HomeMy WebLinkAbout2005-01 Adopt Suppl. Budget
RESOLUTION NO. 2005-01
A RESOLUTION ADOPTING A SUPPLEMENTAL BUDGET ESTABLISHING
APPROPRIATIONS WITHIN THE 2004-2005 B1JDGET
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 nece:ssary to adopt a
supplemental budget, establishing appropriations as follows:
Airport Fundl
Appropriation: Capital Outlay
Resource: Intergovernmental Revenue
Other Financing Sources - Interfund Loan
$356.000
$156,000
$200,000
To appropriate in Capital Outlay for the delay of the T-Hanger project that carried over
from FY 2003-04; to recognize additional monies to be received for airport improvement
program work 95% funded by FAA entitlement grants beyond what was anticipated for
FY 21004-05; to borrow cash from the Water Fund for operating purposes until
reimbursement can be made for the grant-funded construction.
Water Fund
Appropriation: Other Financing Uses (Interfund Loans)
Resource: Public Works - Distribution Division
$200.000
$200,000
To appropriate monies to be loaned to the Airport Fund if needed until reimbursement is
received for federally funded airport improvements. The amount loaned will be paid back
with interest at the end of the project as part of the FY 2005-06 budget.
Telecommunications Fund
Appropriation: Electric Operations
Debt Service
Contingency
Resource: Bond Proceeds
$234,636
$208,720
$ 56.644
$500,000
To recognize additional proceeds from the August bond issue and appropriate for costs of
issuance, added interest for refunding previous loans and provide additional Contingency
if ne(~ded. Contingency cannot be used without further Council action.
SECTION 2~ This resolution takes effect upon signing by the Mayor.
This resolution was read by title only in accordance with Ashland Municipal Code Section
2.04.0 0 duly PASSED and ADOPTED this 4th day of January, 2005:
Barbara Christensen, City Recorder
SIGNED and APPROVED this 4th day of January, 2005:
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