SUBJECT: FINAL READING OF ORDINANCE # 2002-O-122

Amending the City of Laredo Fiscal Year 2002 Capital Improvement Fund annual budget by appropriating revenues of $75,100 in the form of transfers in from General Fund for $16,800 and Contractual Obligations for $58,300 and appropriating expenditures in the amount of $75,100 for the Eastwood Park Project.

INITIATED BY:

Larry Dovalina, City Manager

Cynthia Collazo, Assistant City Manager

STAFF SOURCE:

Rosario C. Cabello, Finance Director

PREVIOUS COUNCIL ACTION:

None

BACKGROUND:

Additional funding for the Eastwood Park Project is required in order to award a contract for the development and or improvements of the park. Funding for the additional appropriation has been identified in the Contractual Obligation Fund and the General Fund. The Contractual Obligation Fund will fund the acquisition of the park equipment and the General Fund will fund the rest of the project.

FINANCIAL:

The Capital Improvement Fund will be amended as follows:

	Annual Budget FY 2002	Proposed Amendment	Amended Budget 2002
Capital Improvement Fund:
Revenue:
Transfer In – General Fund	$3,142,155	$16,800	$3,158,955
Transfer In – Contractual Obligation	$0	$58,300	$58,300
Expenditures:
Eastwood Park Project	$150,000	$75,100	$225,100

General Fund and Contractual Obligation will process the followings transfers:
General Fund:
Transfer Out – Capital Improvements Fund	$0	$16,800	$16,800
Parks Maintenance – Salary Regular	$1,140,091	($16,800)	$1,123,291

Contractual Obligation:
Transfer Out – Capital Improvement Fund	$0	$58,300	$58,300
Automotive Equipment	$1,627,000	($58,300)	$1,568,700

COMMITTEE RECOMMENDATION:

STAFF RECOMMENDATION:

Conduct Public Hearing and Introduce Ordinance

ORDINANCE # 2002-O-122

Amending the City Of Laredo Fiscal Year 2002 Capital Improvement Fund ANNUAL budget by appropriating revenues of $75,100 IN THE FORM OF transfers in from General Fund FOR $16,800 and Contractual Obligations FOR $58,300 and appropriating expenditures in the amount of $75,100 for the Eastwood Park Project.

WHEREAS, on September 17, 2001, City Council adopted the fiscal year 2002 annual budget: and

WHEREAS, on June 3, 2002, City Council held a public hearing and introduced this ordinance; and

WHEREAS, in order to provide the funds necessary to complete the Eastwood Park Project, the proposed budget amendment is hereby proposed.

NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LAREDO THAT:

Section 1: Capital Improvement Fund is hereby amended as follows:

	Annual Budget FY 2002	Proposed Amendment	Amended Budget 2002
Capital Improvement Fund:
Revenue:
Transfer In – General Fund	$3,142,155	$16,800	$3,158,955
Transfer In – Contractual Obligation	$0	$58,300	$58,300
Expenditures:
Eastwood Park Project	$150,000	$75,100	$225,100

General Fund and Contractual Obligation will process the followings transfers:
General Fund:
Transfer Out – Capital Improvements Fund	$0	$16,800	$16,800
Parks Maintenance – Salary Regular	$1,140,091	($16,800)	$1,123,291

Contractual Obligation:
Transfer Out – Capital Improvement Fund	$0	$58,300	$58,300
Automotive Equipment	$1,627,000	($58,300)	$1,568,700

PASSED BY THE CITY COUNCIL AND APPROVED BY THE MAYOR ON THIS

THE _______________ DAY OF ________________________, 2002.

________________________

ELIZABETH G. FLORES,

MAYOR

ATTEST: APPROVED AS TO FORM:

_________________________ ____________

GUSTAVO GUEVARA, JR., JAIME L. FLORES

CITY SECRETARY CITY ATTORNEY

SUBJECT: FINAL READING OF ORDINANCE # 2002-O-122

Annual Budget

Annual Budget