CITY OF HOMER

HOMER, ALASKA

                                                                                                                  Wythe

ORDINANCE 08-34

 

AN ORDINANCE OF THE CITY COUNCIL OF HOMER, ALASKA, APPROPRIATING SIX HUNDRED THOUSAND DOLLARS ($600,000) FROM THE GENERAL FUND RESERVES AND TRANSFERRING THOSE FUNDS TO THE PERMANENT FUND.

 

            WHEREAS, The City Council received copies of the 2007 Comprehensive Annual Financial Report (Audit) and heard a presentation from the Auditors at its regular meeting on June 23, 2008; and

 

            WHEREAS, The Audit indicates that General Fund revenues exceeded expenditures by $1,458,126 in 2007 and that the fund balance increased by $1,123,964; and

 

            WHEREAS, The Council wishes to provide seed money for the newly created Permanent Fund and to stay on course with its goal of increasing General Fund Reserves to recommended levels.

 

            NOW, THEREFORE, THE CITY OF HOMER ORDAINS:

 

            Section 1. The Homer City Council finds that appropriating $600,000 from the General Fund Reserves and depositing that amount into the Permanent Fund is in the public interest and hereby appropriates the funds as follows:

 

Account No.                                        Description                               Amount

100-100-5990                                     General Fund                            $600,000

 

Expenditure                                        Description                                 Amount

156-375-4992                                    General Fund Reserves              $600,000

 

Account No.                                        Description                               Amount

156-375-5990                                     General Fund Reserves $600,000

 

Account No.                                        Description                               Amount

999-000-1041                                     Permanent Fund Account          $600,000

 

            Section 2. This is a budget amendment ordinance, is temporary in nature, and is a non-code ordinance which shall not be codified.

 

            ENACTED BY THE CITY COUNCIL OF HOMER, ALASKA, this _________ day of _________________, 2008

 

                                                                        CITY OF HOMER

 

 

                                                                        _____________________________

                                                                        JAMES C. HORNADAY, MAYOR

 

 

 

ATTEST:

 

 

______________________________

JO JOHNSON, CMC, CITY CLERK

 

AYES:

NOES:

ABSTAIN:

ABSENT:

 

First Reading:

Public Hearing:

Second Reading:

Effective Date:

 

Reviewed and approved as to form:

 

 

_________________________                                  __________________________

Walt Wrede, City Manager                              City Attorney

 

 

Date: ____________________                                    Date: _____________________

 

Fiscal Note: $600,000 General Fund Reserves