FY2020-01B Amending Ordinance No. FY2020-01 Fiscal Year 2020 Budget, By Amending Budgets To Account For The Governor's 50% Funding Cut To The State Aid For Costs of School Construction Debt Program.1
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Introduced by: Finance Director
Drafted by: Finance Director
Introduced on: 01/16/2020
Public Hearing Date: 02/06/2020
Adopted on: 02/06/2020
KODIAK ISLAND BOROUGH
ORDINANCE NO. FY2020-01B
AN ORDINANCE OF THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH AMENDING
ORDINANCE NO. FY2020-01, FISCAL YEAR 2020 BUDGET, BY AMENDING BUDGETS TO
ACCOUNT FOR THE GOVERNOR'S 50% FUNDING CUT TO THE STATE AID FOR COSTS
OF SCHOOL CONSTRUCTION DEBT PROGRAM.
WHEREAS, the assembly adopted the fiscal year 2020 budget on May 23, 2019; and
WHEREAS, the adopted budget presumed the State of Alaska would fully fund the State Aid for
Costs of School Construction Debt and the Borough would receive the normal reimbursement of
$5,263,053 (60-70% reimbursement of eligible bond interest and principal payments for the year);
and
WHEREAS, the Borough received official notification from the State of Alaska Division of School
Finance & Facilities that on June 28'", Governor Dunleavy reduced the program payments by
50%, thereby reducing the amount the Borough would receive to $2,631,527; and
WHEREAS, the assembly desires to reduce the amount of money transferred from the Facility
Fund to the Renewal & Replacement Fund by $121,841; and
WHEREAS, the assembly desires to transfer $417,596, which is 50% of the allowable 85% of the
prior year's interest income, from the Facility Fund to the Debt Service Fund; and
WHEREAS, the Kodiak Island Borough School District received more revenue than anticipated
and desires to return $1,632,815 to the Borough in recognition of the economic challenges facing
the community with the cut to the bond reimbursement program.
NOW, THEREFORE, BE IT ORDAINED BY THE ASSEMBLY OF THE KODIAK ISLAND
BOROUGH THAT:
Section 1: This ordinance is NOT of permanent nature and shall NOT become a part of the
Kodiak Island Borough Code of Ordinances.
Section 2: Fund 469 — Renewal & Replacement Fund is reduced by $121,841 and Fund 276 -
Facility Fund is increased by $121,841.
Kodiak Island Borough, Alaska
Deletion — Red, Strikeout
Insertion — Bold, Blue, Underlined
Ordinance No. FY2020-01 B
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Section 3: Fund 276 - Facility Fund transfers $417,596 to Fund 300 - Debt Service.
Section 5: Fund 201— Education Support Fund transfers $1,632,815 to Fund 300 — Debt Service.
Effective Date: This ordinance takes effect upon adoption.
ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
THIS SIXTH DAY OF FEBRUARY, 2020.
KODIAK ISLAND BOROUGH ATTEST:
William Roberts, MayorTara Welinsky, Clerk
VOTES:
Ayes: Dvorak, Kavanaugh, Schroeder, Skinner, Symmons, Turner, Arndt
Noes:
Kodiak Island Borough, Alaska
Deletion — Red, Strikeout
Insertion — Bold, Blue, Underlined
Ordinance No. FY2020-01B
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