CITY OF HOMER

HOMER, ALASKA

                                                                                                                        Wythe

ORDINANCE 07-24

 

 

AN ORDINANCE OF THE CITY COUNCIL OF HOMER ALASKA, AMENDING THE FY 2007 OPERATING BUDGET AND APPROPRIATING THE CHANGE IN FUND BALANCE (EXCESS REVENUES OVER EXPENDITURES) IN FISCAL YEAR 2006 ( $1,025,945) BY RETAINING $600,000 IN THE GENERAL FUND RESERVE AND APPROPRIATING $425,945 TO THE CITY HALL DEPRECIATION RESERVE               

 

            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.

 

NOW THEREFORE, The City of Homer Ordains and the City Council finds that:

 

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

 

100-000-2710        General Fund Reserves / Funds to be Retained            $600,000.00

156-384-5990         City Hall Reserve Account                                          $425,945.00

 

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 AND ADOPTED by the Homer City Council this _____ day of ______, 2007.

 

    CITY OF HOMER

 

 

                                                                                                                                               

 JAMES C. HORNADAY, MAYOR

 

 

ATTEST:

 

 

                                                           

JO JOHNSON, CMC, CITY CLERK                

 

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: