FY2015-01B Amending FY2015-01 by Amending Budgets to account for various revenues that are over budget, accept grants, and provide for additional expentiture Introduced by: Borough Manager
1 Requested by: Finance Director
2 Drafted by: Finance Director
3 Introduced: 0 510 7120 1 5
Public Hearing: 05/21/2015
4 Amended 05/21/2015
5 Adopted: 05/21/2015
6
7 KODIAK ISLAND BOROUGH
8 ORDINANCE NO. FY2015-01B
9
10 ORDINANCE NO. FY2015-01 B AMENDING ORDINANCE NO. FY2015-01
11 FISCAL YEAR 2015 BUDGET BY AMENDING BUDGETS TO ACCOUNT FOR
12 VARIOUS REVENUES THAT ARE OVER BUDGET, ACCEPT GRANTS, AND
13 PROVIDE FOR ADDITIONAL EXPENDITURES
14
15 WHEREAS, PERS was budgeted at the net rate of 22% and should have been budgeted at
16 64.41% of salaries and State revenues should have been budgeted at 42.41% of salaries. This
17 adjustment will have no net effect on revenues and expenditures; and
18
19 WHEREAS, the General Fund, borough attorney's department will exceed its budget due to
20 unanticipated litigation expenses; and
21
22 WHEREAS, the General Fund, finance department has spent significant staff time and effort
23 creating the lease agreement for the new Long Term Care Facility; and
24
25 WHEREAS, the Womens Bay Fire Department needs to use $200,000 of their fund balance
26 for expansion of the Womens Bay Fire Department addition; and
27
28 WHEREAS, the Borough received a grant for $200,000 for the Landfill Lateral Expansion; and
29
30 WHEREAS, the Hospital Enterprise Fund has available funds to assume the Facilities Fund
31 Loan to the Renewal & Replacement Fund; and
32
33 WHEREAS, the Borough received a grant for$50,000 for the Chiniak Playground; and
34
35 WHEREAS, on October 7, 2014 Borough voters approved the issuance of General Obligation
36 bonds in the amount of $10,230,000 to finance the renewal and replacement schedule related
37 to borough owned school facilities; and
38
39 WHEREAS, the Hospital Enterprise fund has sufficient cash to pay off the Hospital Loan to
40 the Facilities Fund; and
�,. 41
42 WHEREAS, the FY2014 financials recorded the State portion of PERS for the Resource
43 Management Fund, Building and Grounds Fund, Bayside Fire Department, Solid Waste
44 Disposal Fund, and KFRC in the General Fund and these should be split into different funds.
45
Kodiak Island Borough, Alaska Ordinance No, FY2015-01 B
Page 1 of 2
46 NOW, THEREFORE, BE IT ORDAINED BY THE ASSEMBLY OF THE KODIAK ISLAND
47 BOROUGH THAT:
48
49 Section 1: This ordinance is not of general application and shall not be codified.
50
51 Section 2: The FY2015 budget will be amended per the attached five page schedule.
52
53 Section 3: The Finance Department will allocate $20,000 of employee salaries and benefits
54 to the Long Term Care Facility project.
55
56 Section 4: The Womens Bay Fire Department will increase its use of fund balance by
57 $200,000; increase account 252-214470-070 buildings by $100,000; increase
58 transfer to Fund 430 by $100,000; and increase transfers in and project 10032,
59 Womens Bay Emergency Center Fund 430 by $100,000.
60
61 Section 5: The Borough accepts a $50,000 grant for the Chiniak Playground.
62
63 Section 6: The Borough accepts a $200,000 grant for the lateral expansion of the landfill.
64
65 Section 7: On June 30, 2015 the Hospital Fund will transfer $794,149 to the facilities fund
66 paying off the Facilities Fund loan to the Hospital Enterprise Fund.
67
68 Section 8: On June 30 the Hospital Enterprise Fund will transfer $2,745,029 to the Facilities
69 Fund and the Hospital Facilities Fund will then own the Inter-fund loans
70 previously made from the Facilities Fund to the Renewal and Replacement Fund.
71
72 Section 9: The terms of the loan from the Hospital Enterprise Fund to the Renewal &
73 Replacement Fund will be as follows:
74 a. The 3 separate Renewal & Replacement loans will be combined into one
75 loan.
76 b. The loan will be for 15 years with the first payment due on June 30, 2016
77 c. Payments will be made annually.
78 d. The interest rate on the loan will be 4.5%.
79 e. The loan can be prepaid in full or in part.
80 f. An area wide tax, less any other funding sources, will be assessed for the
81 payment of this loan.
82
83 ADOPTED BY THE ASSEMBLY OF THE KODIAK ISLAND BOROUGH
84 THIS TWENTY FIRST DAY OF MAY, 2015
85
86 KODIK IS ND HOUGH
88
89
90 rrol Friend orough Mayor
91
92 ATE ST: a . „
93
94 '
95 rr)� 1)�7 ", — /96 ova M. Javier,-YAM6, Boro t, Clerk
Kodiak Island Borough, Alaska Ordinance No. FY2015-01 B
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