Ordinance 14-38(A) Amending Port and Harbor Enterprise Fund for Mid Year Adjustments and Transfers to the Depreciation Account

CITY OF HOMER

HOMER, ALASKA

                                                                                                                                       City Manager

ORDINANCE 14-38(A)

AN ORDINANCE OF THE CITY COUNCIL OF HOMER, ALASKA, AMENDING THE FY 2014 PORT AND HARBOR ENTERPRISE FUND OPERATING BUDGET BY MAKING  NECESSARY MID-YEAR ADJUSTMENTS TO CERTAIN EXPENDITURE LINE ITEMS AND TRANSFERS TO THE DEPRECIATION ACCOUNT.

               WHEREAS, The Port and Harbor Director recommends that certain mid-year budget adjustments to the Port and Harbor budget are necessary and appropriate and he has explained and justified them in Memorandum 14-114; and

               WHEREAS, The Port and Harbor Director recommends further that transfers from the Enterprise Fund / Fund Balance and from the Revenue Bond Reserve Account to the Depreciation Account are desirable and consistent with City Council policy; and

               WHEREAS, The proposed transfer from the Fund balance represents the excess of revenues over expenses in 2013, the prior fiscal year  and the transfer from the Revenue Bond Reserve Account represents the amount that the Alaska Municipal Bond Bank says is above and beyond the required balance; and

               WHEREAS, The Finance Director and the City Manager concur and recommend approval.

               NOW, THEREFORE, THE CITY OF HOMER ORDAINS:

               Section 1.  The Homer City Council hereby amends the FY 2014 Port and Harbor Enterprise Fund Operating Budget as follows:

Account                            Original Budget ($)     Increase             Decrease           Amended  Budget             Description

400-0601-5202              $12,000                             $10,500                                            $32,500$22,500

400-0601-5207             $  4,000                             $  4,000                                            $   8,000

Account                            Original Budget ($)     Increase             Decrease           Amended  Budget             Description

400-0601-5287             $  3,000                              $13,600                                            $16,600

400-0602-5218              $  3,260                             $12,000                                            $15,260

400-0604-5218              $  2,000                             $30,000                                            $32,000

400-0382 (Bond Reserve)                                                                                   $500,000     Transfer to Depreciation

400-0380 (Depreciation)                                        $500,000                           Transfer from Bond Reserve

400-0380 (Depreciation)                                        $800,000                           Transfer from Fund Balance

               Section 2.  This is a mid-year budget adjustment ordinance, is not permanent in nature, and shall not be codified.

               ENACTED BY THE CITY COUNCIL OF HOMER, ALASKA, this ______ day of ___________, 2014.

CITY OF HOMER

                                                                                          _______________________           

                                                                                           MARY E. WYTHE, MAYOR

ATTEST:

____________________________

JO JOHNSON, MMC, CITY CLERK

YES:

NO:

ABSENT:

ABSTAIN:

First Reading:

Public Hearing:

Second reading:

Effective Date:

Reviewed and approved as to form:

_______________________________                            ______________________________

Walt Wrede, City Manager                                                  Thomas F. Klinkner, City Attorney 

Date:__________________________                                     Date:__________________________