Ordinance 18-2017 BudgetEMERGENCY ORDINANCE NO. 18-2017
AN EMERGENCY ORDINANCE OF THE TOWN COUNCIL OF
THE TOWN OF PALM BEACH, PALM BEACH COUNTY,
FLORIDA, PROVIDING FOR AN AMENDMENT TO THE TOWN'S
BUDGETS ADOPTED FOR THE FISCAL YEAR COMMENCING
OCTOBER 1, 2016; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, on September 21, 2016, the Town of Palm Beach adopted final budgets for
the fiscal year commencing October 1, 2016; and
WHEREAS, time is of the essence to award the contracts and move forward with the
Undergrounding Project to ensure the least amount of disruption to the citizens this summer; and
WHEREAS, the budgets must be amended to transfer reserves from the Equipment
Replacement Fund in the short term until the Line of Credit financing can be finalized; and
WHEREAS, the Town Council of the Town of Palm Beach deems it necessary and
appropriate to amend said budgets to provide the necessary funds in the Underground Utility
Project Fund for the costs associated with Phase 1 North and Phase 1 South project costs and Phase
2 Design Costs; and
WHEREAS, the Town Council of the Town of Palm Beach, deems it necessary and
appropriate to amend said budgets to provide appropriations adequate for the authorization of
expenditures necessary for conducting Town operations for the fiscal year ending September 30,
2017; and
WHEREAS, said budget amendments are required to be approved by ordinance.
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN COUNCIL OF THE
TOWN OF PALM BEACH, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1. The foregoing recitals are hereby ratified and confirmed.
Section 2. The Underground Utility Project Fund budget for the fiscal year commencing
October 1, 2016, is hereby amended and adopted pursuant to Exhibit "A", attached hereto and
made a part of this emergency ordinance.
Section 3. The Equipment Replacement Fund budget for the fiscal year commencing
October 1, 2016, is hereby amended and adopted pursuant to Exhibit `B" attached hereto and made
a part of this emergency ordinance.
Section 4. Effective Date. This emergency ordinance shall take effect immediately
upon passage and adoption as provided by law.
PASSED AND ADOPTED in a regular, adjourned session of the Town Council of the
Town of Palm Beach on first and final reading this 13th day of June, 2017.
ii L. Honig io, ayor
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Town Clerk
CwevtavIjnr,`l'eirc.e, Aei��q
i-� Yn re4
Richard M. Kleid, Town Council President
Danielle H. Moore, Council President Pro Tem
ru ie ATskog, own Coun il'Member
1 tSit s aiT•)iNAM
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Margaret A. Zeidto, Town Council Member
Emergency Ordinance No. 18-2017 Page 2 of 2
Town of Palm Beach, Florida
Underground Utility Project Fund
Budget Amendment
October 1, 2016 through September 30, 2017
Adopted Ordinance Amended
Budget No. 18-2017 Budget
FY2017 Amendment FY2017
Revenues
Exhibit A
Investment Earnings
6,000
6,000
Transfer from CIP Fund
760,200
760,200
Proceeds from LOC
12,750,000
12,750,000
Transfer from Reserves of ERF
-
12,750,000
12,750,000
Total Revenues
766,200
-
26,266,200
Expenditures
Project Costs
1,065,852
12,750,000
13,815,852
Transfer to Reserves of ERF
-
12,750,000
12,750,000
Total Expenditures
1,065,852
12,750,000
26,565,852
Revenues Over/(Under) Expenditures (299,652)
Beginning Fund Balance
Ending Fund Balance
(299,652)
305,652 305,652
6,000 6,000
Town of Palm Beach, Florida
Equipment Replacement Fund Revenues and Expenditures
Budget Amendment
October 1, 2016 through September 30, 2017
Revenues
Investment Earnings
Surplus Equipment Proceeds
Transfer from Underground Utility Project Fund
Transfer from General Fund and Other Funds
Total Revenues
Expenditures
Transfer to Underground Utility Assessment Fund
Transfer to Underground Utility Project Fund
Contractual
Capital Outlay - Equipment
Capital Outlay - IS Equipment
Contingency
Revenues Over/(Under) Expenditures
Beginning Unrestricted Net Assets
Adopted Ordinance No. Amended
Budget 18-2017 Budget
FY2017 Amendment FY2017
86,000
86,000
30,000
30,000
5,000
12, 750, 000 12, 750, 000
2,298,133
- 2,298,133
2,414,133
12,750,000 15,164,133
Exhibit B
1,500,000
1,500,000
-
12,750,000 12,750,000
5,000
5,000
1,678,369
1,678,369
456,850
456,850
500,000
500,000
4,140,219
12,750,000 16,890,219
(1,726,086) (1,726,086)
14,918,663 14,918,663
Ending Unrestricted Net Assets 13,192,577 13,192,577
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