HomeMy WebLinkAboutResolution CC-11-21-16-04 Rainy Day Transfer and Paving GuidelinesSponsor(s): Ron Carter
RESOLUTION CC -11-21-16-04
A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF CARMEL,
INDIANA, FINDING THAT A TRANSFER OF UNENCUMBERED BALANCE FROM
THE RAINY DAY FUND IS WITHIN THE EXPRESSED INTENT OF THE FUND
Synopsis: Resolution finding the $15,374,140 transfer of Rainy Day Fund balance in the
2017 budget ordinance, and subsequent expenditure for paving, will be consistent with
the expressed intent of the Fund.
WHEREAS, 2017 annual appropriations for the City of Carmel, Indiana, include a
transfer of $15,374,140 of the unencumbered balance of the Rainy Day Fund; and
WHEREAS, the $15,374,140 transfer is expected to cover annual paving appropriations
of approximately $4,000,000 per year until depleted; and
WHEREAS, Rainy Day Fund appropriations are subject to the approval of the Indiana
Department of Local Government Finance ("DLGF"); and
WHEREAS, the DLGF issued a memorandum on April 26, 2016, stating a proposed
Rainy Day Fund appropriation should be accompanied by a finding from the fiscal body that the
proposed use is consistent with the expressed intent of the Fund; and
WHEREAS, Carmel Code § 2-110, establishing the Rainy Day Fund, places no
restrictions on transfers from the Fund, other than the requirement of a resolution of the Common
Council.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Carmel, Indiana:
Section 1. The use of the Rainy Day Fund to appropriate $15,374,140 so that the amount
may be transferred to another fund and subsequently appropriated and expended for paving is
consistent with the expressed intent of the Fund.
Section 2. Once said funds are transferred from the Rainy Day Fund to any other fund the
Common Council must appropriate said funds, in accordance with State law, before any may be
expended.
Prepared by Benjamin W. Roeger on November 1, 2016, as suggested language only and not as legal advice. No subsequent
revision has been reviewed by Mr. Roeger. (Version A)
M Resolved by the Common Council of the City of Carmel,
el, ndiana this 002)ay of
.g� , 2016, by a vote of ayes and nays.
COMMON COUNCIL FORT TY OF CA EL
.de Sue F' am
CaroY 9chleif
Bruce Kimball
Presented by me to the Mayor of
�R C 2016,at101,;_O jqj.�
lL %�
Approved by me, Mayor of the City of Carmel, Indiana, this 2.7jay of
Uc'yPir, �P/z. 2016, at /(-) 50 f f, .M.
James Brainard, Mayor
Approved by met, yor of the City of Carmel, Indiana, this 4eday of 1110AfkV13
2016, at D O'clock, A . M.
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James Brainard, Mayor
A/ TE'
C-hfistine S. Pauly, Clerk -Treasurer
Prepared by Benjamin W. Roeger on November 1, 2016, as suggested language only and not as legal advice. No subsequent
revision has been reviewed by Mr. Roeger. (Version A)