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Ordinance 13-26 Appropriate Funds from Homer Permanent Fund to the Homer Foundation City of Homer Endowment Fund
Summary
An Ordinance of the Homer City Council, Appropriating $67,310.08 from the Homer Permanent Fund to the Homer Foundation City of Homer Endowment Fund. City Clerk/Permanent Fund Committee.
Ordinance/Resolution ID:
13-26
Ordinance/Resolution Status:
Adopted
Introduction Date:
07/22/2013
Effective Date:
08/13/2013
Public Hearing Date:
08/12/2013
Second Reading Date:
08/12/2013
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Details
CITY OF HOMER
HOMER, ALASKA
City Clerk/
Permanent Fund Committee
ORDINANCE 13-26
AN ORDINANCE OF THE HOMER CITY COUNCIL APPROPRIATING $67,310.08 FROM THE HOMER PERMANENT FUND TO THE HOMER FOUNDATION CITY OF HOMER ENDOWMENT FUND.
WHEREAS, Ordinance 05-14(S) established the Homer Permanent Fund (“Permanent Fund”); and
WHEREAS, Ordinance 05-14(S) required that 95% of monies from the distribution of the Exxon Valdez settlement or other forms of windfall monies that become available to the City be deposited in the Permanent Fund, with the remaining five percent of such monies being available to be appropriated by the City Council for grants to the Homer Foundation or other local non-profit organizations for the benefit of the community; and
WHEREAS, In fact, 100% of monies from the distribution of the Exxon Valdez settlement and other forms of windfall monies were deposited in the Permanent Fund, and 5% of such monies were not reserved for appropriation by the Council as required by Ordinance 05-14(S); and
WHEREAS, As a result of this error, $70,864.87 was deposited in the Permanent Fund that should have been reserved for appropriation by the Council as required by Ordinance 05-14(S); and
WHEREAS, The Council partially corrected this error by adopting Ordinance 12-58 approving the disbursement of $3,554.79 from the Permanent Fund to local non-profit organizations for the benefit of the community, and allocating the same amount by Resolution 13-016 for the purpose of implementing the Green Dot program in Homer; and
WHEREAS, To complete the correction of this error, an additional sum of $67,310.08 now should be appropriated from the Permanent Fund to the Homer Foundation City of Homer Endowment Fund for the benefit of the community.
NOW, THEREFORE, THE CITY OF HOMER HEREBY ORDAINS:
Section 1. The sum of $67,310.08 is appropriated from the Homer Permanent Fund to the Homer Foundation City of Homer Endowment Fund as follows:
Transfer From:
Account Number Description Amount
999-000-1043 Permanent Fund Income $26,924.03
999-000-1044 Permanent Fund Growth $40,386.05
Deposit/Transfer To:
Account Number Description Amount
806-375-5830 Homer Foundation $67,310.08
Section 2. The amount appropriated from the Homer Permanent Fund under Section 1 shall be withdrawn pro rata from each sub-fund in the Homer Permanent Fund.
Section 3. This is a budget amendment only, is not permanent in nature, and shall not be codified.
ENACTED BY THE CITY COUNCIL OF THE CITY OF HOMER, ALASKA, this _____ day of August, 2013.
CITY OF HOMER
___________________________
MARY E. WYTHE, MAYOR
ATTEST:
______________________________
JO JOHNSON, CMC, CITY CLERK
AYES:
NOES:
ABSTAIN:
ABSENT:
First Reading:
Public Reading:
Second Reading:
Effective Date:
Reviewed and approved as to form:
Walt Wrede, City Manager Thomas F. Klinkner, City Attorney
Date: _________________________ Date: _________________________