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Resolution No. 08-41 CITY OF TIGARD, OREGON TIGARD CITY COUNCIL SOLUTION NO. 0841 A RESOLUTION APPROVING BUDGET AMENDMENT #2 TO THE F'r' 2008-09 BUDGET TO TRANSFER $109,841 FROM GENERAL FUND CONTINGENCY TO GENERAL FUN INTERFUNDTRANSFERS FOR THE FIRST YEAR PAYMENT FOR THE CLUTE PROPERTY PURCHASE E LOAN REPAYMENT TO THE WATER CIP FUND. WHETS, in June 2007, City Council approved Resolution 07-32 authodzing the transfer the Clute property f oin a water asset to a park asset;and WHEREAS,Tlae parcel was valued at$670,000 at the time and was to be paid for over a five-year period using proceeds from the General Fund and. the Parks SDC Fund Nvith payments made to the Water CII' Fund;and. WHEREAS, due to a misunderstanding of the payment schedule a payment was not made in FY 2007-08 nor was it budgeted in 12008-09;and WHEREAS, due to die lack of a payment in FY 2007.08, the payment schedule will be adjusted to a four-year period with the first payment made in FY 2008-09 from the General Fund with the Park SDC Fund first payment due in FY 2009-10. NOW,THEREFORE,BE IT RESOLVED by the Tigard City Council that: SECTION 1 The FY 2008-09 Budget is hereby amended as shown in Attachment A to this resolution to transfer $109,841 ftom the General Fund Contingency to Interfund Transfers to the Water:` GIT' Fund in association with rhe first year payment for the Clute Property Loan Repayment. SECTION 2 This resolution is effective immediately upon passage. PASSED: This day of 2008. t Mayor= ity of Tigard ATTEST: City Recorder-City of Tigard RE'SOLUTION NO. 08 - Page 1 Resolution No. 08-4 1 Attachment A Fiscal Year 2008-09 Budget Amendment#2 Revised Revised Budget Amendment Budget General Fund Resources Beginning Fund Balance $ 10,308,127 $ 10,308,127 Property'raxes $ 11,626,766 $ 11,626,766 Grants $ 293,286 $ 293,286 Interagency Revenues $ 4,828,686 $ 4,828,686 Fees& Charges $ 1,773,190 $ 1,773,190 Fines and Forfeitures $ 938,030 $ 938,030 Franchise Fees $ 4,286,183 $ 4,286,183 Interest and Rental Earnings $ 306,150 $ 306,150 Bond/Note Proceeds $ - $ - Other Revenues $ 34,000 $ 34,000 Indirect Charges $ 832,119 $ 832,119 Transfers In from Other Funds $ 1,251,669 $ 1,251,669 Total Resources $ 36,478,206 $ $ 36,478,206 Requirements Policy-,and Legislation $ 257,536 $ 257,536 City Administration $ 388,063 $ 388,063 Community Development $ 4,366,631 $ 4,366,631 Community Set-vices $ 15,774,124 15,774,124 Public Works $ 3,749,717 3,749,717 General Government $ - Program Expenditures Total $ 24,536,071 $ $ 24,536,071 Indirect Expenses $ 4,979,639 $ 4,979,639 Loans $ 380,000 $ 380,000 Capital Projects $ 910,845 $ 910,845 Transfers to Other Funds $ 975,000 $ 109,841 $ 1,084,841 Contingency $ 925,000 $ (109,841) $ 815,159 Total Budget $ 32,706,555 $ $ 32,706,555 Ending Fund Balance $ 3,771,651 $ $ 3,771,651 Total Requirements $ 36,478,206 $ $ 36,478,206 Resolution No, 08- Attachment A Fiscal Year 2008-09 Budget Amendment #2 (cont.) Revised Revised Budget Amendment Budget- Water CIP Fund Resources Beginning Fund Balance $ 2,511,910 $ - $ 2,511,910 Fees & Charges $ 250,000 $ - $ 250,000 Interest and Rental Earnings $ 220,000 $ - $ 220,000 Other Revenues $ 18,000,000 $ - $ 18,000,000 Transfers In from Other Funds $ - $ 109,841 $ 109,841 Total.Resources $ 20,981,910 $ - 21,091,751 Requirements' Capital Projects $ 10,541,579 $ - $ 10,541.,579 Contingency $ 1,581,150 $ - $ 1,581,150 Total Budget $ 12,122,729 $ - $ 12,122,729 Ending Fund.Balance $ 8,859,181 $ 109,841 $ 8,969,022 Total Requirements $ 20,981,910 $ 109,841 $ 21,091,751