HomeMy WebLinkAboutORD 94-35 - Contingency Reserve FundORDINANCE NO®
ELEMENT►GET) REALLOCATING ANDINCREASING
CONTINGENCY! BALANCES TO REFLECT
RECOMMENDED FINANCIAL POLICY CHANGES; AND REPEALING
ALL ORDINANCE OR PARTS OF ORDINANCES IN CONFLICT
WHEREAS, the City Council maintains $5,500,000 in contingency reserves to ensure
financial stability for the City of Georgetown; and
WHEREAS, the City Council wishes to recognize a one-time accounting gain of $227,000
to increase the contingency reserve; and
WHEREAS, the City Council has determined that the contingency reserves should be
reallocated to reflect changes in financial policies; and
WHEREAS, the City Charter allows for changes in the Annual Operating Plan by a
Council of a majority plus one in emergency situations;
THEREFORE,, ORDAINED BY O' OF THE CITY
OF GEORGETOWN,
SECTION 1.
The facts and recitations contained in the preamble of this ordinance are hereby found and
declared to be true and correct, and are incorporated by reference herein and expressly made a
part hereof, as if copied verbatim. The City Council hereby finds that this ordinance implements
Finance Policy 1 of the Century Plan- Policy Plan Element, which states "The City will conduct
all municipal operations in an efficient business -like manner" and further finds that the enactment
of this ordinance is not inconsistent or in conflict with any other Century Plan Policies, as
required by Section 2.03 of the Administrative Chapter of the Policy Plan.
SECTION 2.
The amendment to the 1993/94 Annual Operating Plan Element (Budget) of the revenues
of the City of Georgetown and expenses of conducting the affairs thereof, is in all things adopted
and approved as an addition to the previously approved budget of the current revenues and
expenses as well as fixed charges against said City for the fiscal year beginning October 1, 1993,
and ending September 30, 1994. A copy of the amendment is attached hereto as Exhibit A, and
incorporated by reference herein.
6101106 ►�`itlw
The total of $227,000 is hereby recognized as an increase in contingency reserve and
included in the reallocation of contingency reserves per Exhibit "A'.
SECTION 4.
All
ordinances
and resolutions,
or parts of ordinances and resolutions, in conflict with this
Ordinance
are hereby
repealed, and are no longer of any force and effect.
SECTION 5.
If any provision of this ordinance or application thereof to any person or circumstance,
shall be held invalid, such invalidity shall not affect the other provisions, or application thereof,
of this ordinance which can be given effect without the invalid provision or application, and to
this end the provisions of this ordinance are hereby declared to be severable.
SECTION 6.
The Mayor is hereby authorized to sign this ordinance and the City Secretary to attest.
This ordinance shall become effective upon adoption of its second and final reading by the City
Council of the City of Georgetown, Texas,
[I Anil lil A
City Secretary
Marianne Landers Banks
City Attorney
,,
Budget Amendment No. W 24/
Page 2 of 3
THE CITY OF GEORGETOWN:
By': Leo Wood
Mayor
EXHIBIT A
Annual Operating Plan Element (Budget) Amendment
Revenues:
Governmental Accounting Standards Board
Statement 16: Compensated Absences - One-time gain
Transfers In:
Contingency Reserve - General Fund
Contingency Reserve - Stormwater Drainage Fund
Contingency Reserve - Water Fund
Contingency Reserve - Wastewater Fund
Transfers Out:
Contingency Reserve - Electric Fund
Excess revenues over expenditures
Budget Amendment No.
Page 3 of 3
825,000
25,000
131003000
6759000
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