Ordinance 2444-00 - Laserfiche WebLink

Apo, .rte ORDINANCE NO. 2444 -00 AN ORDINANCE establishing a special revenue fund entitled"Reappropriation, Amendments, and Transfers Fund",No. 125, as a depository and disbursing fund for the periodic transmittal of cash and budget appropriations between and among the various funds of the City. • WHEREAS, the City has created a series of long-term reserve accounts for the purpose of accumulating funds to accomplish specified long-term goals; and WHEREAS, the City finds it necessary to create a short-term revenue reserve to facilitate the accomplishment of defined objectives; and WHEREAS, certain budget appropriations remain unspent as of December 31 of any given budget year; and WHEREAS, each year various expenditures that were approved but not executed in the previous year are reauthorized by the Mayor and Council for expenditure in the current budget year, an action known as reappropriating; and, WHEREAS, new, unanticipated, or unexpected circumstances arise which cause the need to alter existing budget authority; and WHEREAS, each year certain amendments to the current budget are adopted by the Council, an action known as amending; and, WHEREAS, each year certain unexpended balances of certain funds are redirected to a different area of responsibility within the City budget, an action known as transferring; WHEREAS, a single accounting mechanism is needed to consolidate and coordinate interfund reappropriations, amendments, and transfers. NOW THEREFORE, THE CITY OF EVERETT DOES ORDAIN: Section 1: Fund Creation There is hereby created a special revenue fund entitled "Reappropriations, Amendments, and Transfers Fund", Fund No. 125, which is designated as a depository and disbursing fund for internal transactions between operating or capital funds.