HOMER,
Wythe
ORDINANCE 07-24
AN ORDINANCE OF THE
WHEREAS, The Homer City Council is committed to maintaining sound fiscal policies and wishes to implement the Long Range Fiscal Plan and subsequently adopted resolutions regarding fiscal policy; and
WHEREAS, Resolution 06-100 established a goal of increasing contributions to depreciation reserve accounts and attaining a cash balance equal to 40 percent of depreciable capital assets (excluding land) gradually over the next ten years; and
WHEREAS, Resolution 06-101 established a goal of achieving a Fund Balance in the General Fund Reserve account equal to one half of the City’s annual operating budget gradually over the next five years; the equivalent of $600,000 per year; and
WHEREAS, The Council has adopted a goal of constructing a new City Hall and Town Plaza within the Town Center with a target occupancy date of Fall 2009; and
WHEREAS, The Official 2006 City Audit reported a net change in fund balance (revenues over expenditures) of $1,025,945.
Section 1. It is in the best interest of the City to retain $600,000 of the change in fund balance within the General Fund Reserve Account and to protect it from further appropriation and to appropriate the remaining $ 425,945 to the City Hall Depreciation Reserve Account.
Account Number Description Amount
Section 2. The City Manager is authorized to execute the appropriate documents.
Section 3. This ordinance is a budget amendment only, is not of a permanent nature and is a non code ordinance.
PASSED
JAMES C. HORNADAY, MAYOR
ATTEST:
JO JOHNSON,
Ayes:
Noes:
Abstain:
Absent:
Introduction __________
First Reading__________
Second reading_________
Public Hearing_________
Adoption _____________
Reviewed as to form and content:
Walt Wrede, City Manager Gordon Tans, City Attorney
Date: Date: