COUNCIL COMMUNICATION

 

DATE:

 

03/03/2003

SUBJECT: FINAL READING 2003-0-060

Amending the City Of Laredo fiscal year 2003 General Fund Budget and Contractual Obligations Fund by transferring $ 3,989,300 from the General Fund Balance and appropriating it in the Contractual Obligation Fund. The amendment will decrease $3,989,300 from the General Fund opening balance and appropriate a transfer out to the Contractual Obligations Fund. Amending the Contractual Obligations Fund to appropriate $ 3,989,300 for the Personal Property Finance Contractual Obligation for the purpose of acquisition of automotive and machinery and equipment. (As Amended)

INITIATED BY:

Larry Dovalina, City Manager

STAFF SOURCE:

Rosario C. Cabello, Finance Director

 

PREVIOUS COUNCIL ACTION:

A reimbursement resolution 2003-R-018 was adopted the meeting of February 18, 2003.

 

BACKGROUND:

A proposed Public Property Finance Contractual Obligation will be issued during the Spring 2003 for the acquisition of automotive, machinery and equipment. In order to expedite the acquisition of such equipment a temporary decrease of General Fund balance is proposed. General Fund will be reimbursed once the proceeds from the sale of Certificate of Obligations are received. See attached list for list of items to be acquired.

FINANCIAL:

Annual Budget Proposed Amendment Amended Budget

FY 2003 FY 2003

General Fund:

Estimated Opening Balance $ 11,782,940 $ 4,050,850 $ 7,732,090

Transfer Outs:

Contractual Obligations Fund 2,202,940 $ 2,202,940

Contractual Obligations Fund:

Revenues:

Transfer In General Fund $ 2,452,940 4,050,850 $ 6,503,790

 

Expenditures:

Machinery & Equipment -0- 1,314,300 $ 1,314,300

Automotive Equipment -0- 2,675,000 $ 2,675,000

 

 

RECOMMENDATION:

 

 

 

ORDINANCE 2003-0-060

 

Amending the City Of Laredo fiscal year 2003 General Fund Budget and Contractual Obligations Fund by transferring $ 3,989,300 from the General Fund Balance and appropriating it in the Contractual Obligation Fund. The amendment will decrease $3,989,300 from the General Fund opening balance and appropriate a transfer out to the Contractual Obligations Fund. Amending the Contractual Obligations Fund to appropriate $ 3,989,300 for the Personal Property Finance Contractual Obligation for the purpose of acquisition of automotive and machinery and equipment. (AS AMENDED)

WHEREAS, on September 16, 2002, City Council adopted the fiscal year 2003 annual budget: and

WHEREAS, on February 18, 2003, City Council will hold a public hearing and introduced this ordinance; and

 

WHEREAS, in order to expedite the acquisition of vehicles, machinery and equipment the proposed budget amendment is hereby proposed.

NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LAREDO THAT:

 

Section 1: General Fund is hereby amended as follows:

Annual Budget Proposed Amendment Amended Budget

FY 2003 FY 2003

General Fund:

Estimated Opening Balance $ 11,782,940 $ 4,050,850 $ 7,732,090

Transfer Outs:

Contractual Obligations Fund 2,202,940 $ 2,202,940

Contractual Obligations Fund:

Revenues:

Transfer In General Fund $ 2,452,940 4,050,850 $ 6,503,790

 

Expenditures:

Machinery & Equipment -0- 1,314,300 $ 1,314,300

Automotive Equipment -0- 2,675,000 $ 2,675,000

 

 

Section 4: The draw down of General Fund will be reimbursed once the proceeds from a sale of Certificate of Obligations are received.

 

 

 

 

 

PASSED BY THE CITY COUNCIL AND APPROVED BY THE MAYOR ON THIS

THE _______________ DAY OF ________________________, 2003.

 

_____________________

ELIZABETH G. FLORES,

MAYOR

 

 

 

ATTEST: APPROVED AS TO FORM:

_________________________

GUSTAVO GUEVARA, JR., JAIME L. FLORES

CITY SECRETARY CITY ATTORNEY