HomeMy WebLinkAbout2005-049 Irrigation Capital Fund Appropriation ORDINANCE NO. 2005 -49
AN ORDINANCE amending the 2005 budget for the City of Yakima, and
making appropriations of $307,000 within the 475 -
Irrigation Operating Fund for expenditure during 2005
to provide for a transfer to the Irrigation Capital Fund.
WHEREAS, the amount of $307,000 must be appropriated within the 475
- Irrigation Operating Fund for expenditure during 2005 to provide for a
transfer to the Irrigation Capital Fund, and
WHEREAS, at the time of the adoption of the 2005 budget it could not
reasonably have been foreseen that the appropriation provided for by this
ordinance would be required, and the City Council declares that an emergency
exists of the type contemplated by RCW 35.33 091 and that it is in the best
interests of the City to make the appropriation herein provided, now, therefore,
BE IT ORDAINED BY THE CITY OF YAKIMA:
Section 1: The amount of $307,000 is hereby appropriated from the Un-
appropriated Fund Balance in the 475 — Irrigation Operating Fund to account
number 475 - 475 - 645 -0000- 59700 -550 titled Operating Transfer to the Capital
Fund, as a 2005 appropriation.
Section 2: This ordinance is one making an appropriation and shall take effect
immediately upon its passage, approval and publication as provided by law and
by the City Charter
PASSED BY THE CITY COUNCIL, si ed and ap ved this 6th
day of September 2005 a."--c-eC72
PAUL GEORGE, MAYOR
ATTEST:
CITY CLERK
First Reading: 8 -16 -2005
Publication Date: 9 -9 -2005
Effective Date: 9 -9 -2005
cje 8/11/2005
BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No
For Meeting Of
(o , Lov
ITEM TITLE. An Ordinance Amending the 2005 Budget and Making an Appropriation
in the 475 - Irrigation Operating Fund to Provide for a Transfer to the
Irrigation Capital Fund
SUBMITTED BY Dave Brown, Water and Irrigation Manager
Cindy Epperson, Financial Services Manager
CONTACT PERSON /TELEPHONE. Cindy Epperson 575 -6070
SUMMARY EXPLANATION
When the irrigation rates were established in 2003 to accomplish the rebuild of the irrigation
system, the capital rate was set to generate funding for this major undertaking. The first use of
the capital funds would be to fund debt service, as needed. Any balance of the capital rates not
used for debt service would be transferred into the capital fund for this project. (Note: All
utility rates are deposited into the operating funds, and then transferred to debt service /capital
funds as needed.)
During the process of reviewing the 2005 budget and development of the 2006 budget, it was
noted that the 2005 Irrigation Operating budget did not include the transfer of the entire
amount of the capital funds to either the capital fund or debt service fund. Additional research
indicated that there was originally more set aside for debt service. However, when the actual
sale of revenue bonds was completed last fall, the transfer for debt service was lowered to
match the repayment schedule, but the transfer to the capital fund was not adjusted.
The attached appropriation ordinance would increase the transfer from the Irrigation
Operating Fund to the Capital Fund by $307,000. Finance would also increase the budget for
the revenue account in the Irrigation Capital Fund by this same amount.
Resolution X Ordinance Contract Other (Specify)
FUNDING SOURCE. Irrigation Operating Fund - Capital Rates Balance
APPROVED FOR SUBMITTAL.
City Manager
STAFF RECOMMENDATION Read Ordinance by title only at the August 16, 2005 meeting.
Pass Ordinance after second reading at the September 6, 2005 meeting.
BOARD /COMMISSION RECOMMENDATION
COUNCIL ACTION First readmg of ordinance; second reading scheduled 9 -6 -2005
Ordinance passed. ORDINANCE NO. 2005-49
Cie 8/11/2005 Irrigation capital approp 2005 agenda