Title
A Resolution Approving the Closure of Certain Bank Accounts and the Transfer of Budgets
Summary
Description of Topic: (who, what, where, when, why and how much)
Finance is requesting to close the Museum-Archive, Library Fund and Recreational Activities Fund checking accounts in order to consolidate the payment of bills to the City's General Fund operations checking account. Purchases made from the Museum-Archive checkbook are currently being manually entered into General Fund general ledger accounts and this action will automate that process. An Ordinance is being simultaneously presented for your consideration to close The Library Fund and the Recreational Activities Fund because they longer meet the definition of Special Revenue Funds. The FY2024 budget for these two funds needs to be transferred to the General Fund and all bills paid through the operations checking account. Revenues of $100,920 and expenditures of $115,300 (as amended by Resolution 23-1331) will be transferred from the Library Fund, and revenues of $350,700 and expenditures of $301,025 will be transferred from the Recreational Activities Fund, for a net positive effect of $35,295 to the General Fund.
Budgetary Impact:
Non-Capital Item:
__x__ Budgeted under account #_______________ (discussion item) Requesting to transfer the Library Fund and Recreational Activities Fund budgets to the General Fund.
____ Not budgeted, requesting transfer of $__________ from Account #______________ to Account #_____________.**Request to Transfer Departmental Budget Dollars form must be attached**
____ Not budgeted requiring increase to account #___________ in the amount of $____________.**Request to Increase Departmental Budget Dollars form must be attached**
Body
WHEREAS, checks written from the Museum-Archive checking account must be manually entered into the accounting system, and
WHEREAS, the Library Fund and the Recreational Activities Fund no longer qualify as Special Revenue Funds.
NOW THEREFORE BE IT RESOLVED that the City Council of the City of Foley, Alabama, as follows:
SECTION 1: Approves closing of the Museum-Archive checking account and payment of bills from the City's General Fund Operating Checking Account.
SECTION 2: Approves closure of the Library Fund and the Recreational Activities Fund checking accounts, and the transfer of all assets, liabilities and FY2024 adopted/amended budget amounts to the General Fund.
SECTION 2: This Resolution shall become effective immediately upon its adoption as required by law.