HomeMy WebLinkAboutOrder 119 - Transfer Appropr - PERS ReserveDeschutes County Board of Commissioners
1300 NW Wall St., Suite 200, Bend, OR 97701-1960
(541) 388-6570 - Fax (541) 385-3202 - www.deschutes.org
AGENDA REQUEST & STAFF REPORT
For Board WORK SESSION of October 4, 2010
Please see directions for completing this document on the next page.
DATE: October 1, 2010
FROM: Marty Wynne Finance Phone # (541) 388-6559
TITLE OF AGENDA ITEM:
Consideration and signature of Resolution #2010-119, transfer of appropriation in the Deschutes
County PERS Reserve Fund and transfer of appropriation from the General Fund to the Debt Service
Fund.
PUBLIC HEARING ON THIS DATE? NO
BACKGROUND AND POLICY IMPLICATIONS:
Consideration of Resolution #2010-119, transfer of appropriation in the Deschutes County PERS
Reserve Fund. The County has the opportunity to prepay a portion of the Series 2002 Pension Bond.
Resources for this prepayment are available in the PERS Reserve Fund. An appropriation transfer is
required to increase the Transfers Out category in Fund 135. Appropriation is also required to expend
an additional $610,000 for debt service. This requires a transfer of appropriation from the General Fund
to the Debt Service Fund.
FISCAL IMPLICATIONS:
A transfer of appropriation reducing the resources in the PERS Reserve Fund is necessary for
prepayment. Additionally, a transfer of appropriation is required to authorize authority to spend in the
PERS Debt Service Fund. This additional expenditure in FY 2011 will reduce expenditures for interest
payments from June 2011 through June 2025.
RECOMMENDATION & ACTION REQUESTED:
Approval and signature of Resolution #2010-119.
ATTENDANCE: Marty Wynne
DISTRIBUTION OF DOCUMENTS:
Marty Wynne, Finance Department 388-6559
REVIEWED
LEGAL COUNSEL
For Recording Stamp Only
BEFORE THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES COUNTY, OREGON
A Resolution Transferring Appropriations
Within the Various Funds of the 2010-2011 * RESOLUTION NO. 2010-119
Deschutes County Budget and Directing Entries *
WHEREAS, attached is an e-mail from the Finance Department requesting a transfer of
appropriations, and
WHEREAS it is necessary to transfer appropriations within the Deschutes County Budget to
accommodate the request; now therefore,
BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF DESCHUTES
COUNTY, OREGON, as follows:
Section 1. That the following transfers of appropriations be made:
FROM: 135-0800-521.98-51 Deschutes County PERS Reserve.
Reserve for Future Expenditures
TO: 135-0800-491.96-24 Deschutes County PERS Reserve,
Transfer to Debt Service (Fund 575)
FROM: 001-4500-501.97-01 Deschutes County General Fund,
Non -Departmental, Contingency
TO: 575-1400-471.81-01 Deschutes County PERS Debt Service,
Series 2002/04, Principal
$ 610,000
$ 610,000
$ 610,000
$ 610.000
Section 2. That the Finance Director make the appropriate entries in the Deschutes County
Budget document to show the above appropriations.
DATED this th day of October, 2010.
BOARD OF COUNTY COMMISSIONERS OF
DESCHUTES COUNTY, OREGON
DENNIS R. LUKE, Chair
ATTEST: ALAN UNGER, Vice -Chair
Recording Secretary TAMMY BANEY, Commissioner
PAGE 1 OF 1-REs0LUTION NO. 2010-119 (10/04/(0)
Lacy Nichols
From: Marty Wynne
Sent: Tuesday, September 28, 2010 3:53 PM
To: Lacy Nichols
Subject: FW: Appropriation Transfer
Attachments:
Fund 135 and Fund
575 Appropr...
Lacy,
Fund 135 and Fund 575 Appropriation Transfer.xls
Please prepare a resolution for the Board to approve at their next meeting. Thank you.
Marty
Original Message
From: Jeanine Faria
Sent: Tuesday, September 28, 2010 3:21 PM
To: Marty Wynne
Subject: Appropriation Transfer
Marty,
Attached is the Excel file which will be included with the resolution transferring
appropriation. Please review it and modify the explanation as necessary.
1
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Revised
Budget
12,608,900 I
610,000
6,872,774
750,575 I
TOTAL 20,842,249 - 20,842,249
To (From)
(610,000)
610,000
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Current
Budgeted
Amount
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7,482,774
140,575
Description
(Element -Object, e.g. Time Mgmt,
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Transfer to Debt Service (Fund 575)
Contingency
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Transfers Out
Contingency
Debt Service
Line Number
(HTE 14 digit code)
135-0800-521.98-51
135-0800-491.96-24
001-4500-501.97-01
575-1400-471.81-01
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