HomeMy Public PortalAboutr 97:173No. 97-173 Date of Adoptio. MAY 22~19R2_
RESERVE ~OR SEWER IMPROV~I~2~T A~]COLINT
WHEREAS, there exists an account in the General Capital Fund entitled,
"Reserve for Sewer Improvements"; and
WI~RtEAS0 this accoun~ has been funded from current fund budget' appro-
priations with fund~ representing the excess of sewer revenues over
sewer expenditures; and
WHEREAS, the Borough undertook a review of the sewer expenclitoze allo-
cations previously prepared by administration for the years 1986 thru
1996; and
WHEREAS, the review has determined that certain additional costs related
to the sewer operations may be allocated against sewer revenues in the
~unt of $1,015,090.00; and
WHEREAS, after the appropriate transfers are undertaken between the
1997 Currant Fund budget and the General Capital Fund a cun~alative ex-
cess of $726,535.00 will exist in the account entitled, "Reserve for
Sewer Improvemmnts"; and
WHEREAS, the Governing Body wishes to transfer this excess to the General
Capital Fund - Fund Balance.
NOW, THEREFORE, BE IT RESOLVED, by the Governing Body of the Borough of
Carteret, that the Chief Financial Officer is directed to transfer
$726,535.00 from the account entitled, "Reserve for Sewer Improvements"
to the "General Capital Fund - Fund Balance."
Adopted the 22nd day of May, 1997
and certified as a true copy of
the original on MAY 23, 1997.
KATHLEEN M. BARNEY~
Certified Municipal Clerk
RECORD OF COUNCIL VOTE
X - Indicate Vote AB Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto
Adopted at a meeting of the Municipal Cou.cil MAY 22, 1997