From
Brady Olsen
Title
Ordinance Amending the FY 2019/2020 Cash & Debt Management Fund for unexpected future expenses beyond current budget in the amount of $20,000
Presenter
Becky Brooks, CFO
Recommended Action
Approve
Analysis
At the time of the budget, Trinity Armored Service provided armored car service for the city under an annual contract. The contract was projected at $85,000 for the fiscal year. In January, the company announced they could no longer maintain insurance for their service and would no longer be able to serve the City. Since then, they were able to offer a short term extension to cover ongoing service. We have bid out the project, and we are an estimating an additional $20,000 will be needed to provide armored car service throughout the City. We are not ready to award a contract at this point, but are aiming to by the meeting on February 18th. We wanted to make the committee aware we anticipate a change in the coming month.
Financial Consideration
Funding for the additional expenditures for armored car service, in the amount of $20,000, is available by approving an ordinance transferring and appropriating from the unobligated fund balance in the Cash & Debt Management Fund.
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS, AMENDING THE FY 2019/2020 CASH & DEBT MANAGEMENT FUND FROM THE UNOBLIGATED FUND BALANCE FOR ADDITIONAL FUTURE EXPENSES IN THE AMOUNT OF $20,000
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS:
SECTION 1. THAT THE FY 2019/2020 Cash & Debt Management Fund be amended by approving an ordinance transferring and appropriating $20,000 from the unobligated fund balance in the Cash & Debt Management Fund.
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, 4TH DAY OF FEBRUARY, 2020.