HomeMy WebLinkAboutOrdinance - 2003-O0028 - Increase Airport Passenger Facili. Charge Fund-$583,067.17; Interest $152,762.31 - 04/10/2003First Reading
April 10., 2003
Item No. 30
Second Reading
April 24., 2003
Item No. 15
ORDINANCE NO. 2003-00028
AN ORDINANCE MAKING CHANGES IN THE FY 2002-03 BUDGET OF THE CITY OF
LUBBOCK FOR MUNICIPAL PURPOSES.
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 Council shall
approve all transfers between funds, accounts, departments or programs for City purposes: and
WHEREAS, the City Council deems it advisable to change the FY 2002-03 Budget for
municipal purposes and reallocate funds as follows; NOW THEREFORE:
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LUBBOCK;
SECTION l. THAT the City Council of the City of Lubbock hereby approves the
following changes to the City of Lubbock FY 2002-03 Budget for municipal purposes:
The budget for the Airport Passenger Facilities Charge Fund (PFC) will be increased by
$583,067.17 for reimbursement of principal and interest payments that were not correctly
transferred from the General Fund from 1994/95 to 2000/01 on the Tax & Airport Surplus
Revenue Certificates of Obligation, Series 1993. In addition, $152,762.31 in interest earnings on
these funds should also be transferred to the PFC fund from the City's General Fund. Exhibit A
contains the reconciliation of principal and interest originally paid out of PFC funds and
is hereby made a part of this Ordinance as if fully copied herein in detail.
SECTION 2. THAT a copy of the changes made to the City of Lubbock Budget pursuant
to this Ordinance shall be filed with the City Secretary and County Clerk of Lubbock as required
bylaw.
AND IT IS SO ORDERED
Passed by the City Council on first reading this 10th day of __ A~pr_i_l_~ 2003.
Passed by the City Council on second reading this 24th day of April , 2003.
ATTEST:
,li::C&MAYOR
~O~e---~ Reb cca Garza, City Secretary ~
everly Hodg-es
I \
Managing r;>irect r o,
0
. Finance
\
APPROVED AS TO FORM:
Ddord/PFC Budget Amendment
Ordinance No. 2003-00028 City of Lubbock, Texas PFC Reimbursement Schedule 1-YrTreas Grand Year Rate Months 1995 Months 1996 Months 1997 Months 1998 Months 1999 Months 2000 Months 2001 Total $ 91,674.62 1995 6.43% 7.5 $ 95,359.77 $ 88,881.52 1996 5.34% 12.0 $100,454.27 7.5 $ 93,629.93 $ 86,088.41 1997 5.78% 12.0 $ 106,264.24 12.0 $ 99,045.20 7.5 $ 89,200.34 $ 83,295.31 1998 5.39% 12.0 $111,991.35 12.0 $ 104,383.24 12.0 $ 94,007.80 7.5 $ 86,101.06 $80,502.21 1999 4.78% 12.0 $117,346.00 12.0 $109,374.12 12.0 $ 98,502.59 12.0 $ 90,217.81 7.5 $82,907.87 $77,709.10 2000 6.22% 12.0 $124,647.50 12.0 $116,179.59 12.0 $104,631.62 12.0 $ 95,831.34 12.0 $88,066.56 7.5 $80,731.11 $74,916.00 2001 4.30% 12.0 $130,005.60 12.0 $121,173.69 12.0 $109,129.32 12.0 $ 99,950.75 12.0 $91,852.19 12.0 $84,201.42 7.5 $76,928.71 $583,067.17 Principal 2002 2.57% 12.0 $133,340.89 12.0 $124,282.40 12.0 $111,929.03 12.0 $102,514.99 12.0 $94,208.66 12.0 $86,361.60 12.0 $78,902.32 $152,762.31 Interest 2003 1.18% 5.0 $ 133,996.48 5.0 $124,893.46 5.0 $113,249.79 5.0 $103,019.02 5.0 $94,671.85 5.0 $86,786.22 4.0 $79,212.67 $735,829.48 Total Exhibit A