File #: OR-2018-0038    Version: 1 Name:
Type: Ordinance Status: Enacted
File created: 10/9/2018 In control: City Clerk
On agenda: Final action: 11/19/2018
Title: ORDINANCE AMENDMENT TO APPROPRIATING ORDINANCE # 1AUTHORIZING BUDGET TRANSFER #131-19-1 TRANSFERRING FUNDS FROM DEBT SERVICE PRINCIPAL ACCOUNT IN THE AMOUNT OF FIVE MILLION, FIVE HUNDRED THOUSAND DOLLARS AND ZERO CENTS [$5,500,000] TO THE GENERAL FUND PENSION ACCOUNT IN THE AMOUNT OF FOUR MILLION, FIVE HUNDRED THOUSAND DOLLARS AND ZERO CENTS [$4,500,000] AND ONE MILLION DOLLARS AND ZERO CENTS [$1,000,000] TO THE GENERAL FUND LITIGATION ACCOUNT
Attachments: 1. 131-19-1 BOA SUBMISSION CHECKLIST.pdf, 2. 131-19-1 Cover letter mid Year transfer FY 16-17.pdf, 3. 131-19-1 Fiscal Impact.pdf, 4. 131-19-1 Ordinance Amendment.pdf, 5. 131-19-1 Prior NOTIFICATION.pdf, 6. 131-19-1 revised transfer form 4-20-16.pdf, 7. 131-19-1.PDF, 8. OR-2018-0038

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ORDINANCE AMENDMENT TO APPROPRIATING ORDINANCE # 1AUTHORIZING BUDGET TRANSFER #131-19-1 TRANSFERRING FUNDS FROM DEBT SERVICE PRINCIPAL ACCOUNT IN THE AMOUNT OF FIVE MILLION, FIVE HUNDRED THOUSAND DOLLARS AND ZERO CENTS [$5,500,000] TO THE GENERAL FUND PENSION ACCOUNT IN THE AMOUNT OF FOUR MILLION, FIVE HUNDRED THOUSAND DOLLARS AND ZERO CENTS [$4,500,000] AND ONE MILLION DOLLARS AND ZERO CENTS [$1,000,000] TO THE GENERAL FUND LITIGATION ACCOUNT

 

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WHEREAS, Article VIII, Section 3 of the City Charter and Section 2-386 (1) of the Code of General Ordinances requires the approval of the Board of Alders for the transfer of funds within the General Fund Operating Budget as adopted; and

 

WHEREAS, On August 02, 2018 the Bond Sale Committee approved refunding of General Obligation Refunding Bonds, Issue of 2018, Series B (Federally Taxable) Not exceeding $160,000,000; and,

 

WHEREAS, The issuance of the Refunding Bonds results in aggregate present debt service savings of a little over Thirty One Million [$31M] for the fiscal year ending June 30, 2019; and

 

WHEREAS, Per the bond sale resolution a portion of the debt service savings will be allocated via a budgetary transfer as follow;

                     Category                                                                                    Amount                     Description                     

                     Police and Fire Pension                                                               $2,250,000                     Additional pension payment for FY 19

                     

City Employee Retirement fund (CERF)                     $2,250,000                     Additional pension payment for FY 19

 

GF Litigation Settlement Account                                          $1,000,000                     Additional transfer to set up a special         

fund litigation reserve account for court

cases

 

NOW, THEREFORE, BE IT ORDAINED by the New Haven Board of Alders that Transfer #131-19-1 be approved to transfer five million, five hundred thousand dollars and zero cents [$5,500,000] to the general fund pension account in the amount of four million, five hundred thousand dollars and zero cents [$4,500,000] and one million dollars and zero cents [$1,000,000] to the general fund litigation account.