From
Cheryl Estes, Controller
Title
Ordinance amending the FY 2015/2016 Summit Sales Tax Fund Budget by transferring $427,847 to the Summit Capital Improvement Projects Fund
Presenter
Diana Ortiz, Chief Financial Officer
Recommended Action
Approve
Analysis
Sales tax revenue for the Active Adult Center (Summit) expired in September 2015. This revenue supported all debt service payments (principal and interest) on the bond proceeds to construct the Summit facility and grounds. Final debt payments were paid in full on August, 2015. Professional accounting standards require that this Special Revenue Fund be closed and the remaining fund balance may be appropriated by the City Council for other uses as approved. City management's recommendation is to use the remaining funds for future maintenance and/or capital improvements for the existing facility and grounds.
This item was presented to the Finance and Government Committee on October 11, 2016 for their approval.
Financial Consideration
Approve an ordinance amending the FY 2015/2016 Summit Sales Tax Fund (3180) by transferring and appropriating the unobligated fund balance of $427,847 to the Summit Capital Projects Fund (318293).
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS, AMENDING THE FY 2015/2016 SUMMIT SALES TAX FUND BY TRANSFERRING THE REMAINING UNOBLIGATED FUND BALANCE OF $427,847 TO THE SUMMIT CAPITAL IMPROVEMENT PROJECTS FUND (318293)
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS:
SECTION 1. That the FY 2015/2016 Summit Sales Tax Fund (3180) be amended by transferring and appropriating the unobligated fund balance of $427,847 to the Summit Capital Improvement Projects Fund (318293).
PASSED AND APPROVED BY THE CITY COUNCIL OF THE CITY OF GRAND PRAIRIE, TEXAS, ON THIS THE 11TH DAY OF OCTOBER, 2016.