CITY COUNCIL
COMMUNICATION
|
Date: 04-01-02 |
SUBJECT: FINAL READING OF ORDINANCE #
2002-O-073 AMENDING THE FISCAL YEAR
2001-02 BUDGET OF THE LAREDO MUNICIPAL TRANSIT SYSTEM, BY APPROPRIATING
$170,465.00 OF SALES TAX OPENING BALANCE IN EXCESS OF FISCAL YEAR 2000-2001
YEAR END ESTIMATE, AND TRANSFERRING SAID AMOUNT TO TRANSIT SALES TAX
RESERVE. |
|
|
INITIATED BY: Larry Dovalina, City Manager
|
STAFF SOURCE: Jose A. Guerra, Interim
General Manager
|
|
|
PREVIOUS
BOARD ACTION: |
||
|
BACKGROUND: Laredo Metro, Inc. is requesting
to amend the FY 01-02 Budget by appropriating $170,465.00 of sales tax
opening balance. Actual sales tax
revenues for FY 2000-2001 were $3,966,822.00, which was a total of
$170,465.00 over the estimated/budgeted revenue of $3,796,357.00. The $170,465.00 would be appropriated into
the Transit Sales Tax Reserve Account. |
||
|
FINANCIAL: Budget Proposed
Budget Amendment Budget Reserve Appropriation $11,128.00 $170,465.00 $181,593.00
|
||
|
LMI BOARD OF
DIRECTORS: Item approved at LMI Board of Director’s
meeting on March 14, 2002. |
STAFF
RECOMMENDATION: Staff recommends adoption of this ordinance. |
|
ORDINANCE NO. 2002-O-073
AMENDING THE FISCAL YEAR
2001-02 BUDGET OF THE LAREDO MUNICIPAL TRANSIT SYSTEM, BY APPROPRIATING
$170,465.00 OF SALES TAX OPENING BALANCE IN EXCESS OF FISCAL YEAR 2000-2001
YEAR END ESTIMATE, AND TRANSFERRING SAID AMOUNT TO TRANSIT SALES TAX
RESERVE.
WHEREAS, Laredo Metro, Inc. is requests the amendment of the Fiscal Year
2001-2002 budget by appropriation of $170,465.00 of sales tax opening balance
in excess of fiscal year 2000-2001 year end estimate; and
WHEREAS, actual sales tax revenues for FY 2000-2001
were above $170,465.00 above the estimated/budgeted amount of $3,796,357.00;
and
WHEREAS, Laredo Metro, Inc. requests that this opening
balance of $170,465.00 be appropriated into the Transit Sales Tax Reserve
Account.
NOW THEREFORE,
BE IT ORDAINED BY CITY COUNCIL OF THE CITY OF LAREDO THAT:
Section 1. The
City Manager is authorized to execute a budget amendment in the amount of
$170,465.00; and
Section 2. The
sales tax opening balance of $170,465.00 be appropriated into the Transit Sales
Tax Reserve.
PASSED BY THE
CITY COUNCIL AND APPROVED BY THE MAYOR ON THIS _________ DAY OF
___________2002.
_______________________
ELIZABETH
G. FLORES
MAYOR
ATTEST:
_______________________
GUSTAVO
GUEVARA, JR.
CITY
SECRETARY
APPROVED
AS TO FORM:
_______________________