Transferring & Appropriating $125,000 Cumulative Capital Improvement Fund

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Joseph E. Kernen Director, Administration and Finance CITY of SOUTH BEND ROGER O. PARENT, Mayor COUNTY -CITY BUILDING SOUTH BEND, INDIANA 46601 South Bend Common Council 4th Floor County -City Building South Bend, Indiana 46601 Dear Members of the Council: Last August the Common Improvement Fund budget approved at $125,000.00 used to purchase street At a recent meeting the this account because it by the State Board of T 219/284 -9742 March 16, 1982 Council passed the Cumulative Capital with the "other materials" line item This particular line item was to be materials for repair and reconstruction. Council reappropriated $75,666.00 to had been reduced in the final review ax Commissioners. Since that time we have had discussions with representatives of both the State Board of Tax Commissioners and the State Board of Accounts. Money from the Cumulative Capital Improvement Fund should not be used directly to pay for street materials, but may be transferred to the General Fund and used for any purpose. Their recommendation is that we transfer the $125,000.00 from CCIF to the Board of Public Works within the General Fund, enabling us to pur- chase the street materials that we originally intended to purchase. In the past we have always made this appropriation directly from CCIF, but I would ask the Council's favorable consideration on this bill in order to bring us into compliance with the recommen- dations from the Tax Commissioners and Board of Accounts. Thank you very much. Sincerely, i i Joseph E. Kernan City Controller JEK:des Attachment