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HomeMy WebLinkAbout2640 Supplemental Budget Appropriation ORDINANCE Z' (-~ 5/O AN ORDINANCE appropriating the sum of $155,560 to the Library Fund; and amending the 1998 Budget; and authorizing an interfund loan in the amount $150,000 from the Equipment Rental Fund to the Library Fund and providing for repayment of principal and interest; making findings and declaring an emergency. THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND, UPON REVIEW OF THE 1998 BUDGET, MAKES THE FOLLOWING FINDINGS: FINDING ONE: Library Fund The Library needs capital improvements to its building to provide necessary facilities to serve the public. FINDING TWO: Librar3, Fund The Library Fund does not have sufficient resources to pay for capital improvements. FINDING THREE: Equipment Rental Fund The Equipment Rental Fund has sufficient resources to loan moneys to the Library Fund. Whereas, the above findings are due to events which could not have reasonably been known at the time of adoption of the 1998 Budget; THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND IN REGULAR SESSION ASSEMBLED DOES ORDAIN AS FOLLOWS: Section 1. The sum of ONE HUNDRED FIFTY THOUSAND DOLLARS ($150,000) is hereby appropriated as a supplement to the 1998 Library Fund Budget from an interfund loan, and the sum of FIVE THOUSAND FIVE HUNDRED SIXTY DOLLARS ($5,560) is hereby appropriated as a supplement to the 1998 Library Fund Budget from operating transfers from the Current Expense Fund. Section2. An interfimd loan in the amount of $150,000 is hereby authorized from the Equipment Rental Fund to the Library Fund. The City Finance Director is hereby directed to make such transfer, and the Mayor and the Finance Director are hereby authorized to draw warrants in accord with same. Section 3. Repayment of the above authorized loan shall be made according to the repayment schedule as specified in Attachment A, together with interest at an annual rate of 5.56 percent. The Page 1 City Council intends to repay this interfund loan with operating transfers from the Current Expense Fund and/or with proceeds from tax exempt Councilmanic bonds in the future amounting to not more than the authorized interfimd loan principal and accrued interest. Section 4 There is hereby found and declared to be an emergency requiring the foregoing appropriations to the 1998 budget. Section 5 This ordinance shall take effect upon its passage, approval, and publication in the form and manner provided by law. READ for the first time on April 20, 1998. Read for the second and third times, passed by the City Council and approved by the Mayor on May 4, 1998. Attest: Pamela Kolacy, City Clerk Ordinance Approved~ Timothy~ y (Port Townsend, 5/98) Julie McCulloch, Mayor Page 2 Attachment A City of Port Townsend Loan Amortization Schedule - Library Fund Purpose of loan: Building improvements to the library Source of loan funds: Equipment Rental Fund Date of loan: May 1, 1998 Loan amount $150,000 Interest rate 0.0556 Term 4 years 8 months Payment Interest Principal Payment Number Balance Portion Portion Amount 1 December 31, 1998 $150,000 $5,560 $0 $5,560 2 December 31, 1999 $150,000 $8,340 $15,000 $23,340 3 December31, 2000 $135,000 $7,506 $20,000 $27,506 4 December31, 2001 $115,000 $6,394 $50,000 $56,394 5 December31, 2002 $65,000 $3,614 $65,000 $68,614 Totals $31,414 $150,000 $181,414 Notes: 1 . Interest rate is the current per annum rate earned by city investments with the State Treasurer. 35A.33.070 Title 35A RCW: Optional Municipal Code 35A.33.070 BudgetmHearing. The council shall meet on the day fixed by RCW 35A.33.060 for the purpose of fixing thc final budget of the city at the time and place designated in thc notice thereof. Any taxpayer may appear and be heard for or against any part of the budget. The hearing may be continued from day to day but not later than thc twenty-fifth day prior to commencement of thc city's fiscal year. [1967 cx.s. c 119' § 35A.33.070.] 35A.33.075 Budget adoption. Following conclusion of thc hearing, and prior to the beginning of thc fiscal year, the legislative body shall make such adjustments and changes as it deems necessary or proper and after determin- ing the allowance in each item. department, classification and fund, and shall by ordinance, adopt the budget in its final form and content. Appropriations shall be limited to the total estimated revenues contained therein including the amount to be raised by ad valorem taxes and the unencum- bered fund balances estimated to be available at the close of the current fiscal year. Such ordinances may adopt the final budget by reference: PROVIDED, That the ordinance adopting such budget shall set forth in summary form the totals of estimated revenues and appropriations for each separate fund and the aggregate totals for all such funds combined. A complete copy of the final budget as adopted shall be transmitted to the division of municipal corporations in the office of the state auditor, and to the association of Washing- ton cities. [1969ex.s.c 81 § 3; 1967ex.s.c 119 § 35A.33.075.] Effective date~1969 ex.s. c gl: See note following RCW 35A.13.035. 