HomeMy WebLinkAbout96-56RESOLUTION NO. 96-56
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF UKIAH
APPROVING BUDGET AMENDMENT AND LOAN FOR
UKIAH VALLEY CONFERENCE CENTER
WHEREAS, due to the overwhelming increase in bookings and activities, the
revenues and expenditures of the Ukiah Valley Conference Center have significantly
surpassed the figures adopted by the City Council for the 1995-96 budget; and
WHEREAS, the City Council desires to maintain specific and responsible control
over the financial transactions of its operations through current calculations and updated
projections of actual revenues and expenditures; and
WHEREAS, budget amendments verify the City Council' s authority for expenditure
and revenue changes throughout the year; and
WHEREAS, loans from the General Fund to operating functions specify the
contribution to the particular activity and document the necessity for repayment when fund
balances are positive.
NOW, THEREFORE, BE IT RESOLVED by the Ukiah City Council that the Budget
Amendment to the Ukiah Valley Conference Center (Fund 410) increasing 1995-96
Expenditures from $149,577 to $260,230 and Revenues from $130,847 to $234,804, more
precisely described in the attached Exhibit A, is approved, and a loan of $98,882 at an
interest rate of six percent (6%) compounded annually, from the General Fund (Fund 100)
to the Ukiah Valley Conference Center (Fund 410) is approved.
PASSED AND ADOPTED this 17th day of April, 1996 by the following roll call vote:
AYES:
Councilmembers Mastin, Malone, Wattenburger, Shoemaker, and Mayor
Schneiter
NOES: None
ABSENT: None
ABSTAIN: None
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Fred Schneite, Mayor
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EXHIBIT A
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