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RESOLUTION NO. R-1213-60: A RESOLUTION OF COUNCIL OF THE CITY OF NORMAN, OKLAHOMA APPROPRIATING $688,351 FROM THE SPECIAL GRANTS FUND BALANCE; $69 FROM THE ROOM TAX FUND BALANCE; $7,377 FROM THE WESTWOOD FUND BALANCE; $177,741 FROM THE RISK MANAGEMENT FUND BALANCE; $462,630 FROM THE CAPITAL FUND BALANCE; $526,171 FROM DEBT SERVICE FUND BALANCE; $49,651 FROM GENERAL OBLIGATION FUND BALANCE; $315,982 FROM THE HALL PARK DEBT SERVICE FUND BALANCE; AND $5,754 FROM THE SEWER SALES TAX FUND BALANCE TO CLOSE OUT YEAR END ACCOUNTING ENTRIES FOR FYE 2012.
ACTION NEEDED: Motion to adopt or reject Resolution No. R-1213-60.
ACTION TAKEN: _____________________________
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BACKGROUND: At the end of each fiscal year, the Finance Department posts all year-end accounting entries. In order to help with this process, some division’s categories of expenses require a transfer to cover any negative balances. Oklahoma statutes require that each fund be balanced at the object category of expenditures, which include: salaries and benefits; materials and supplies; services and maintenance; and capital equipment. City of Norman policy requires the City Manager’s approval for transfers of funds between departments, from salary and benefit category accounts, and transfers from operating accounts to capital equipment accounts. The City Manager has already approved needed year-end transfers under his authority. In some cases, however, some expenses cannot be covered from available allocations within the same fund and require an appropriation of fund balance. Oklahoma Statutes require that all appropriations of fund balance be approved by the City Council (governing body).
DISCUSSION: At fiscal year end (FYE) 2012 we have found several funds are lacking the needed funds within existing appropriations to cover expenses made during the year, for varying reasons. These include the Special Grants Fund, Room Tax Fund, Westwood Fund, Risk Management Fund, Capital Fund, Deb...
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