Title
AN ORDINANCE AUTHORIZING THE TRANSFER OF CASH FUND BALANCES FROM THE GENERAL FUND TO THE CAPITAL IMPROVEMENT FUND
Body
WHEREAS, it is necessary that the Finance Department transfer funds from the General Fund to the Capital Improvement Fund in order to avoid negative cash fund balances for the calendar year ending December 31, 2014; and
WHEREAS, Ohio Revised Code Sections 5705.14 and 5705.16 requires the affirmative vote of two-thirds of its Council members prior to any such transfer by a City's Finance Department.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GROVEPORT, FRANKLIN COUNTY, OHIO, A MAJORITY OF ITS MEMBERS CONCURRING:
Section 1: That the cash transfer of $200,000 is hereby authorized from the General Fund (101.28.52450) to the Capital Improvement Fund (401) in order to provide the necessary funds to eliminate negative cash fund balances for the calendar year ending December 31, 2014.
Section 2: That the Director of Finance of the City is hereby directed to transfer funds from the General Fund to the Capital Improvement Fund as authorized above.
Section 3: That for the reasons stated in the preamble hereto which are made a part hereof, this Ordinance shall take effect and be in full force from and after the earliest period allowed by law.
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Lance Westcamp, Mayor
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Ruthanne Sargus Ross, Clerk of Council
Approved as to form:
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Kevin C. Shannon, Law Director
Recommended Action
Sponsor: Council Member Hutson