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Committee advances cleanup realignment of several capital projects; no new money added
Summary
An ordinance realigning a small number of capital budget projects within the city's existing capital budget was placed on for passage; staff said the action moves sources and uses into the proper accounts and does not appropriate new funds.
The Budget and Finance Committee on Oct. 11 advanced an ordinance that realigns a small handful of capital budget projects within the city’s existing capital budget. The administration said the realignment moves money between accounts so sources and uses are recorded in the proper order and that no new funds are being appropriated.
Staff described the change as a cleanup item needed because some bond funding had been posted to permanent improvement accounts in error; the realignment restores the intended accounting treatment.
Why it matters: correcting sources and uses in capital accounts helps preserve bond and permanent improvement fund accounting rules and keeps the capital program’s books accurate.
Action taken: the committee placed the realignment ordinance on for passage.
