HomeMy WebLinkAbout2015-29 Supplemental Budget 2015-17 Biennium - Repealed by 2015-30
RESOLUTION NO. 2015- acâ–º
A RESOLUTION ADOPTING A SUPPLEMENTAL BUDGET
INCREASING APPROPRIATIONS WITHIN THE
2015-2017 BIENNIUM BUDGET
Recitals:
ORS 294.480 permits the governing body of a municipal corporation to make a
supplemental budget for the fiscal year for which the regular budget has been prepared under one
or more of the following reasons:
a. An occurrence or condition which had not been ascertained at the time of the
preparation of a budget for the current year which requires a change in financial
planning.
b. A pressing necessity which was not foreseen at the time of the preparation of the
budget for the current year which requires prompt action.
c. Funds were made available by another unit of federal, state or local government and
the availability of such funds could not have been ascertained at the time of the
preparation of the budget for the current year.
d. Other reasons identified per the statutes.
THE CITY OF ASHLAND RESOLVES AS FOLLOWS:
SECTION 1. Because of the circumstances stated below, the Mayor and City Council
of the City of Ashland determine that it is necessary to adopt a
supplemental budget, establishing the following additional
appropriations:
General Fund
Appropriation: Police Department $40,155
Resource: Intergovernmental Revenues $40,155
To appropriate funds from You Have Options Program (YHOP). This was collected by city of
Ashland and is now being handled through Jackson County SARI.
Central Service Fund
Appropriation: Administrative Services Department $575,000
Resources: Interfund loan (Revenue) $400,000
Working Capital Carryover $175,000
To appropriate for the cost to migrate financial software from Eden to Munis, both a Tyler
Technology product. This requires a capital interfund loan that will be repaid with annual
payments of up to $100,000 (interest calculated on the actual monthly interest earned in the
Local Government Investment Pool and completed no later than fiscal year 2021 per the attached
schedule with no prepayment penalty) and a transfer of excess monies beyond the amount
budgeted for Working Capital Carryover from the prior year.
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Equipment Fund
Appropriation: Interfund Loan (Expense) $400,000
Resource: Ending Fund Balance $400,000
To appropriate an interfund loan to the Central Services Fund for migrating the financial
software with the terms identified above.
TOTAL ALL FUNDS $1,015,155 $1,015,155
SECTION 2. All other provisions of the adopted 2015-2017 BIENNIUM BUDGET not
specifically amended or revised in this Supplemental Budget remain in full force and effect as
stated therein.
SECTION 3. This resolution was duly PASSED and ADOPTED this day of December,
2015, d takes effect upon signing by the Mayor
Barbara Christensen, City Recorder
SIGNED and APPROVED this 61---day of December, 2015.
hn Stromberg, Mayor
Revie d as to form:
r
avid Lo man, City Attorney
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Interfund Loan Repayment Schedule
Payment from Central Servcies Fund to Equipment Fund
BN 2015-17 Loan
Loan
Year Principle Est. Int.* Est. Pmt Balance
BN 2015-17 $ 400,000.00
FY2018 $ 100,000.00 $ 8,000.00 $ 108,000.00 $ 300,000.00
FY2019 $ 100,000.00 $ 6,000.00 $ 106,000.00 $ 200,000.00
FY2020 $ 100,000.00 $ 4,000.00 $ 104,000.00 $ 100,000.00
FY2021 $ 100,000.00 $2,000.00 $ 102,000.00 $ -
* Interest estimated at 2%.
Maximum Loan Amount $400,000
Repayment No Later than June 30, 2021
No Early Payment Penalty
Interest based upon LGIP Actual
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