HomeMy WebLinkAboutOrdinance 11859_ ORDINANCE NO ~1'1~~
AN ORDINANCE APPROPRIATING $4,000,000 00 TO THE
GENERAL FUND AND DECREASING THE UNRESERVED,
UNDESIGNATED FUND BALANCE BY THE SAME AMOUNT FOR
THE PURPOSE OF TRANSFERRING FUNDS TO THE CAPITAL
PROJECTS RESERVE FUND; 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
1994-95 and in the Budget of the City Manager, there shall also be increased appropriations in the
General Fund in the amount of $4,000,000.00 and decreasing the unreserved, undesignatecl fund balance
by the same amount for the purpose of transferring funds to the Capital Projects Reserve Fund.
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. 11645 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provisions of said prior ordinances and appropriations are hereby expressly repealed.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
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Date
Adopted
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Effective
City of Fort. Worth, Texas
Mayor and Council ~,'ommunication
REFERENCE NTJI~ER LOG- NAME PAGE
03/07/95 G10994 13GEN 1 of 2
I SUBJECT I TRANSFER OF FUNDS FROM GENERAL FUND TO THE CAPITAL PROJECTS RESERVE I
FUND
RECOMMENDATION
It is recommended that the City Council
Adopt the attached appropriations ordinance increasing appropriations in the General Fund
by 54,000,000 and decreasing the unreserved, undesignated fund balance by the same
amount, and
2 Authorize the transfer of 54,000,000 from the General Fund to the Capital Projects Reserve
Fund
DISCUSSION
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 budgeted 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 September 30, 1995, is projected to be
532,917,525 With a current budget of 5245,397,966, the Financial Management Policy
Statement requires that 524,539,797 be maintained in the General Fund undesignated fund
balance Strict adherence to Council policy would require the transfer of 58,377,728 to the
Capital Projects Reserve Fund However, unanticipated changes in revenue and expenditure
patterns could cause the General Fund balance to fall below the 10 percent target Therefore,
it is recommended that only $4 0 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 During the 1994-95 budget development
process, City staff presented to Council the following projected transfers from the Capital
Projects Reserve Fund for fiscal year 1994-95
Vehicle Replacement 52,410,750
ADA Requirement 2,000,000
Infrastructure for Finish Out of First
Floor of the Central Library 1,575,000
Books for the East Regional Library 363,500
Renovation of Lower Level of Central Library 100,000
Zoo Utility Improvements 170,000
Meacham 16L/34R and Shoulders 230,000
Meacham Noise Mitigation 230,000
TOTAL 57,079,250
•-~~ Printed on recycled paper
City of Fort Worth, Texas
Mayor and Council Communication
DATE REFERENCE NUMBER LOG NAME PAGE
03/07/95 G10994 13GEN 2 of 2
SUBJECT TRANSFER OF FUNDS FROM GENERAL FUND TO THE CAPITAL PROJECTS RESERVE
FUND
To date, transfers have been made from the Capital Projects Fund Reserve Fund to finance the
following projects
Vehicle Replacements 52,191,715
ADA Requirements 1,644,000
Zoo Utility Improvements 170.000
TOTAL 54,005,715
TRANSFERS REMAINING TO BE MADE $3,073,535
An additional 53 1 million in transfers from the Capital Projects Reserve Fund must be made to
.fund the projects discussed with Council during the 1994-95 budget process The amount
required to fund the projects may be greater than 53 1 million, since the actual cost of some of
the projects remaining to be funded are expected to exceed the original estimates The current
balance of the Capital Projects Reserve Fund is 52,225,970 Consequently, the recommended
transfer of 54 0 million from the General Fund Reserve Balance is required to fund the remainder
of the projects scheduled for 1994-95
FISCAL INFORMATION/CERTIFICATION
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 529,576,473 The cash balance of the
Capital Projects Reserve Fund after this transfer will be 56,225,970
CB a
Submitted for City Manager's FUND ACCOUNT CENTER AMOUNT CITY SECRETARY
Office by: (to)
(1)GGOI 538070 0909103 $4,000,000
Charles Boswell 8500 (2)GG10 472001 013010001000 $4,000,000 APPROVED
Originating Department Head: CITY CCU~CIL
Jim Keyes 8517 (from) PEAR ~' X995
(2)GGOl 538070 0909103 $4,000,000
For Additional Information ~ ~.ft~t~,~/
Contact: City Sear~tsry of thee
City of Fort Worl4t, Yexae
Jim Keyes 8517
•-«~ Printed on recycled paper