HomeMy WebLinkAboutTo free a liability in the Offstreet Parking Revenue Bonds Fund to the General Fund of the CityAttest:
RESOLUTION
N0. 561 -77
Passed by the Common Council of the City of South Bend, Indiana,
May 23 19 77
ity Clerk
Attest: '' President of Common Council.
Presented by me to the Mayor of the City of South Bend, Indiana
May 24 19 77
FA
City Clerk
Approved and signed by me 19-22-.
Mayor
RESOLUTION N0. 6j -7 7
A RESOLUTION TO FREE A LIABILITY IN THE OFF -
STREET PARKING REVENUE BONDS FUND TO THE
GENERAL FUND OF THE CITY
WHEREAS, the Off - Street Parking Revenue Bond Fund, as of the
most recent auditing of its accounts, has been shown to be indebted
to the General Fund of the City of South Bend in the amount of
one hundred and fourteen thousand, two hundred and six dollars
($114,206.00) charged to the On- Street Parking Meter Fund for
services performed by the South Bend meter Maids in controlling
the use of metered parking spaces in the downtown area; and,
WHEREAS, the salaries of the meter maids are in actuality
paid from the funds budgeted for the South Bend Police Department
and are not appropriated out of the On- Street Parking Meter Fund;
and,
WHEREAS, the recording of
hundred and fourteen thousand,
($114,206.00) on the financial
Parking Revenue Bonds Fund has
the net worth of the Off -Stree
less than the actual net worth
Bonds Fund; and
this accounts payable of one
two hundred and six dollars
statement of the Off - Street
the tendency to represent that
t Parking Revenue Bonds Fund is
of the Off - Street Parking Revenue
WHEREAS, the present and potential holders of bonds backed
by the revenues of the Off - Street Parking Revenue Bonds Fund,
for whose benefit the audit report is prepared, could misin-
terpret the financial picture of the Off - Street Parking Revenue
Bonds Fund; and,
WHEREAS, the ability of the City to attract persons inter-
ested in purchasing bonds backed by the revenues of the Off - Street
Parking Revenue Bonds Fund may thereby be limited.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMON COUNCIL OF
THE CITY OF SOUTH BEND, INDIANA, that:
SECTION I. The liability of one hundred and fourteen thousand,
two hundred _ and six dollars ($114,206.00), recorded in the financial
statement of the Off- Street Parking Revenue Bonds Fund as an
accounts payable charged to the On- Street Parking Meter Fund for
services of the meter maids, be freed to show no further liability
toward the General Fund of the City.
P?E5ENTED 5'-08-'2 7
NOT APPROVED
ADOPTED S- -Q.3 -
r e of the Common Council
r� I signed only to provide fth
opportunity for public dl8cus316h
tion on ana cFILED ll�� ac
CIIrC� S OFFICE .tic
r .017
Irene Gammon
cliff CIERK, SOUTji BEND, IND,
Peter H. Mullen
Director, Administration and
Finance
CITY of SOUTH BEND rn
LU
PETER J. NEMETH, Mayor
COUNTY-CITY BUILDING SOUTH BEND, INDIANA 46601
Members of the Common Council
4th Floor Council Chambers
County City Building
South Bend, Indiana
Dear Council Members:
May 18, 1977
I am presenting for your consideration at the May 23, 1977
Council Meeting, a resolution which if passed would enhance
the financial position of the parking garages.
Each year the City of South Bend is required to have an
indeDendent audit performed on the parking system by the
terms of the off-Street Parking Bonds. Since 1972 there
has appeared an ever increasing payable to the General Fund
of the City of South Bend by the Parking Meter Fund, because
of the practice of charging the meter maid salaries and
fringes back to the Parking Meter Fund.
219/284-9742
It is the practice of the city to budget these salaries and
fringes through the Police Department. This seems reasonable
since meter maids provide traffic control as a large part of
their job assignments.
If this resolution is passed, we would discontinue the practice
of budgeting these salaries in the Parking Meter Fund, and
therefore would not incur further liabilities against the
Off-Street Parking Bonds assets.
If you have further questions concernin(�-this resolution,
please feel free to contact me.
ely,
Aete� Mullen
Conti�oller