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HomeMy WebLinkAboutOrdinance 17263-11-2006Ordinance No. 1 7263-1 1-2006 AN ORDINANCE INCREASING APPROPRIATIONS IN THE GENERAL FUND 1N THE AMOUNT OF $430,330 AND DECREASWG THE UNRESERVED, UNDESIGNATED GI=NERAL FUND BALANCE BY THE SAME AMOUNT FOR THE PURPOSE OF TRANSFERRING SAID FUNDS TO THE GRANT FUND FOR REPAYMENT OF GRANT DEFICITS FOR THE ECONOMIC AND COMMUNITY DEVELOPMENT DEPARTMENT'S BUSINESS ASSISTANCE CENTER; PROVIDING FOR A SEVERABILITY CLAUSE; MAKING THIS ORDINANCE CUMULATIVE OF PRIOR ORDINANCES 1N 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 and in the Budget of the City Manager, there shall also be increased apprnpria#ians in the General Fund in the amount of $430,330 and decreasing the unreserved, undesignated General Fund balance by the same amount for the purpose of transferring said funds to the Grant Fund €or repayment of grant deficits for the Economic and Community Development Department's Business Assistance Center. SECTION 2. That should any portion, section ar 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 ar 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. 51=CTION 3. That this ordinance shall be cumulative of Drdinance 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in which instance said conflicting provisions of said prior ordinances and appropriations are hereby expressly repealed.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. APPROVED AS TO FORM ANb LEGALITY: Assistant City Attorney ADOPTED AND EFFECTIVE: November 7 2006 ~'it,~ ®f F®rt~ ~r~ffi~ Texas Mayor and Council Communication SUBJECT: Authorize Transfer of Funds to the Grant Fund for the Business Assistance Center of the Economic & Community Development Department and Adopt Appropriation Ordinance REG4MMEN®ATI®fV: It is recommended that the City Council: 1. Adopt the attached supplemental apprapriation ordinance increasing appropriations in the General Fund by $430,330 and decreasing the unreserved, undesignated General Fund balance by the same amount far the purpose of repayment of grant deficits far the Business Assistance Center of the Economic and Community Development Department; 2. Authorize the transfer of $430,330 from the General Fund to the Grant Fund; and 3. Adopt the attached appropriation ordinance increasing estimated receipts and appropriations in the Grant Fund by $430,330 from available funds. ©11SClJSSI®N: The Business Assistance Center (BAC} have been funded from a variety of sources including the City's General Fund, program revenue, facility rents{, and federal grants received from the U.S. Small Business Administration agency (SBA) and Community Development Block Grant program. The multiple funding sources with independent spending constraints and incongruent fiscal years created financial tracking and operational challenges for the on-going operations of the BAC. It has been discovered that the Grant Fund ~nrhich included federal grant funds, rental income from the BAC facility, and program income, has an overall deficit of $430,330 that must be cleared in order fin balance the account. This deficit accumulated over a period of four years from Program Grant Years 2002 through 2005. During this same timeframe, FY 2001-02 through FY 2004-05, the Economic and Community Development Department (ECD} had savings in its General Fund Budget of approximately $415,000. In essence, the ECD has increased the General Fund fund balance by not expending their entire apprapriation far the department. Staff is recommending that the savings from the ECD department and an additional $15,330 from the General Fund fund balance be utilized to adjust the grant balances and eliminate the grant deficits of the BAC. The FY06-07 Economic and Community Development General Fund budget includes a complete program budget for the BAC, therefore minimizing the financial tracking and operational challenges related to grant funding. Lagname: 17BACAPPROP Page l a£ 2 FISCAL INF'ORMATiONICERTIFICATION: The Finance Director certifies that upon approval of the above recommendations and adoption of the attached supplemental appropriation ordinance, funds will be available in the current operating budgets, as appropriated, of the Grant F=und. Amend Line Item #4 to read $125,835.Ofi TO Ft~ndlAccountlCenters GG01 538070 0174020 GR76 472001 002432726000 GR76 472001 017432805000 GR76 472001 01743288400 GR76 472001 097432994000 GR76 5 VARIOUS 002432726000 GR75 5 VARIOUS 017432805000 GR76 5 VARIOUS D1743288400Q GR76 5 VARIOUS p17432994000 FROM FundlAccountlCenters $430,330.D0 0001 538D7o 0174D2D X168 456.31 79 38x__: 8.9,9„ 125 355.06 $56.549.72 $168,456.31 $79 388.91 125 935.06 $56.549.72 X430, 330.00 Submitted for City Manager's OfFice b~ Dale Fisseler (6140} Ori inafin ®e artment bleed: Tom Higgins (6992} Additional Information Contact: Dorothy Wing (212-2655) Logname: X ~BACAPPROP Page 2 of 2