HomeMy WebLinkAboutORDINANCE 0621-1980�%.
CITY OF KENAI
ORDINANCE NO. 621-80
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, ALASKA,
INCREASING ESTIMATED REVENUES AND APPROPRIATIONS IN THE 1980-81
GENERAL FUND BUDGET TO INCREASE THE RESERVE FOR SELF-INSURANCE BY
$100,000.
WHEREAS, the City does not maintain insurance coverage for
replacement of vehicles and equipment lost through accident or
theft, and
WHEREAS, a reserve for self-insurance has been established in the
General Fund in the amount of $10,000, which is clearly
insufficient in the event of a major loss of equipment, and
WHEREAS, the City Council desires to have this reserve increased
by $100,000 in order to restrict monies ir, an amount sufficient
to protect the City against possible future losses of equipment,
and
WHEREAS, in the event of loss or change in circumstances, any
increase or decrease or use of monies in the reserve shall be
made by ordinance.
WHEREAS, proper accounting practices require that all
appropriations of City monies be made by ordinance.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
KENAI, ALASKA, that the following increases in estimated revenues
and appropriations be wades
Increase Estimated Revenues:
Appropriation from Fund Balance $100,000
Increase Appropriations:
Other-Transier to Reserve (for
Self-insurance) $100,000
PASSED BY THE C:)UNC01L OF THE CITY OF KENAI, ALASKA, this 5th day
of November, 1980.
VINCENT 0'RE , MAYOR
ATTESTS
CLx? J �✓ �G ✓X -Q�t.
anet Whelan, City Clerk
First Readings October 15, 1980
Second Readings November 5, 1980
Effective Date: November 5, 1980
Approved by Finances C