HomeMy WebLinkAbout9942-09 Transferring monies from various funds to depleted property tax funds within the cityORDINANCE No.
Passed by the Common Council of the City of South Bend, Indiana
June 22,
Attest:
Attest:
Presented by me to the Mayor of the City of South Bend, Indiana
June 23,
June 23
Ciry Clerk
President of Common Council
Approved and signed by me
2009
20 09
2009
Ciry Clerk
Mayer
ORDINANCE NO. ~,~ ~ Z 0~
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND,
INDIANA, TRANSFERRING MONIES FROM VARIOUS FUNDS TO DEPLETED
PROPERTY TAX FUNDS WITHIN THE CITY
STATEMENT OF PURPOSE AND INTENT
Due to the circumstance that St. Joseph County will not. be able to send out 2008 pay
2009 property tax bills on time in order to provide a property tax settlement with the City of
South Bend in June of 2009, it has become necessary to temporarily transfer monies from
various Funds within the City to depleted Property Tax 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 as follows:
SECTION I. The aggregate sum of $ 17,700,000 shall be transferred from the following
Funds as follows:
A. $7,500,000 from Fund No. 711 Health Insurance Fund; and
B. $6,500,000 from Fund No. 102 Rainy Day Fund; and
C. $3,700,000 from Fund No. 227 Loss Recovery Fund
SECTION II. The monies totaling an aggregate sum of $17,700,000 transferred per
Section I from Fund Numbers 711,102, and 227 shall be deposited and loaned temporarily to the
following Funds:
A. $10,500,000 to Fund 101 General Fund; and
B. $3,500,000 to Fund 201 Park General Fund; and
C. $1,400,000 to Fund 701 Fire Pension Fund; and
D. $1,500,000 to Fund 702 Police Pension Fund; and
E. $800,000 to Fund 313 Hall of Fame Debt Service
SECTION III. All monies transferred under Section I to the Funds designated in Section
II shall be paid back to the originating Fund by December 31, 2009
SECTION IV. This ordinance shall be in full force and effect from and after its passage
by the Common Council and approval of the Mayor.
ber of the Common Council
Attest•
Cek
Presented by me to the Mayor of the City of South Bend, Indiana on the
Tip ~ day of :jt,Lr.~ , 2009, at l~'-~~ o'clock ~ m.
Approved and signed by me on the
2 = x ~ o'clock ~ m.
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PUBLICI HEARIF7G ~°-Z~-'`'~
3 rd READING ~o - Z-L'-05
NOT APPROVED
REFERRED
PASSED ~, -LL-c7
Deputy 'ty Clerk
~d
Z3 day of ~'n-~-- , 2009, at
Mayor, City uth Bend
Filed in Clerk's Qfifice
JUN - 3 2009
JOHN YOORDE
CITY CLERK, S0. BEND, IN.
TO THE COMMON COUNCIL OF THE CITY OF SOUTH BEND:
Your Committee of the Whole, to whom was referred:
BILL NO.
44-09 A BILL OF THE COMMON COUNCIL OF THE CITY OF
SOUTH BEND, INDIANA, TRANSFERRING MONIES
FROM VARIOUS FUNDS TO DEPLETED PROPERTY TAX
FUNDS WITHIN THE CITY
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.
Ann Puzzello
Chairperson, Committee of the Whole
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County-City Building
227 W. Jefferson Blvd. 12`" Floor
South Bend, IN 46601-1830
Phone: 574.235.9216
Fax: 574.235.9928
TDD: 574.235.5567
City of South Bend Stephen J. Luecke, Mayor
Department of Adminstration and Finance
M. Catherine Fanello, Controller
Derek Dieter, President
South Bend Common Council
County-City Building
227 W. Jefferson Blvd. 4`" Floor
South Bend, IN 46601-1830
Re: Ordinance borrowing funds from other city funds
Dear President Dieter:
Since the 2009 tax bills have not been sent out by St. Joseph County, it is necessary to transfer
monies by June 30, 2009 from various city funds to the depleted property tax funds in order to
meet operational expenses. All funds will be paid back once property taxes are received and
must be paid back by December 31, 2009. However, should this borrowing extend into 2010
because 2009 property taxes are not received, another ordinance will need to be filed declaring
an emergency in order to extend the borrowing past 2009.
I will present this ordinance at the regularly scheduled Personnel & Finance Committee meeting.
Thank you for your consideration in this matter.
Sincerely,
M. Catherine Fanello, CPA
Controller
cc: Common Council Members
Mayor Stephen Luecke