12-12-11 Council Agenda & Packet

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ORDINANCE NO. AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, TRANSFERRING $25,000 FROM THE RAINY DAY FUND NO. 102 TO THE UNEMPLOYMENT COMPENSATION INSURANCE FUND 713 WITHIN THE CITY OF SOUTH BEND STATEMENT OF PURPOSE AND INTENT Effective January 1, 2011, the City of South Bend established the Unemployment Compensation Insurance Fund 713 for the payment of unemployment claims in a single fund and to charge an allocation to user departments to cover estimated costs of claims (Ordinance No. 10059-10, 12/13/10). Due to high unemployment claims paid, as the result of federal extensions of unemployment benefits and other factors, it has become necessary to temporarily transfer monies from the Rainy Day Fund 102 to the Unemployment Compensation Insurance Fund 713 to meet current operational expenses. The Rainy Day Fund has sufficient monies to accommodate this temporary transfer. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana; as follows: Section I. The aggregate sum of$25,000 shall be transferred from the following fund as follows: e $25,000 from Fund No.102 - Rainy Day Fund Section lI. The monies totaling an aggregate sum of$25,000 transferred per Section I from Fund No.102 shall be deposited and loaned temporarily to the following fund: ® $25,000 to Fund No. 713 —Unemployment Compensation Insurance Fund Section III. All monies transferred under Section I to the funds designated in Section II shall be paid back to the originating fund no later than June 30, 2012. Section IV. To the extent that sufficient revenue is received in the Unemployment Compensation Insurance Fund, City Administration will not implement this ordinance or will partially implement this ordinance as necessary to ensure a positive cash balance in the fund designated in Section II at December 31, 2011, Section V. This ordinance shall be in full force and effect from and after its passage by the Common Council and approval of the Mayor. 0 v Member of the Common Council •. g qq�� cis ;«ravl Lfa�i�t��Cti+a oa �