Minutes 09/26/2006 - Laserfiche WebLink

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September 26, 2006 06 - 443 - Adoption of an ordinance appropriating $734,829 in the FY 2006-2007 General Fund Operating Budget for expenditure on the Harbor Center Joint Ventures Settlement and the First College Educational Capital Project. Vision Principles: A Robust and Prospering Economy and Lifelong Learning Community. Background: . Supplemental appropriations are needed in the General Fund to provide funding to cover additional expenditures for risk management charges totaling $660,000 for a general liability claims settlement with Harbor Center Joint Ventures (HCJV) and a Capital Improvement Program (CIP) transfer to the Capital Projects Fund totaling $74,829 for the First College educational capital project. . The City needs these additional appropriations to supplement funding for FY 2006-2007. Discussion: . $660,000 from the fund balance designation for subsequent year expenditures as of June 30, 2006 and $74,829 of unused FY 2004-2005 school operating funds received as an operating transfer from the Portsmouth Public Schools for re- appropriation in FY 2006-2007 will be used to provide funding in the City's General Fund to pay for additional expenditures resulting from additional risk management charges totaling $660,000 and a CIP transfer totaling $74,829. Staff Recommends: Adoption of proposed ordinance. Vision Principles: A Robust and Prospering Economy and Lifelong Learning Community. Next Steps Following Council Action: . The Chief Financial Officer will ensure that the budget action needed to increase the total appropriations in the General Fund by $734,829 is processed immediately upon adoption of the ordinance. Motion by Ms. Psi mas, and seconded by Mr. Heretick, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE APPROPRIATING $734,829 IN THE FY 2006-2007 GENERAL FUND OPERATING BUDGET FOR EXPENDITURE ON THE HARBOR CENTER JOINT VENTURES SETTLEMENT AND THE FIRST COLLEGE EDUCATIONAL CAPITAL PROJECT." Ayes: Heretick, Moody, Psi mas, Randall, D. Smith, R. Smith, Holley Nays: None 06 - 442 - Adoption of an ordinance amending the FY 2006-2007 Capital Improvements Program and appropriating an additional $74,829 in the FY 2006-2007 Capital Projects Fund Budget for the First College Educational Capital Project. Vision Principles: A Robust and Prospering Economy and Lifelong Learning Community. Background: . A supplemental appropriation is needed in the Capital Projects Fund to provide funding to cover additional expenditures planned for the First College educational capital project. . The City needs this additional appropriation to supplement the funding previously provided and planned for this capital project in the Capital Projects Fund within the CIP for FY 2006-2007. Discussion: . $74,829 received as a CIP transfer from the General Fund as a capital contribution will be used to provide funding for additional expenditures planned for the First College educational capital project.