Resolution No. 4540 - Laserfiche WebLink

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RESOLUTION NO. 4540 A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM THE RESERVE FOR ENCUMBRANCES TO DEPARTMENTS AND TO NON-DEPARTMENTAL CONTINGENCY, RESERVE AND BALANCE AVAILABLE The City Council of the City of Eugene finds that: ORS 294.435(3) stipulates that "...appropriations...shall, as a minimum, contain one amount for each organizational unit...of each fund. In addition, separate amounts shall be appropriated in each fund for debt service, special payments, interfund revenue transfers, capital outlay, operating expenses which cannot be allocated to an organizational unit...and operating contingencies." ORS 294.435(4) requires that" ...no greater expenditure...of public money shall be made for any specific purpose than the amount appropriated therefor except as provided in ORS 294.450...." The City's annual budget provides for a Reserve for Encumbrances for purchase orders outstanding on June 30, 1997. The goods and services covered by the purchase orders will be received in Fiscal Year 1997-1998. This resolution authorizes the transfer of funds from the Reserve for Encumbrances to the respective departments holding the outstanding purchase orders and the transfer of any excess funds therein to Contingency, Reserve, or Balance Available, as reflected in Exhibit "A". ORS 294.450(1) authorizes" ...transfers of appropriations may be made within a given fund when authorized by an official resolution...ofthe governing body." ORS 294.450(3) authorizes "Transfers of appropriations...from the general fund...to any other fund when authorized by an official resolution...ofthe governing body." The expenditures related to the transfers indicated on Exhibit "A" attached hereto, and by this reference incorporated herein, have been determined necessary for the efficient operation of the City, and should not be delayed to the next fiscal year. In order for the City to comply with ORS 294.435(3 and 4) the transfers indicated on Exhibit "A" attached hereto, must be authorized by the Council prior to the expenditure of the funds.