1281 Intrafund Transfer

CITY OF ELGIN, OREGON RESOLUTION 1281 (2011)

A RESOLUTION OF THE CITY COUNCIL MAKING APPROPRIATION TRANSFERS WITHIN THE GENERAL FUND 

WHEREAS: The Opera House Restoration Fund expenditures for this fiscal year are greater than anticipated, and;

WHEREAS: The budgeted appropriations for the Opera House Restoration Fund are not adequate to cover the necessary expenditures while waiting for grant reimbursement, and;

WHEREAS: Accounting rules require the full value of the expenses to be appropriated. The Genera Fund Contingency can be reduced to provide adequate funds to cover the Opera House Restoration Fund expenditures;

NOW THEREFORE BE IT RESOLVED:

That the General Fund Contingency be decrease by $135,300 from $182,604 to $47,304 and the Opera House Restoration Fund appropriation be increased by $135,300 for the purpose of meeting the unexpected expenses.

PASSED AND ADOPTED this 14th day of June 2011.