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<br />[JAction <br /> <br />CITY OF PARIS, TEXAS <br />CITY COUNCIL AGENDA REQUEST <br />MEETING DATE: I October 8,2007 <br /> <br />o Discussion Dlnformation DRefer to: <br /> <br />1 <br /> <br />SUBMITTED BY: <br />l Gene Anderson, Finance Director <br /> <br />DESCRIPTION: <br /> <br />This ordinance amends the 2007-08 Budget. <br /> <br />BACKGROUND INFORMATION: <br /> <br />This ordinance increases various capital line items in the General and Water & <br />Sewer Funds as directed by the Council. It also formally recognizes the wish of the <br />Council to transfer $1,250,000 from the General Fund surplus to help establish a <br />Capital Projects fund from which to make future capital expenditures. This <br />ordinance also formally recognizes the Council desire to transfer an additional <br />$624,681 to be spent as follows: (1) $305,000 for the partial payoff of the General <br />Fund portion of a lease-purchase agreement with Liberty National Bank (only year <br />3 payments to be funded in the 2008-09 Budget will not be paid off at this time). (2) <br />$319,681 for the purchase of capital items. This dollar amount being determined <br />by adding $188,177 to purchase capital items in the 07-08 Budget plus $436,504 <br />to purchase capital items in the 07-08 Budget originally scheduled to be lease- <br />purchased less $305,000 which represents the early payoff of the General Fund <br />portion of the lease-purchase agreement with Liberty National Bank. <br /> <br />FISCAL AUTHORITY: <br />I See attached document <br /> <br />LEGAL REVIEW: <br /> <br />MANAGER'S RECOMMENDATION: <br /> <br />'._'.'_~'''''''''''''C,___"," "...... "'_'.o-,,,...w,,._.,,...~..,,,~,,_..__. _""W'__ _'''_'_''_''~'"''''~'.''_''__."....,.,__".."".~,".___"'~_"_"'___~~^""_""'_"";~ ,"~,._._,_ <br />