Resolution No. 4541 - Laserfiche WebLink

Home Browse Search

RESOLUTION NO. t.J-5'-f I RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM THE RESERVE FOR CAPITAL PROJECTS 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 Capital Projects not completed by June 30, 1997. The amount in the Reserve for Capital Projects is an estimate computed on the basis of work remaining to be completed on the projects by June 30, 1997. This Resolution authorizes the transfer of funds from the Reserve for Capital Projects to the respective departments administering the capital projects and the transfer of any excess of funds therein to Interfund Transfer and Balance Available accounts, as reflected on Exhibit "A". ORS 294.450(1) authorizes".. . transfers of appropriations may be made within a given fund when authorized by an official resolution... of the governing body. " ORS 294.450(3) authorizes "Transfers of appropriations. ..from the general fund. ..to any other fund when authorized by an official resolution.. . of the 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. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EUGENE, a Municipal Corporation of the State of Oregon, as follows: Based upon the above findings, and in accordance with ORS 294.450, the Financial Management Services Director is authorized and directed to make the transfer of appropriations as indicated on the attached Exhibit "A" in the amounts and for the purposes stated. The foregoing resolution adopted this /..3~ day of t1J~.J, 1997. fr -- #/ 11.y City Recpder