HomeMy WebLinkAboutOrdinance No. 3138-2020JC Sponsored by: Administration
K~NAI
CITY OF KENAI
ORDINANCE NO. 3138-2020
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI , ALASKA, INCREASING FISCAL
YEAR 2020'S ESTIMATED REVENUES AND APPROPRIATIONS IN THE AIRPORT LAND
SALE PERMANENT FUND TO TRANSFER EARNINGS IN EXCESS OF BUDGETED
AMOUNTS TO THE CITY'S AIRPORT FUND .
WHEREAS , the allowable transfer amount of the Airport Land Sale Permanent Fund with a 2019-
year ending value of $26, 117,403 is $928,251 based on a 3.8% draw on the funds five-year
average year-ending balance; and,
WHEREAS, the FY2020 budget transfer amount was $908,811 necessitating a supplemental
appropriation in the amount of $19,440 to facilitate the transfer of all allowable earnings in
FY2020; and,
WHEREAS, transferring the maximum amount per Kenai Municipal Code is in the best interest of
the Airport.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA,
as follows:
Section 1. That the estimated revenues and appropriations be increased as follows:
Airport Land Sale Permanent Fund :
Increase Est imated Revenues -
Investment Earnings
Increase Appropriations -
Transfer to Airport Special Revenue Fund
$19.440
$19.440
Section 3. That this appropriating ordinance shall apply to the FY2020 City of Kenai Budget.
Section 4. Severability: That if any part or provision of this ordinance or appl ication thereof to
any person or circumstances is adjudged invalid by any court of competent jurisdiction , such
judgment shall be confined in its operation to the part, provision , or application directly involved
in all controversy in which this judgment shall have been rendered, and shall not affect or impair
the validity of the remainder of this title or application thereof to other persons or circumstances .
The City Council hereby declares that it would have enacted the remainder of this ordinance even
without such part, provision, or application.
Section 5. Effective Date : That pursuant to KMC 1 .15 .070(f), this ordinance shall take effect
immediately upon enactment.
Ordinance No. 3138-2020
Page 2 of 2
ENACTED BY THE COUNCIL OF THE CITY OF KENAI , ALASKA , this 1 day of July, 2020 .
EfRIAN GABRIEL SR., MAYOR
New Text Underlined; [DELETED TEXT BRAC KE TED]
Introduced : June 17, 2020
Enacted : July 1, 2020
Effective : July 1, 2020
C ity of Kenai I 210 l=id algo Ave, Kenai. AK 99611 -7794 1907.283.7535 I www.kenai.c ily
MEMORANDUM
TO:
THROUGH:
FROM:
DATE:
SUBJECT:
Mayor Gabriel and Council Members
Paul Ostrander, City Manager
Terry Eubank, Finance Director
June 8, 2020
Ordinance 3138-2020
The purpose of this memo is to recommend adoption of Ordinance 3138-2020 . Ordinance 3138-
2020 will appropriate an additional $19,440 in the Airport Land Sale Permanent Fund to transfer
to the Airport Special Revenue Fund for operations . The allowable FY2020 transfer is $19,440
more than was estimated at the time of budget adoption . Approval of this supplemental
appropriation will allow the policy max imum to be transferred for future use by the Airport.
Your support is respectfully requested.