HomeMy WebLinkAboutD-2345-17 Transfer from CT to Mayor for CAFRSPONSORS: Councilor Carter
Councilor Worrell
Councilor Rider
ORDINANCE D-2345-17
AN ORDINANCE OF THE COMMON COUNCIL OF THE CITY OF CARMEL
INDIANA, REALLOCATING CERTAIN 2017 APPROPRIATIONS
Synopsis: The ordinance has the effect of transferring appropriations to fund CAFR-related
expenditures from the Clerk Treasurer's Office to the Mayor's Office.
WHEREAS, municipal bond investors, taxpayers, and others may benefit from
presentation of the financial statements of the City of Carmel in accordance with generally
accepted accounting principles (GAAP) and the publication of a comprehensive annual financial
report (CAFR); and
WHEREAS, 1. C. 5-11-1-4 phases in a requirement for certain cities, including the City
of Carmel, to publish financial statements prepared in accordance with GAAP; and
WHEREAS, bond rating agencies have asked about the availability of a CAFR when
making determinations about the City's credit ratings, which impact interest rates paid by the
City, and the lack of a CAFR may count against the City in the judgement of these agencies; and
WHEREAS, the City expects to expend the following CAFR-related annual
expenditures: $68,000 for financial statement preparation, $13,500 for actuarial studies, $5000
for updates of capital assets data, $2,000 for review by the Government Financial Officers
Association, and $18,000 for contingencies; and
WHEREAS, on October 17; 2016, the Common Council approved appropriations of
$90,000 for accounting services and $68,000 for other accounting services for the Clerk -
Treasurer Office budget, based on the assumption that 2017 CAFR-related expenditures would
be expended from those appropriations; and
WHEREAS, on October 17, 2016, Council approved $0 of appropriations for the
Mayor's Office for 2017 CAFR-related expenditures; and
. IWHEREAS, Council now finds it is preferable for CAFR-related expenditures be paid
from appropriations of the Mayor's Office rather than those of the Clerk -Treasurer's Office;
NOW, THEREFORE, BE IT ORDAINED, by the Common Council of the City of
Carmel, Indiana:
Section 1: That the foregoing Recitals are incorporated herein by this reference.
Page One of Three
Prepared by Councilor Ronald E. Carter
Section 2: That 2017 appropriations to the Clerk -Treasurer's office are withdrawn and
additional 2017 appropriations to the Mayor's Office are granted to result in the following
reallocation:
$68,000 from line item #4340303 of Department -1701
MW
Line item #4340300 of Department -1160
AND
$38,500 from line item #4340300 of Department -1701
TO
Line item #4340300 of Department -1160.
This ordinance shall become effective upon its passage and execution by the Common
Council and the Mayor as required by law.
h
PASSED by the Common Council of the City of Carmel, Indiana this day of
_!` , 2017, by a vote of ayes and 6? nays.
r!1 . T . T!\lam• IL FOR THE CITY OF CARMEL
onald E. Carter
No+—D n�e f
Laura D. Campbell
D. Rider
Jeff
Tony
ATTEST
C7
ley, Clerk -Treasurer
Page Two of Three
Prepared by Councilor Ronald E. Carter
H. Bruce Kimball
Presented by me to the Mayor of the City of Carmel, Indiana, thisMllay of
2017, at /Iter} M.
C
ey, C erk-Treasurer
Approved by me, Mayor of the City of Carmel, Indiana, this,A day of
Ae-bwQ x f/ , 2017, at 11P R.M.
de�� don�
Ames Brainard, Mayor
ATTE
C7
y, Clerk -Treasurer
Page Three of Three
Prepared by Councilor Ronald E. Carter