HomeMy WebLinkAbout2011-14 Supplemental Budget 2010-11RESOLUTION NO. 2011- 1'�l
A RESOLUTION ADOPTING A SUPPLEMENTAL BUDGET
ESTABLISHING APPROPRIATIONS WITHIN THE 2010-2011 BUDGET
Recitals:
ORS 294.480 pernuts the goveming body of a municipal corporation to make a
supplemental budget for the fiscal year for which the regular budget has been prepazed under one
or more of the following reasons:
a.
b.
c.
d.
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.
A pressing necessity which was not foreseen at the time of the prepazation of the
budget for the current year which requires prompt action.
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.
Other reasons identified per the statutes.
TI� CTTY 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:
Water Fund
Appropriation: Ending Fund Balance
Public Works Forest Interface
Resource: Interfund loan
Intergovemmental
$1,000,000
10,000
$1_010.000
$1,000,000
10,000
1 O10 000
To recognize an Interfund Loan of up to $1,000,000 to the Water Fund from the Equipment
Fund to cover a cash flow shortfall from reduced water sales in FY 2009-2010 and FY 2010-
2011. This is an operational loan of $200,000 that is intended to be repaid with interest by the
end of FY 2011-2012 and a capital project loan that is intended to be repaid with interest by
the end of FY 2015-2016. The interest shall be calculated monthly using the Local
Govemment Investment Pool monthly rate or a 2% annualized rate, whichever is greater.
Only the amount needed will be loaned.
To recognize in FY 2010-11 a portion of the $50,000 grant received for from American
Recovery and Reinvestment Act for fuels removal project within the Firewise communities
program to pay for current expenditures.
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Electric Fund
Appropriation: Electric Conservation 70 000
$70_000
Resource:
Intergovemmental
70 000
70 000
To recognize additional revenue from BPA sponsored conservation incentives.
Eauioment Fund
Appropriation: Interfund Loan
Resource: Ending Fund Balance
1 000 000
000 000
To recognize an Interfund Loan of $1,000,000 from the Equipment Fund to the Water Fund
to cover a cash flow shoRfall from reduced water sales in FY 2009-2010 and FY 2010-2011.
This is an operational loan of $200,000 that is intended to be repaid with interest by the end
of FY 2011-2012 and a capital project loan that is intended to be repaid with interest by the
end of FY 2015-2016. The interest shall be calculated monthly using the Local Government
Investment Pool monthly rate or a 2% annualized rate, whichever is greater.
TOTAL ALL FUNDS
$1.000,000
1 000 000
2 080 000 2 O80 00
SECTION 2. All other provisions of the adopted 2010-2011 BUDGET not specifically
amended or revised in this Supplemental Budget remain in full force and effect as stafed therein.
SECTI N 3. This resolution was duly PASSED ar�d ADOPTED this day of May, 2011
and t es effect upon signing by the Mayor.
Barbara Christenseq City Recorder
SIGNED and APPROVED this �d day of May, 2011.
o n Stromberg; Mayor
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Reviewed as to form: