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Home My WebLink About(01) 5527: BUDGET AMENDMENT City of Port Arthur Finance Department Memorandum To: Steve Fitzgibbons, City Ikq~anag~er~3-~ From: Rebecca Underhill, Direc:c~f Date: May 10, 2005 Re: P O 5527 RECOMMENDATION Presented for City Council consideration and approval is PO 5527. This proposed ordinance increases the Debt Service Fund budget by $110,000 to fund the City's "call" of the Jefferson County FWSD #1 Series 1976 issue. This call will save $8,250 in interest cost over the next two years. (See at~ached memo to the City Manager dated May 3, 2005.) This proposed ordinance also increases the General Fund Administration Budget by $150,000 to fund the payment to Williams and Rao, LP under the incentive agreement authorized by City Council Resolution 05-134. The budget for the City Secretary's office is also increased by $10,500 to fund unforeseen election expenses. (See attached memo from the City Secretary.) Office of the City Secretary REcE, , HAY :[ 2 2005 Memorandum .. .... DATE: May 10, 2005 TO: Finance Director Rebecca Underhill FROM: C~ Secretary Evangeline Green SUBJECT: Budget Amendment The City Secretary's Office is requesting that a budget amendment be made to our Election Account to cover translation, newspaper publication and ballot layout expenses of the Special Election for the Section 4A Economic Development Corporation propositions. During the 2004-2005 fiscal year budgeting process, the City Secretary's Office did not anticipate conducting a special election of this magnitude. The following is a detail of the requested budget amendments: 1. Publication expenses include the notice calling the special election and five consecutive publications of the public heating notice. The costs for publication are expected to be $7,500.00. (Election's Advertising Account Number 001-1013-513.55-00) 2. Spanish translation expenses of Ordinance Number 05-19, Public Headng Notice and the EDC propositions. The costs for translation services are $1,000.00. (Election's Professional Services Account Number 001-1013-513.54-00) 3. Printing expenses of the EDC proposition ballots. The costs for the additional ballot layouts for the EDC propositions are $2,000.00 (Election's Rental Account 001-1013-513.51-00) Therefore, the complete election budget amendment to cover the additional EDC propositions should be for a total amount of $10,500.00. If any additional information is needed, please contact our office. Thank you. "REMEMBER, WE ARE HERE TO SERVE THE CZ'I'ZZENS OF PORT ARTHUR" P. O. NO. 5527 JJA: 5/10/05 ORDINANCE NO. AN APPROPRIATION ORDINANCE AMENDING THE BUDGET FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2004 AND ENDING SEPTEMBER 30, 2005 AS TO FUND THE CITY'S CALL OF THE JEFFERSON COUNTY FWSD #1 SERIES 1976 BOND ISSUE, THE FISCAL YEAR 2005 PAYMENT FOR THE INCENTIVE AGREEMENT WITH WILLIAMS AND RAO, LP, AND UNANTICIPATED ELECTION COSTS WHEREAS, in accordance with Article XII, Section 9, of the City Charter, the City Council may make emergency appropriations from time to time; and WHEREAS, the City Council may make budget amendments for emergencies under Section 102.009 and for Municipal purposes under Section 102.010 Local Government Code. WHEREAS, on September 14, 2004 the City Council approved and adopted Ordinance 04-53 which appropriated the 2004-2005 budget; and WHEREAS, on November 9, 2004, the City Council approved and adopted Ordinance 04:72 which amended Ordinance 04-53; and WHEREAS, on December 14, 2004, the City Council approved and adopted Ordinance 04-78 which amended Ordinance 04-53; and WHEREAS, on January 15, 2005, the City Council approved and adopted Ordinance 05-06 which amended Ordinance 04-53; and WHEREAS, on March 1, 2005, the City Council approved and adopted Ordinance 05-17 which amended Ordinance 04-53; and WHEREAS, on March 29, 2005, the City Council approved Ordinance 05-24; and WHEREAS, there have been unanticipated cost increases in the Debt Service Fund. WHEREAS, these amendments are necessary for municipal purposes to meet unusual and unforeseen emergency conditions as delineated in Section 102.009 (c) Local Government Code; and WHEREAS, the City Council desires to fund the City's early call of the Jefferson County FWSD #1 Series 1976 Bond Issue; and WHEREAS, the Council adopted Resolution 05-134 authorizing an incentive agreement with Williams and Rao, LP with an option for a loan or a purchase of land with a payment of $150,000 payable in this fiscal year; and WHEREAS, the May election costs were more than originally budgeted due to requirements of the EDC propositions. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF PORT ARTHUR Section 1. That the budget for the General Fund be increased by $160,500 to fund the Williams and Rao, LP incentive agreement payment and excess election costs. Section 2. That Section 2 of the Budget Ordinance 04-053 be amended to read: That there be and is hereby appropriated the sum of Thirty Seven Million, Nine Hundred Fifty Nine Thousand, Three Hundred Forty Seven Dollars ($37,959,347) to the General Fund for the payment of the operating expenses, and necessary Capital Outlay for the City Government for following Departments and uses: Department/Use Administration $ 1,377,759 City Secretary 581,819 City Attomey 441,053 Finance 1,397,969 Hman Resources 573,988 Planning and Grants Management 849,034 Community Services 1,455,427 Civic Center 334,247 Parks and Recreation 1,524,338 Library 962,479 Police 11,167,084 Fire 8,243,541 Health and Welfare 806,474 Public Works 6,471,635 Transfer to Transit Fund 1,000,000 Transfer to General Liability 772,500 TOTAL $ ~ Section 3. That the budget for the Debt Service Fund be increased by $110,000 to fund the City's call of the Jefferson County FWSD #1 Series 1976 Bond Issue. Section 4. That the Director of Finance, City Manager and City Attorney are herein authorized to take such action as to call the Jefferson County FWSD #1 Series 1976 Bond Issue. Section 5. That Section 3 of the Budget Ordinance 04-053 be amended to read: That there be and is hereby appropriated the sum of Seven Million, Sixty One Thousand, Three Hundred Forty Dollars ($7,071,340) to the Debt Service Fund for the payment of Principal, Interest and Fiscal Agent Fees necessary to service the City's Long Term Debt. Section 6. That a copy of the caption of this Ordinance be spread upon the minutes of the City Council. Section 7. That this Ordinance shall be effective immediately. READ, ADOPTED, AND APPROVED, this day of May, 2005, AD, at a Regular Meeting of the City Council of the City of Port Arthur, Texas by the following vote: Ayes: Mayor Councilmembers: NOES: Mayor ATTEST: Evangeline Green, City Secretary APPROVED AS TO FORM: Mark Sokolow, City Attorney APPROVED FOR ADMINISTRATION: Steve Fitzgibbons, City Manager Rebecca Underhill, Finance Director z:jenny/officedordianaces/Bud.AmendS -10-05 CITY OF PORT ARTHUR, TEXAS FXNXNCE DATE: 5/3/05 RE: JEIq~ERSON COUNTY FWSD ~1, SERIES 76 In wor 'king up the recent refunding, Joe Morrow looked at including the 1976 issue. The total outstanding is $110,000, with interest at 5.5%, and maturing July 10, 2007. This issue has a call date of July 10, 2005. Rather than including it in the refunding, Joe suggested that we just call the bonds this July. The cost to call will be $113,025, and with $3,025 budgeted, an additional $110,000 will be required. I need to notif)' the pa~4ng agent if we intend to call these bonds. I would like to proceed, and with your concurrence will bring a budget amendment to Council to fund this call.