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SUPPLEMENTAL APPROPRIATION/TRANSFER - TIZ Real Estate Escrow Fund
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WHEREAS, the TIZ Real Estate Escrow Fund was established to collect and pay property taxes for the TIZ leased properties, and the City collects a monthly payment from the lessees for property taxes due and holds them until they are due to the County the following year; and
WHEREAS, currently there is one property remaining on a lease in the TIZ and all other properties have paid their respective lease obligation and associated property tax liability and the property has been transferred or the lessee has been released from their obligation; and
WHEREAS, a final review of this fund has identified a shortfall of $69,900 in the remaining fund balance that occurred before 2007; and
WHEREAS, to rectify the situation a supplemental appropriation and transfer authorization are needed;
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 SIXTY NINE THOUSAND NINE HUNDRED DOLLARS ($69,900) is hereby supplementally appropriated from the unencumbered, unappropriated balance of the General Fund Account No. 101.991.5944, Transfers.
Section 2. That the Director of Finance is hereby authorized to perform the transfer of SIXTY NINE THOUSAND NINE HUNDRED DOLLARS ($69,000) from the General Fund to the TIZ Real Estate Escrow Fund.
Section 3. That ORD-0001-2014, passed January 2, 2014, is hereby amended to reflect this supplemental appropriation.
Section 4. That this Ordinance shall be in full force and effect after passage by this Council and on date of signature of approval by the Mayor.