Resolution No. 16 for 1997 - Authorizing the Transfer of Funds from Contingency to the Debt Service Expense Lines in the Water Treatment Fund

A RESOLUTION AUTHORIZING THE TRANSFER OF FUNDS FROM CONTINGENCY TO THE DEBT SERVICE EXPENSE LINES IN THE WATER TREATMENT FUND.

WHEREAS, the 1995-1996 Audit revealed deficiencies in the debt service expense lines in the Water Treatment Fund; and

WHEREAS, these same costs were unanticipated during the 1996-1997 budget process; and

WHEREAS, ORS 294.450 provides for the transfers of appropriations within a fund or from one fund to another by official resolution of the City Council;

NOW, THEREFORE THE CITY OF SWEET HOME DOES RESOLVE AS FOLLOWS:

To transfer $1,956 from contingency to the debt service expense lines in the Water Treatment Fund.

This transfer would cover debt service costs in the Water Treatment Fund that the auditors amortize. These costs are budgeted for in the 1997-1998 budget.

PASSED by the City Council and approved by the Mayor this 24th day of June, 1997.