TITLE
AN ORDINANCE AUTHORIZING SUPPLEMENTAL APPROPRIATIONS AND THE TRANSFER OF FUNDS; WAIVING SECOND READING - General Fund Transfer and Developer Escrow Contract Services
BODY
WHEREAS, the City collects and holds various fees for certain projects in the Developer Escrow Fund until projects are complete and inspections are performed to the City’s standards; and
WHEREAS, in 2017, an analysis was performed of the balance within the Developer Escrow Fund to determine if there were any amounts due to the City for past projects, resulting in $360,000 due back to the General Fund; and
WHEREAS, since 2017, an additional escrow amount for driveways and sidewalks was identified that was not included as part of the original analysis; and
WHEREAS, to ensure proper funding for all payments related to amounts collected and held in escrow, the driveway and sidewalk amount of $35,232 needs to be transferred from the General Fund to the Developer Escrow Fund; and
WHEREAS, supplemental appropriations in the amount of $250,000 are also required for the Developer Escrow Fund due to collections having exceeded expectations.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, COUNTY OF FRANKLIN, STATE OF OHIO:
Section 1. That funding in the amount of thirty-five thousand two hundred thirty-two dollars ($35,232) is hereby supplementally appropriated from the unappropriated, unencumbered balance of the General Fund (1010) as follows, and authorized for transfer to the Developer Escrow Fund:
101.06.000.5900 - General Fund Transfer Out: $35,232
Section 2. That funding in the amount of two hundred fifty thousand dollars ($250,000) is hereby supplementally appropriated from the unappropriated, unencumbered balance of the Developers Escrow Fund (8600) as follows:
860.11.000.5205 - Developer Escrow Contract Services: $250,000
Section 3. That the second reading is hereby waived.
Section 4. That this Ordinance shall be in full force and effect after passage by Council and on date of signature of approval by the Mayor.