HomeMy WebLinkAboutOrdinance 17590-06-2007Ordinance No. 17590-06-2007
AN ORDINANCE INCREASING ESTIMATED RECEIPTS AND APPROPRIATIONS IN
THE SPECIALLY FUNDED CAPITAL PROJECTS FUND IN THE AMOUNT OF $250,000
FROM A RISK MANAGEMENT FUND TRANSFER, FOR THE PURPOSE OF FUNDING
THE COMMERCIAL PROPERTY INSURANCE DEDUCTIBLE CLAIM RESULTING FROM
THE MAY 2, 2007 STORM; PROVIDING FOR A SEVERABILITY CLAUSE; MAKING THIS
ORDINANCE CUMULATIVE OF 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 Fiscal Year 2006-2007 in the
Budget of the City Manager, there shall also be increased estimated receipts and appropriations in the
Specially Funded Capital Projects Fund in the amount of $250,000 from a transfer from the Risk
Management Fund, for the purpose funding the commercial property insurance deductible claim resulting
_. from the May 2,.2007 storm..
SECTION 2.
That 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. 17142 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ordinances and appropriations are hereby expressly repealed.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 upon adoption.
APPR VEDAS TO FORM AND LEGALITY:
Assistant City Attorney
ADOPTED AND EFFECTIVE: June 12, 2007
City of Fort Vt/orth, Texas
Mayor and Council Communication
COUNCIL ACTION: Approved on 6/12/2007 -Ordinance No. 17590-06-2007
DATE: Tuesday, June 12, 2007
LOG NAME: 13RISK TRANSFER REFERENCE NO.: **G-15751
SUBJECT:
Authorize Transfer Revenue from the Risk Management Fund to the Specially Funded Capital
Projects Fund and Adopt Related Appropriation Ordinance
RECOMMENDATION:
It is recommended that the City Council:
1. Authorize the City Manager to transfer $250,000 from the Risk Management Fund to the Specially
Funded Capital Projects Fund; and
2. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the
Specially Funded Capital Projects Fund in the amount of $250,000 from available funds, to cover the
commercial property insurance deductible for the claim resulting from the May 2, 2007 storm.
DISCUSSION:
Each year, funds are appropriated in the Risk Management Fund to pay for the incurred expenditures that
fall within the policy's deductible for property damage claims covered by the City's commercial insurance
coverage.
Likewise, when a claim exceeds the policy deductible, funds are transferred from the Risk Management
Fund to cover the amount of the deductible, which is not included as recoverable monies received by the
commercial policy.
On Wednesday, May 2, 2007, a severe storm struck the Fort Worth area, with strong winds and heavy
rain. The commercial policy's deductible amount in effect at the time is $250,000.
FISCAL INFORMATION/CERTIFICATION:
The Finance Director certifies that funds are available in the FY2007 operating budget, as appropriated, of
the Risk Management Fund.
TO Fund/Account/Centers FROM Fund/Account/Centers
GC35 472071 013040071260 $250.000.00 FE71 538070 0137140 $250.000.00
GC35 534260 013040071260 $250.000.00
Submitted for City Manager's Office bk Karen Montgomery (6222)
Originating Department Head: Richard Zavala (Acting) (8313)
Additional Information Contact: Sue Haupt (7761)
Logname: BRISK TRANSFER Page 1 of 1