Official site of the City of Fort Worth, Texas |
City Council Agenda | |
COUNCIL ACTION: Approved on 10/17/2017 - Ordinance No. 22965-10-2017 | |||||
DATE: | 10/17/2017 | REFERENCE NO.: | G-19136 | LOG NAME: | 03FORT WORTH & YMCA LOAN AGREEMENT |
CODE: | G | TYPE: | NON-CONSENT | PUBLIC HEARING: | NO |
SUBJECT: | Adopt Ordinance Appropriating $2,300,000.00 in the General Fund and Authorize a Transfer from the General Fund to the General Capital Projects Fund in the Same Amount for the Purpose of Funding a Forgivable Loan to the YMCA of Metropolitan Fort Worth (ALL COUNCIL DISTRICTS) |
RECOMMENDATION: |
It is recommended that the City Council: 1. Adopt the attached fiscal year 2017 supplemental appropriation ordinance increasing receipts and appropriations in the General Fund by $2,300,000.00, from available funds, for the purpose of transferring said funds to the General Capital Projects Fund to fund a forgivable loan to the YMCA of Metropolitan Fort Worth; and 2. Authorize a transfer from the General Fund to the General Capital Projects Fund in the amount of $2,300,000.00. |
DISCUSSION: |
The purpose of this Mayor and Council Communication (M&C) is to take the necessary actions to appropriate and transfer funds from the General Fund to the General Capital Projects Fund for the purpose of funding a forgivable loan Agreement with the YMCA of Metropolitan Fort Worth, as approved by M&C C-27548 (December 1, 2015) and M&C (C-28154) (March 21, 2017), to ensure proper accounting for the source of these funds.
On December 1, 2015, the City Council authorized the execution of a $2,300,000.00 forgivable loan Agreement with the YMCA of Metropolitan Fort Worth to help fund the construction of an Enhanced Neighborhood Family Aquatics Facility in east Fort Worth and appropriated said funds into the General Capital Projects Fund (M&C C-27548). The source of the funding for the capital appropriation was intended to originate from the General Fund; however, an appropriation ordinance for the general fund was omitted. This M&C is intended to correct that omission. The General Fund is projected to meet it's year-end fund balance requirements after this transfer. This M&C does not request approval of a contract with a business entity. |
FISCAL INFORMATION/CERTIFICATION: |
The Director of Finance certifies that upon approval of the above recommendations and adoption of the attached supplemental appropriation ordinance, funds will be available in the current operating budget, as appropriated, of the General Fund. |
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Submitted for City Manager's Office by: |
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Originating Department Head: |
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Additional Information Contact: |
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ATTACHMENTS |
03FORT WORTHYMCALOANAGREEMENTAO17rev.docx |