HomeMy WebLinkAbout150-95 RESOLUTIONRESOLUTION NO. 150-95
A RESOLUT1ON APPROVING A BUDGET ADJUSTMENT
RECOGNIZING TRANSFERS OF EXCESS DEBT SERVICE
FUNDS FROM THE CEC BOND TRUSTEE TO GENERAL
FUND AND DESIGNATED CEC FUNDS FROM GENERAL
FUND TO THE A & P FUND.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
$ection 1. The Council hereby approves a budget adjustment by transferring to:
General Fund, Acct. No. 5690 9690 7602 01, in the amount of $425,300 and A & P Fund,
Acct No. 1010 6600 7602 12, in the amount of $1,683,620; and decreasing CEC Fund, Acct.
No. 1010 0001 6602 69 in the amount of $425,300; Use of Fund Balance, Acct. No. 1010 0001
4999 99; and Use of Fund Balance, Acct. No. 5690 0969 4999 99, in the amount of $425,300.
A copy of the budget adjustment is attached hereto marked Exhibit "A" and made a part hereof.
9,44
PASSED AND APPROVED this 44Ith day of December 1995.
ATTEST:
By:
•
•
,
Traci Paul, City Clerk
APPROVED:
i
By:
/4)1/
Yn°W. Hanna, Mayor
City of Fayetteville, Arkansas
Budget AdjristmentForm
Budget Year
1995
Department: Continuing Education Center
Division:
Program:
Date Requested
December 1, 1995
Adjustment #
Project or Item Requested:
Approval of a budget adjustment ested to recognize the funds
transferred between the CEC Fund; oral Fund and A & P
Fund as a result of refinancing the CEC Bonds.
Project or Item Deleted:
None
Thstification of this Increase:
Refinancing the CFC bonds left the former bond trustee with
funds in excess of the debt service requirements. The former
bond indenture required the excess funds be transferred to
general Fund. The excess funds that were received by General
Bund were then transferred on to the A & ?Fund. This budget
adjustment recognizes the transfers that were required by the
bond documents.
Justification of this Decrease:
The transfers were required as part of the refmanctng of the CEC
bond issue. The Use of General Fund Fund Balance is from prior
years accumulation of Excess CEC in Designated Fund Balance. The
use of fund balance for the CEC Fund is from prior years accumulated
debt service funds. The use of fund balance for the A & P Fund is
from the Transfer of Excess CEC from General Fund.
Increase
Account Name Amount
Transfer to General Fund 425,300
transfer to A & P Fund _ _ 1.683,620
Account Name Amount
425300
1,258,320
425,300
Transfer from t.FC Fund
Use of Fund Balance
Use of Fund Balance
Account Number Project Number
5690 9690 7602 01
1010 6600 7602 12
Decrease
Account Number Project Number
1010 0001 6602 69
1010 0001 4999 99
5690 0969 4999 99
P
Regues ed By
Approval Signatures
get Coordinator
Deent Director
ja \j\N
Admin. Se ces Direc
EL14,
y��
Mayor
Budget Office Use Only
Type: A BCD F
Date of Approval
Posted to General Ledger
Entered in Category Log
Budget Office Copy
