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RESOLUTION R-1516-32: A RESOLUTION OF CITY COUNCIL OF THE CITY OF NORMAN, OKLAHOMA APPROPRIATING $340,440 FROM THE PUBLIC SAFETY SALES TAX FUND BALANCE; $46,871 FROM THE SPECIAL GRANT FUND BALANCE; $5,807 FROM THE ROOM TAX FUND BALANCE; $4,361,674 FROM THE WATER RECLAMATION FUND BALANCE; $18,000 FROM CAPITAL FUND BALANCE; $234,335 FROM THE UNIVERSITY NORTH PARK TAX INCREMENT FINANCE FUND BALANCE; $149,858 FROM THE DEBT SERVICE FUND BALANCE; AND $33,212 FROM THE SEWER LINE MAINTENANCE FUND BALANCE TO CLOSE OUT YEAR END ACCOUNTING ENTRIES FOR FYE 2015.
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BACKGROUND: At the end of each fiscal year (June 30th), 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 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 within a City fund, or 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 on recommendation from Finance Department staff (see attached memorandum). 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) 2015 several funds lacked the needed funds within existing appropriations to cover expenses made during the year, for varying reasons. These include the Public Safety Sales Tax Fund, Special Grants Fund, Room Tax Fund, Water Reclamation Fund,...
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