HomeMy WebLinkAboutR-2002-008 Amending Resolution No. 2001-125, which resolution amended its general fund budget for Fiscal Year 2000-2001 RESOLUTION NO. 2002-008
A RESOLUTION OF THE CITY OF DANIA BEACH,
FLORIDA, AMENDING RESOLUTION NO. 2001-125,
WHICH RESOLUTION AMENDED ITS GENERAL FUND
BUDGET FOR FISCAL YEAR 2000-2001, BY
REDUCING CERTAIN REVENUE ESTIMATES AND BY
BORROWING $750,000 FROM THE WATER FUND
AND $750,000 FROM THE SEWER FUND, SO THAT
THE LOANS OF $750,000 FROM THE WATER FUND
AND $750,000 FROM THE SEWER FUND TO THE
GENERAL FUND ARE RECLASSIFIED AS INTERFUND
TRANSFERS, PROVIDING THAT ALL RESOLUTIONS
OR PARTS OF RESOLUTIONS IN CONFLICT
HEREWITH BE REPEALED TO THE EXTENT OF SUCH
CONFLICT; AND PROVIDING FOR AN EFFECTIVE
DATE
WHEREAS, Resolution No. 2001-125 transferred $750,000 from the Water Fund
and $750,000 from the Sewer Fund to the General Fund; and
WHEREAS, this action was taken for the purpose of providing sufficient resources
to the General Fund on a cash-flow basis to operate for the remainder of fiscal year 2001;
and
WHEREAS, this action was determined at that time to be necessary as a result of
reserves in the General Fund being insufficient to meet such needs, and projections
showing that certain revenues for the General Fund for Fiscal Year 2001 were over-
estimated; and
WHEREAS, upon discussion with the the City's auditors, S. Davis & Associates,
P.A., it was determined that the nature of the transaction was an operating transfer, and
that an adjustment of the recording of the transaction would be necessary in order to
achieve the City's goal in this matter; and
1 RESOLUTION NO.2002-008
WHEREAS, the City intends to voluntarily make repayment to the Water and Sewer
OFunds on the same schedule as established in the initial resolution.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE
CITY OF DANIA BEACH, FLORIDA:
Section 1. That the transaction taken previously as an interfund loan between
the Water and Sewer Funds to the General Fund be amended to reclassify it as
an interfund transfer.
Section 2. That all resolutions or parts of resolutions in conflict herewith be
replealed to the extent of such conflict.
Section 3. That the effective date of this resolution shall be September 30,
2001.
PASSED AND ADOPTED THIS 22Id day of January, 2002.
•
PATRICIAL FLURY -
MAYOR-COMMISSIONER
ATTEST: ROLL CALL:
COMMISSIONER BERTINO - YES
COMMISSIONER MCELYEA - YES
C RLENE JONNSON COMMISSIONER MIKES - ABSENT
CITY CLERK VICE-MAYOR CHUNN - YES
MAYOR FLURY - YES
APPROVED AS TO FORM
AND CORRECTNESS:
BY: (V i
THO AS J. ANSBRO
CITY ATTORNEY
2 RESOLUTION NO.2002-008
— t
CITY OF DANIA REACH
T DEPARTMENT OF FINANCE
MEMORANDUM
TO: Ivan Pato, Memo: DFA-02-008
City Manager
FROM: David Keller, Director, CGFM
Director of Finance
DATE: January 14, 2002
SUBJECT: Amendment to Resolution No. 2001-125
Issue
The issue is the amendment to Resolution No. 2001-125 to reclassify the interfund loan
between the Water and Sewer Funds to the General Fund as an interfund transfer.
® Explanation
Resolution No. 2001-125 transferred $750,000 from the Water Fund and $750,000 from the
Sewer Fund to the General Fund. This action was taken in order to provide sufficient
resources to the General Fund on cash-flow basis to operate for the remainder of FY 01 .
Insufficient reserves in the General Fund and over-estimation of certain revenue projections
for the General Fund for FY 01 were the primary factors necessitating the transfer.
The City's auditors, S. Davis & Associates, P.A., determined that the nature of the
transaction was an operating transfer, and that an adjustment of the recording of the
transaction would be necessary in order to achieve the City's goals in this matter.
The City intends to voluntarily make repayment to the Water and Sewer Funds on the same
schedule as established in the initial resolution.
Recommendation
For your information.
C: Mayor/Commission