35A.33.080 Emergency expendimres---Nondebatable emergencies. Upon the happening of any emergency caused by violence of nature, casualty, riot, insurrection, war, or other unanticipated occurrence requiring the immediate preservation 'of order or public health, or for the restoration to a condition of usefulness of any public property which has been damaged or deslxoyed by accident, or for public relief from calamity, or in settlement of approved claims for personal injuries or property damage, or to meet mandatory expenditur~ required by laws enacted since the last annual budget was adopted, or to cover expenses incident to pre- paring for or establishing a new form of government authorized or assumed after adoption of thc current budget, including any expenses incident to selection of additional or new.officials required thereby, or incident to employee recmiUnent at any time, the city council, upon thc adop0on of an ordinance, by the vote of one more than the majority Of all members 6f the legislative, body, stating thc facts ~ohstituting the emergency and the estimated amount required to meet it, may make the expenditures therefor WithOtit notice or heating. [1967 ex.s. c 119 § 35A.33,080.] 35A.33.090, Emergency expenditures--Other :. _~:-:-: Hearing. If a public emergency which could not reasonably have been foreseen at thc time of filing the preliminary budget requh'~ the expenditure of money not provided for in the annual budget, and if it is not one of the emergencies specifically enumerated in RCW 35A.33.080, the city council before allowing any expenditure therefor shall adopt an ordinance stating the facts constituting the emergency and thc estimated amount reqtiired to meet it and declaring that an emergency cx{sts. Such ordinance shall not bc voted on until five day~ have elapsed after its introduction, and for passage shall require thc vote of one more than thc majority of all mem- bers of the legislative body of the code city. Any taxpayer may appear at thc meeting at which thc emergency ordinance is to be voted on and be heard for or against thc adoptionthcreof. [1967cx.s.c 119 § 35A.33.090.] 35A.33.100 Emergency expenditures--Warrants~ Payments. All expenditures for cmcrgcncy purposes as provided in this chapter shall be paid by warrants from any available money in the fund properly chargeable with such expenditures. If, at any time, there is insufficient money on hand in a fund with which to pay such warrants as pre- seated, thc warrants shall be registered, bear interest and be called in thc same manner as other registered warrants as prescribcdinRCW35A.21.110. [1967cx.s.c 119 § 35A.33.100.] 35A.33.102 Registered warrants--Appropriations. In adopting thc final budget for any fiscal year. thc council shall appropriate from csumatcd revenue sources available, a sufficient amount to pay the principal and interest on all outstanding rcgisterccl warrants issued since thc adoption of thc last preceding budget except those i~sued and identified as revenue warrants and except those for which an appropri- ation previously has been made: PROVIDED, That no por- tion of thc revenues which are restricted in usc by law may be appropriated for the redcmpuon of warrants issued against a utility or other special purpose fund of a self-supporting nature: PROVIDED FURTHER, That all or any portion of the city's outstanding registered warrants may be funded into bonds in any manner authorized by law. [1967 cx.s. c 119 § 35A.33,m2.l 35A.33.105 Adjus~nent of wages, etc., of employees permi~ible budget notwithstanding. Notwithsutnding thc appropriations for any salary, or salary range of any employ- ce or employees adopted in a final budget, the legislative body of any code city may, by ordinance, change thc wages, hours, and conditions of employment of any or all of its appointive employees if sufficient funds are available for appropriation to such purposcs. [1967 ex.s. c 119 § 35A.33.105.] 35A.33.110 Forms---Accounting--Supervision by state. The division of municipal corporations in thc office of thc state auditor is empowered to make and install thc forms and classifications required by this chapter to define what expcndittues are chargeable to each budget class and to establish thc accounting and cost systems necessary to secure accuratc budget information. [1967cx.s.c 119 § 35A.33.110.] 35A.33.120 Funds--Limitations.on expenditures-- Trnmfers nmi adjustments. The~expe~ditures as classified (199~ Fa.) Finance Director 540 Water Street, Port Townsend, WA 98368 385-3333 MEMORANDUM To: From: Subject: City Council and Mayor Michael Legarsky, Finance Director Supplemental budget request for Library and Fire Department improvements Date: April 29, 1998 The draft ordinances for the Library Fund and Fire Department interfund loan provide for the first interest payment on December 31, 1998. This eliminates the need for a separate appropriation for the interest charges on the interfund loans. This provision accounts for the difference in the ordinance language appropriating the funds and the authorization for the interfund loan as listed below: Total Loan Loan Supplemental Fund Principal Interest ApproPriation Current Expense - Fire Dept. $140,000 $5,189 $145,189 Library Fund $150,000 $5,560 $155,560