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Home My WebLink About10101-11 Transferring $2,931,000 Rainy Day Fund #102 ORDINANCE No . 10101_�� Passed by the Common Council of the Ciry of South Bend,Indiasza June 27, 20 11 Attesh. Ciry Clerk JOHN OOR E Attest: President of Common Council Presented by me to the Mayor of tlae City of South Bend, Indiana June 28, 20 11 City Clerk JOHN OOR � Approved and signed by me '�u n e 2 8, 20 11 �✓�'� ��y ` � Ma,y�r ORDINANCE NO. �C v� ��L_ AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, TRANSFERRING $2,931,000 FROM THE RAINY DAY FLTND NO. 102 TO THE HALL OF FAME DEBT SERVICE FLJND 313 ($416,000), FIRE PENSION FLTND 701 ($1,200,000), POLICE PENSION FiJND 702 ($1,200,000)AND UNEMPLOYMENT COMPENSATION FUND 713 ($115,000)WITHIN THE CITY OF SOUTH BEND STATEMENT OF PURPOSE AND 1NTENT Due to possible delays in receipt of certain property taac and State of Indiana distributions of cigarette ta�c and pension relief payments, it has become necessary to temporarily transfer monies from various funds within the City to depleted funds to meet current operational expenses. All funds from which temporary transfers are to be made have monies sufficient to accommodate these temporary transfers. NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of South Bend, Indiana, as follows: Section I. The aggregate sum of$2,931,000 shall be transferred from the following fund as follows: � • $2,931,000 from Fund No.102 -Rainy Day Fund Section II. The monies totaling an aggregate sum of$3,068,000 transferred per Section I from Fund No.102 shall be deposited and loaned temporarily to the following fund: • $416,000 to Fund No. 313 -Hall of Fame Debt Service Fund • $1,200,000 to Fund 701 —Fire Pension Fund • $1,200,000 to Fund 702—Police Pension Fund • $115;000 to Fund 713 —Unemployrnent Compensation Fund Section III. All monies transferred under Section I to the funds designated in Section II shall be paid back to the originating fund no later than December 31, 2011. Section IV. City Administration anticipates that sufficient property tax and state revenue will be received prior to June 30,2011 to eliminate many of these fund deficits. To the extent that sufficient revenue is received, City Administration will not implement this ordinance or will partially implement this ordinance as necessary to ensure a positive cash balance in each of the funds designated in Section II at June 30,2011. Section V. This ordinance shall be in full force and effect from and after its passage by the Common Council and approval of the Mayor. Member of the Common Council Attest: __. - - � 'ty Cle ` Presented by me to the Mayor of the City of South Bend, Indiana, on the 2$� day of J�.t,w� , 2011, at L =�� o'clock D�.m. , ^ . Dep City Clerk Approved and signed by me on the�day of �fii�— , 2011,at � � �� o'clock�. m. ( � � ��.�--_ Mayor, ity of th Bend, Indiana F1�@ts �f1 �",°�;��a ��, ��, w A � ��i� .. �� F,: t st READING (o—1 3—(l S u S V'.�,._��.n, J i- �1�� .e �.�,I� PUBLIC HEARING�0�2-�1-1� �p�� -�� 3 rd READING (p-L1—(1 C�CLERK,StDU7'H B�yp�� p NOT APPROVED REFERRED PASSE�D �—L-� —l' COUNTY-CITY BUILDING = � PHONE 574-235-9216 227 W.JEFFERSON BOULEVARD ;;' SQU TN 8 '_',_ FAX 574-235-9928 SOUTH BEND,IN 46601 4. - " �',�,` O-' ,d �� J �1� '�� `�..-�. �j �; � �d�� W 1 �AC� �' `�'t' (��' �%�� ' a 1865 - CITY OF SOUTH BEND STEPHEN J.LUECKE,MAYOR OFFICE OF ADMINISTRATION & FINANCE GREGG D.ZIENTARA,CITY CONTROLLER June 10, 2011 Mr. Derek Dieter President, South Bend Common Council 4th Floor, County-City Building South Bend, IN 46601 Re: Ordinance of the Common Council Transferring Monies from the Rainy Day Fund to Support Temporary Cash Flow Issue Negative Cash Balances in Certain City Funds Dear President Dieter: Due to possible delays in receipt of certain ro ert tax revenue State of In i P p y , d ana distnbutions of cigarette tax revenue from the State /County, and police and fire pension relief reimbursement payments from the State of Indiana it has become necessary to temporarity transfer monies from various funds within the City to depleted funds to meet current operational expenses. All funds from which temporary transfers are to be made have sufficient monies to accommodate the temporary transfers. In the event that the property tax distribution, cigarette tax distribution, and police and fire pension relief reimbursements are received prior to June 30, 2011, and sufficient to negate the deficit position, the temporary transfer of funds approved by this ordinance will be unnecessary and will not be actioned. Should such transfers of temporary funds be required, the transfers will be returned to the transferring fund, at the earliest position, upon receipt of sufficient distributions to the funds in question. City Administration requests the Common Council to consider this Bill at the June 13, 2011 Common Council meeting, under the introduction of "unfinished business°, to allow this Bill to move forward for required public advertising and enable appropriate Council required actions for adoption at the June 27, 2011 Common Council meeting. Controller Zientara will present this Bill to the Common Council at the appropriate Council Committee meeting, public hearing, and at the Council meeting. I am available to discuss any matters concerning this Bill at the convenience of the Council. Regar , _ �� r l d jn Ce�� ;�$;;:�' � t a_ _.. . '" .:�'�.a�:�: �. � � - --.��as.�� ! Gregg D. ientara iJ�J� � � ��;�� cc: Stephen J. Luecke, Mayor of the City of South Bend ��,�� `�!�!��I�.��tt1"T'H�I��V[t,Iw TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND: Your Committee of the Whole, to whom was referred: BILL NO. 38-11 A BILL OF THE COMMON COUNCIL OF SOUTH BEND, INDIANA, FOR BUDGET TRANSFERRING $2,931,000 FROM THE RAINY DAY FUND NO. 102 TO THE HALL OF FAME DEBT SERVICE FUND 313 ($416,000), FIRE PENSION FUND 701 ($1,200,000), POLICE PENSION FUND 702 ($1,200,000) AND UNEMPLOYMENT COMPENSATION FUND 713 ($115,000) WITHIN THE CITY OF SOUTH BEND Respectfully report that they have examined the matter and that in their opinion, this bill is being recommended to the full Council with a favorable recommendation. This bill was heard by the Personnel and Finance Committee. Timothy Rouse Chairperson, Committee of the Whole