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RESOLUTION NO. R-1314-40: A RESOLUTION OF COUNCIL OF THE CITY OF NORMAN, OKLAHOMA APPROPRIATING $65,569 FROM THE SPECIAL GRANTS FUND BALANCE; $5,824 FROM THE ROOM TAX FUND BALANCE; $741,032 FROM THE RISK MANAGEMENT FUND BALANCE; $138,757 FROM THE DEBT SERVICE FUND BALANCE; AND $103,472 FROM THE GENERAL OBLIGATION FUND BALANCE TO CLOSE OUT YEAR END ACCOUNTING ENTRIES FOR FYE 2013.
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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 in line-item accounts. 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) 2013 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, Risk Management Fund, Debt Service Fund and General Obligation (GO) Bond Fund.
In the Special Grants Fund, an additional $65,569 needs to be appropriated due to the reimbursement of federal grant funds for the Compressed Natural Gas (CNG) Facility. When the original grant was approved, $750,000 was approp...
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