HomeMy WebLinkAboutOrdinance No. 2580-2011/catyo/
KENAI, SKA
Suggested by: Administration
CITY OF KENAI
ORDINANCE NO. 2580 -2011
AN ORDINANCE OF THE COUNCIL OF THE CITY OF KENAI, ALASKA, INCREASING
ESTIMATED REVENUES AND APPROPRIATIONS BY $41,000 IN THE GENERAL FUND
AND BY $89,965.73 IN THE LIBRARY IMPROVEMENTS CAPITAL PROJECT FUND TO
PROVIDE ADDITIONAL FUNDING FOR COMPLETION OF THE LIBRARY EXPANSION
PROJECT.
WHEREAS, the total cost of the proposed 10,000 square foot expansion and
renovation of the existing section of the Kenai Library is projected to be $6,203,377;
and,
WHEREAS, the City has received an additional $40,000, bringing the project total to
$550,000, from the Friends of Kenai Community Library (The Friends) for the project;
and,
WHEREAS, to date the City has earned $8,965.73 in interest earnings on unspent
project funds; and,
WHEREAS, the remaining
Capital Reserve Fund.
41,000 for the project will come from General Fund's
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF KENAI,
ALASKA, that estimated revenues and appropriations be increased as follows:
General Fund
Increase Estimate Revenues:
Appropriation of Designated Fund Balance -
Capital Improvement Reserve Fund
41,000
Increase Appropriations:
Transfer to Library Improvements Capital Project Fund $41,000
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Ordinance No. 2580 -2010
Page 2 of 2
Library Improvements Capital Project Fund
Increase Estimated Revenues:
Transfer In - General Fund
Appropriation of Fund Balance
Increase Appropriations:
Construction
$41,000.00
48,965.73
$89,965.73
$89.965.73
PASSED BY THE COUNCIL OF THE CITY OF KENAI, ALASKA, this 21st day of
September, 2011.
ATTEST:
Corene Hall, Deputy City Clerk
Approved by Finance:
PAT PORTER, MAYOR
Introduced: September 7, 2011
Adopted: September 21, 2011
Effective: September 21, 2011
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ci y ofi
KENAI, ALASKA
"Viflaye with a Past, Ci y with a Future
FINANCE DEPARTMENT
210 Fidalgo Avenue, Kenai, Alaska 99611 -7794
Telephone: 907 - 283 -7535 ext 221 / FAX: 907 - 283 -3014
TO: Rick Koch, City Manager
FROM: Terry Eubank, Finance Director
DATE: August 31, 2011
SUBJECT: Ordinance 2580 -2011
Kenai
This Ordinance is to appropriate funds to the Kenai Library Improvements Capital Fund received from
donations, interest earnings and general funds necessary to complete the project.
The project is near completion and final adjusting change orders are being processed and final purchases
being planned. Remaining to be appropriated are interest earnings in the amount of $8,965.73, a
$40,000 donation from the Friends of the Kenai Community Library, and an additional $41,000 request
from the General Fund's Capital Improvement Reserve Fund. With passage of this ordinance the final
project budget will be $6,203,373.73. Funding sources for the project included:
Voter Approved General Obligation Bonds
Rasmuson Foundation Grant
State of Alaska Grant Funding
Friends of the Kenai Community Library Donations
including funding from:
BP Foundation $150,000.00
Conoco Phillips 25,000.00
Brown insurance 20,000.00
Jim & Nedra Evenson 10,000.00
First National Bank Alaska 10,000.00
Central Peninsula Hospital 10,000.00
The Navarre Family 10,000.00
Cliff & Kathy Heus 5,000.00
Other 310 000.00
City Unreserved Fund Balance
City Capital Improvement Reserve Fund
Walmart
Interest Earnings
Other
Total
$2,000,000.00
1, 500, 000.00
1,750,000.00
550, 000.00
40,000.00
341,000.00
5,500.00
13,965.73
2,911.00
$6 203,376.73
It should be noted that utilization of Capital Improvement Reserve Funds will require at least five
affirmative votes for passage.