1282 Interfund Transfer

CITY OF ELGIN, OREGON RESOLUTION 1282 (2011)

A RESOLUTION OF THE CITY COUNCIL MAKING APPROPRIATION TRANSFERS  FROM THE INDUSTRIAL PARK FUND TO THE INDUSTRIAL PARK DEBT FUND 

WHEREAS: The Industrial Park Debt Fund bond payments and interest for the 2011-2012 fiscal year are greater than the fund resources, and;

WHEREAS: The budgeted appropriations for the Industrial Park Debt Fund are not adequate to cover the bond and interest payments and;

WHEREAS: Accounting rules require the full value of the expenses to be appropriated. The Industrial Park Fund can be reduced to provide adequate funds to cover the Industrial Park Debt Fund payments;

NOW THEREFORE BE IT RESOLVED:

That the Industrial Park Fund be decrease by $58,740 from $61,038 to $2,298 and the Industrial Park Debt Fund appropriation be increased by $58,740 for the purpose of meeting the future obligations.

PASSED AND ADOPTED this 14th day of June 2011.