2,500,000.00 TO THE
GENERAL FUND AND DECREASING THE UNRESERVED,
UNDESIGNATED FUND BALANCE BY THE SAME AMOUNT FOR
THE PURPOSE OF A FUND TRANSFER TO THE CAPITAL PROJECTS
RESERVE FUND TO FINANCE FUTURE CAPITAL EXPENDITURES;
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.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FORT
WORTH, TEXAS:
SECTION 1.
That in addition to those amounts allocated to the various City departments for the Fiscal Year 1993-
94 and in the Budget of the City Manager, there shall also be increased appropriations in the General
Fund in the amount of$2,500,000.00 thereby decreasing the unreserved, undesignated Fund Balance by
the same amount, for the purpose of a fund transfer to the Capital Projects Reserve Fund to finance
future capital expenditures.
SECTION 2.
Should any portion, section or part of a section of this ordinance 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.
That this ordinance shall be cumulative of Ordinance No. 11379 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 instance said conflicting
provisions of said prior ordinances and appropriations are hereby expressly repealed.
SECTION 4.
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:
4-t 4itytorney
Date
_C2
Adopted
Effective
City of Fort Worth Texas
Mayor and Council Communication
DATE REFERENCE NUMBER LW NAM EPhan
05/24/94 G10672 13RESERV 1 of 2
SUBJECT TRANSFER OF FUNDS FROM GENERAL FUND TO THE CAPITAL PROJECTS RESERVE
FUND
RECOMMENDATION:
It is recommended that the City Council:
1. Adopt the attached supplemental appropriations ordinance increasing appropriations in the
General Fund by$2,500,000.00 and decreasing the unreserved, undesignated fund balance
by the same amount, and
2. Authorize the transfer of $2,500,000.00 from the General Fund to the Capital Projects
Reserve Fund.
i
DISCUSSION:
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F
On January 25, 1994,the City Council adopted a set of Financial Management Policy Statements
which included a requirement that "after completion of the annual audit, if the [General Fund]
undesignated fund balance exceeds 10 percent[of current year budget expenditures],the excess
shall be transferred to the Capital Projects Reserve Fund." On the basis of the recently
completed audit and current re-estimates of revenues and expenditures, the unreserved,
undesignated fund balance for the General Fund, as of September 30, 1994, is projected to be
$29,273,014.00. With a current revised budget of$239,338,750.00,the Financial Management
Policy Statement requires that $23,933,875.00 be maintained in the General Fund undesignated
fund balance. Strict adherence to Council policy would require the transfer of $5,339,139.00
to the Capital Projects Reserve Fund.
However, unanticipated changes in revenue and/or expenditure patterns could cause the General
Fund balance to fall below the 10 percent target. Therefore, it is recommended that only $2.5
million be transferred at this time. In accordance with Council policy, after transfer to the Capital
Projects Reserve Fund; these funds will only be recommended for use "to pay for.capital
improvements and capital equipment having an expected useful life in excess of 10 years."
Printed on recycled paper
City of Fort Worth Texas
Mayor and Council Conanunication
DATE R$F'ERENCE NZI!(i3ER TE5-5
NAM PAGE
05/24/94 G10672 13RESERV 2 of 2
sI1Bnc!r TRANSFER OF FUNDS FROM GENERAL FUND TO THE CAPITAL PROJECTS RESERVE
FUND
FISCAL INFORMATION/CERTIFICATION;
i
The Director of Fiscal Services certifies that upon adoption of the attached supplemental
appropriations ordinance, the funds required for this transfer will be available in the current
' operating budget of the General Fund. After completion of this transfer, the unreserved,
undesignated fund balance of the General Fund will be $25,924,229.00.
CB:I
Sabanitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
(l)0001 539070 09WI03 $2,500,000.00
Charles Boswell 8500 (2)GC10 472001 013010001000 $2,500,000.00
Originating Deportment Head: APPROVED
CITY COUNCIL
Charles Boswell 8500 MO-)
(2)cc01 539070 0909103 $2,500,000.00 RAY 24 1%4
For Additional Information
Contact:
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Adopted Wiliam No. 0 Printed on recycled paper