HomeMy WebLinkAboutResolution - 2002-R0078 - Budgeting Amendments - Community Investment Fund - 02/28/2002 (2)Resolution No. 2002-
February 28, 2002
Item No. 31
RESOLUTION
WHEREAS, Section 102.010 of the Local Government Code of the State of
Texas authorizes City Councils to make changes in budget for municipal purposes; and
WHEREAS, in accordance with the City Budget Ordinance, the City Manager is
authorized to make transfers between funds, accounts, departments or programs for City
purposes: and
WHEREAS, the City Council deems it advisable to change the budget for
municipal purposes and reallocate funds as follows; and
WHEREAS, the City Council for the purposes of Economic Development
supports Market Lubbock Inc. in its efforts with the Lubbock Reese Redevelopment
Authority; NOW THEREFORE
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK:
SECTION 1. THAT the City Manager of the City of Lubbock is hereby
authorized and directed to make the following changes to the City of Lubbock Budget for
municipal purposes:
The budgeted Contribution to Reese in the Community Investment Fund will not
be made. A $456,285 transfer will be made from the Community Investment
Fund to the Economic Development Fund. Market Lubbock Inc. will increase
operating expenditures by $456,285 for the purposes of the Lubbock Reese
Redevelopment Authority.
SECTION 2. THAT Market Lubbock Inc. and Lubbock Reese Redevelopment
Authority will execute a contract to carry out the intent of this resolution. However, if
Market Lubbock Inc. and Lubbock Reese Redevelopment Authority do not execute such
contract then the above action will be null and void.
SECTION 3. THAT a copy of the change made to the City of Lubbock Budget
pursuant to the Resolution shall be filed with the City Secretary and County Clerk of
Lubbock as required by law.
W-P / 7J
Passed by the City Council this 28th day of February , 2002.
WI DY SITTO , MAYOR
ATTEST:
Rebecca Garza, City Secretary
APPROVED AS TO CONTENT:
i
Debra Forte'
Deputy City Manager
APPROVED AS TO FORM:
cp cityatt/Amy/2000-2003Budget-MktLbk.res
February 5, 2002
Resolution No. 2002-R0078
SUMMARY OF REVENUES AND EXPENDITURES
COMMUNITY INVESTMENT FUND
Beginning Fund Balance
REVENUES:
Bond Sale
Interest on Investment -Reese
Transfer from General Fund
Transfer from Electric Fund
Transfer from Water Fund
Transfer from Sewer Fund
Transfer from Solid Waste Fund
TOTAL REVENUES:
OPERATING EXPENDITURES:
Contribution to Reese (5 Yr)
Freeport
Ports to Plains
Technology Project - BSI-4
Project T
Transfer to Econ Dev - MLI for LRRA
Prospect
Fleming/et.al
Total Operating Expenditures
Remaining Balance
ORIGINAL REVISED
2001-02 2001-02
5,320,228 6,064,275
10,000,000
0
22,000
22,000
672,552
672,552
1,029,323
1,029,323
313,889
313,889
179,135
179,135
1,157,131
1,157,131
13,374,030 3,374,030
456,285
0
250,000
250,000
121,000
121,000
2,500,000
50,000
1,000,000
1,000,000
550,000
456,285
10,000,000
0
0
3,000,000
14,877,285 4,877,285
3,816,973 4,561,020
2/1 /2002