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<br />AN ORDINANCE TO APPROPRIATE $229,963,046 IN ADDITIONAL
<br />REVENUE AND $229,963,046 IN .ADDITIONAL EXPENDITURES IN THE
<br />FY2013-14 OPERATING AND CAPITAL IMPROVEMENT BUDGETS, TO
<br />TRANSFER $35,917,277 WITHIN THE FY 2013-14 GENERAL FUND, AND TO
<br />REALLOCATE EXISTING APPROPRIATED CAPITAL IMPROVEMENTS
<br />FUNDS WITHIN THE FY 2013-14 CAPITAL IMPROVEMENT FUND.
<br />BE IT ORDAINED by the Council of the City of Portsmouth, Virginia:
<br />1. That it hereby appropriates the sum of $229,963,046 in additional revenue
<br />and $229,963,046 in additional expenditures in the FY 2013-14 Operating and Capital
<br />Improvement budgets.
<br />2. That the appropriation shall consist of $168,348,154 in pension obligation
<br />bond proceeds transferred to New York Life, the administrator of the City's two closed
<br />retirement plans; $51,537,807 in the Debt Service Fund, $1,500,000 in the Behavioral
<br />Healthcare Fund, $191,142 in the Asset Forfeiture Fund, $2,500,000 in the Other Post
<br />Employment Benefits (OPEB) Fund, $2,500,000 in the Health Insurance Fund, and
<br />$3,385,943 in the Capital Improvement Fund.
<br />3. That it authorizes the transfer of $35,732,464 within the FY 2013-14
<br />General Fund, as set forth more specifically in Exhibit A, attached hereto and made a part
<br />hereof.
<br />4. That it authorizes the reallocation of $7,089,260 in the FY 2013-14
<br />Capital Improvement Fund, as set forth more specifically in Exhibit B, attached hereto
<br />and made a part hereof.
<br />5. That estimated revenues in the FY 2013-14 Operating Budget are
<br />increased by $226,577,103 and in the FY 2013-14 Capital Improvement Fund by
<br />$3,385,943.
<br />6. That this ordinance shall take effect on the date of its adoption.
<br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held
<br />on May 13, 2014.
<br />Teste:
<br />City Clerk
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