HomeMy WebLinkAbout190-09 RESOLUTIONRESOLUTION NO. 190-09
A RESOLUTION APPROVING A BUDGET ADJUSTMENT
TRANSFERRING $600,000.00 FROM THE SALES TAX CAPITAL FUND TO
THE GENERAL FUND FOR OPERATIONS IN ORDER TO OFFSET
REVENUE DECLINE FOR FY2009.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section I: That the City Council of the City of Fayetteville, Arkansas hereby approves a
budget adjustment transferring $600,000.00 from the Sales Tax Capital Fund to the General
Fund for operations in order to offset revenue decline for FY2009.
PASSED and APPROVED this IS` day of September, 2009.
APPROVED:
ATTEST:
By: OWIA^" MN-"`
AN, Mayor SONDRA E SMITH, City Clerk/Treasurer
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Paul A. Becker
Submitted By
City of Fayetteville Staff Review Form
City Council Agenda Items
and
Contracts, Leases or Agreements
September 1,2009
City Council Meeting Date
Agenda Items Only
Finance Director
Division
Action Required:
Finance & Internal Service
Department
This is to request approval of a budget adjustment in the amount of $600,000 from the Sales Tax Capital Fund to the
General Fund for operations.This transfer will help offset the decline in the General Fund Balance caused by the
decline in revenue for fiscal 2009.
N/A
Cost of this request
Account Number
Project Number
Budgeted Item
$
Category / Project Budget
Program Category / Project Name
Funds Used to Date Program / Project Category Name
Remaining Balance Fund Name
Budget Adjustment Attached
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Department Director Date
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Date
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and Internal Services Director Dte
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Date
Previous Ordinance or Resolution #
Original Contract Date:
Original Contract Number:
Received in City
Clerk's Office
ENTERED
Comments:
Revised January 15, 2009
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ARKANSAS
THE CITY OF FAYETTEVILLE, ARKANSAS
DEPARTMENTAL CORRESPONDENCE
To: Mayor Lioneld Jordan and Fayetteville City Council
From: Paul Becker, Finance Director
Date: August 14.2009
Subject: Transfer of $600,000 from the Sales Tax Capital Fund to the General Fund for
operations.
Recommendation
Staff recommends approval of a resolution requesting the council to approve a budget adjustment in
the amount of $600,000 which provides for the transfer of funds from the Sales Tax Capital Fund to
the General Fund for operations.
Discussion
The City of Fayetteville is experiencing a decline in revenue for the fiscal year 2009.Through the
second quarter of 2009 that shortfall is approximately $1.2 million. The Mayor has initiated a plan
to address this budget shortfall. That plan has included a wage freeze, reductions in other
expenditures, and use of the 2008 General Fund surplus of $530,000. To continue to implement that
plan, I am requesting adoption of a budget adjustment by the City Council which directs the transfer
of funds from the Sales Tax Capital Fund to the General Fund. Sales Tax Capital Funds are available
for transfer because the 2009 ice storm disaster caused the need to divert transportation personnel
from the street overlay program to debris removal.Therefore; the full amount budgeted for that
program will not be required in fiscal 2009.
Budget
The approval of this transfer will transfer $600,000 cash from the Sales Tax Capital Fund to the
General Fund for operations.
RESOLUTION NO.
A RESOLUTION APPROVING A BUDGET ADJUSTMENT
TRANSFERRING $600,000.00 FROM THE SALES TAX CAPITAL
FUND TO THE GENERAL FUND FOR OPERATIONS IN ORDER
TO OFFSET REVENUE DECLINE FOR FY2009.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas
hereby approves a budget adjustment transferring $600,000.00 from the Sales Tax
Capital Fund to the General Fund for operations in order to offset revenue
decline for FY2009.
PASSED and APPROVED this 1st day of September, 2009.
APPROVED: ATTEST:
By: By:
LIONELD JORDAN, Mayor SONDRA E. SMITH, City Clerk/Treasurer
City of Fayetteville, Arkansas
Budget Adjustment Form
Budget Year
2009
Department: Various Citywide Accounts
Division:
Program:
Date Requested
8/13/2009
Adjustment Number
Project or Item Added/Increased:
Transfer funds from In -House Pavement Improvements
to supplement General Fund operations.
Project or Item Deleted/Reduced:
Trans er funds from In -House Pavement Improvements to
supplement General Fund operations.
Justification of this Increase:
Funds needed to supplement General Fund operations.
ustification of this Decrease:
Due to the 2009 ice storm, the entire anticipated program
will not be completed in fiscal 2009 This leaves funds
available in this project to supplement General Fund
operations.
Account Name
Transfer to General
Use of Fund Balance
Account Name
Transfer from Capital Improvements
Street Maintenance
Increase Budget
Account Number Amount Project Number
4470 9470
7602 01 600,000 06039 0801
1010 0001 4999 99 600,000
Decrease Budget
Account Number
1010 0001
4470 9470
Amount Project Number
6602 47 600,000
5417 00 600,000 02052 0001
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Date
Date
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Finance Director
Date
Budget & Research Use Only
Type: A B C
Requested By
General Ledger Date
Posted to General Ledger
Posted to Project Accounting
(i)
V.090403
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Initial Date
Initial Date