SUBJECT: FINAL READING OF ORDINANCE 2002-O-250

Amending the City Of Laredo fiscal year 2002 by appropriating revenues in the following Funds: Certificates of Obligation Series 1998 $40,754, DPW Infrastructure Development $46,800 and Capital Improvements $399,533 and appropriating expenditures by the same amounts in the respective funds. The funds will be appropriated to fund the Alexander Park Project.

INITIATED BY:

Larry Dovalina, City Manager

Cynthia Collazo, Assistant City Manager

STAFF SOURCE:

Rosario C. Cabello, Finance Director

PREVIOUS COUNCIL ACTION:

Motion approving the use of project savings and un-appropriated revenues approved by City Council on August 19, 2002. A public hearing and introduction of this ordinance was held on September 15, 2002.

BACKGROUND:

N/A

FINANCIAL:

The following funds will be amended as follows:

	Annual Budget FY 2002	Proposed Amendment	Amended Budget 2002
1998 Certificate of Obligation:
Interest Earnings	$2,135,554	$40,754	$2,176,308
Reserve Appropriation	235,222	(235,222)	-0-
Transfer Out – Capital Improvement Fund	0	275,976	275,976

DPW Infrastructure Development:
Interest Earnings	40,000	46,800	86,800
Reserve Appropriation	76,757	(76,757)	-0-
Transfer Out – Capital Improvement Fund	0	123,557	123,557

Capital Improvement Fund:
Transfer In - 1998 Certificate of Oblig.	0	275,976	275,976
Transfer In – DPW Infrastructure Develop.	0	123,557	123,557
Alexander Park Project	0	399,533	399,533

COMMITTEE RECOMMENDATION:

RECOMMENDATION: Approval of this final reading of this ordinance.

ORDINANCE 2002-O-250

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

WHEREAS, on August 19, 2002, City Council approved a motion to use surplus revenues and project savings to fund various projects; and

WHEREAS, on September 16, 2002, City Council held a public hearing and introduce this ordinance.

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

Section 1: Certificate of Obligation Fund is hereby amended as follows:

	Annual Budget FY 2002	Proposed Amendment	Amended Budget 2002
1998 Certificate of Obligation:
Interest Earnings	$2,135,554	$40,754	$2,176,308
Reserve Appropriation	235,222	(235,222)	-0-
Transfer Out – Capital Improvement Fund	0	275,976	275,976

Section 2: DPW Infrastructure Development is hereby amended as:
DPW Infrastructure Development:
Interest Earnings	40,000	46,800	86,800
Reserve Appropriation	76,757	(76,757)	-0-
Transfer Out – Capital Improvement Fund	0	123,557	123,557

Section 3: Capital Improvement Funds is hereby amended as follows:
Capital Improvement Fund:
Transfer In - 1998 Certificate of Oblig.	0	275,976	275,976
Transfer In – DPW Infrastructure Develop.	0	123,557	123,557
Alexander Park Project	0	399,533	399,533

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-250

Annual Budget

Annual Budget