011 of 2008 - Amending the FY Budget for 2007/2008. (Airport Emergency budget opening) 0 08--1
B 08-4
SALT LAKE CITY ORDINANCE
No. 11 of 200'8
(Amending the Final Budget of Salt Lake City,
including the employment staffing document,
for Fiscal Year 2007-2008)
AN ORDINANCE AMENDING SALT LAKE CITY ORDINANCE NO. 24 OF
2007 WHICH ADOPTED THE FINAL BUDGET OF SALT LAKE CITY, UTAH, THE
FISCAL YEAR BEGINNING JULY 1, 2007 AND ENDING JUNE 30, 2008.
PREAMBLE
On June 12, 2007, the Salt Lake City Council adopted the final budget of Salt
Lake City, Utah, including the employment staffing document, for the fiscal year
beginning July 1, 2007 and ending June 30, 2008, in accordance with the requirements of
Section 118, Chapter 6, Title 10 of the Utah Code Annotated, and said budget, including
the employment staffing document, was approved by the Mayor of Salt Lake City, Utah.
The City's Policy and Budget Director, acting as the City's Budget Officer,
prepared and filed with the City Recorder proposed amendments to said duly adopted
budget, including the amendments to the employment staffing document, copies of which
are attached hereto, for consideration by the City Council and inspection by the public.
All conditions precedent to amend said budget, including the employment staffing
document, have been accomplished.
Be it ordained by the City Council of Salt Lake City, Utah:
SECTION 1. Purpose. The purpose of this Ordinance is to amend the final
budget of Salt Lake City, including the employment staffing document, as approved,
ratified and finalized by Salt Lake City Ordinance No.24 of 2007.
SECTION 2. Adoption of Amendments. The budget amendments, including
amendments to the employment staffing document, attached hereto and made a part of
this Ordinance shall be, and the same hereby are adopted and incorporated into the budget
of Salt Lake City, Utah, including the employment staffing document, for the fiscal year
beginning July 1, 2007 and ending June 30, 2008, in accordance with the requirements of
Section 128, Chapter 6, Title 10, of the Utah Code Annotated.
SECTION 3. Certification to Utah State Auditor. The City's Policy and Budget
Director, acting as the City's Budget Officer, is authorized and directed to certify and file
a copy of said budget amendments, including amendments to the employment staffing
document, with the Utah State Auditor.
SECTION 4. Filing of copies of the Budget Amendments. The said Budget
Officer is authorized and directed to certify and file a copy of said budget amendments,
including amendments to the employment staffing document, in the office of said Budget
Officer and in the office of the City Recorder which amendments shall be available for
public inspection.
SECTION 5. Effective Date. This Ordinance shall take effect on its first
publication.
2
Passed by the City Council of Salt Lake City, Utah, this 13 day of
March , 200 8
�Q9•, (, '
CHAIRPERSON
ATTEST:
LA/Vii(..0-
CHIEF DEPUTY Y RDER
Transmitted to the Mayor on March 17, 2008
Mayor's Action: X Approved Vetoed
MA OR
ATTEST:
EF EPUTY TY RE RDE
iiso
try r 4�
(SEAL) ;• , , -.
Bill No. 11 of 200 8
Published: 3-25-08
HB_ATTY-#2169-v 1-Budget_amendment_1_2007-2008.DOC
3
Fiscal Year 2008 Budget Amendment #2-A —March
General Fund Impact
Fiscal Year Annual Impact Fund Balance Fund Balance
# Initiative Name Impact Amount FTE General Fund Impact Impact
Amount (If Different) Impact Positive Negative
Section A New Items
1. Airport Bond Refund $49,775,000.00
Section B Grants For Existing Staff Resources
Section C Grants For New Staff Resources
Section D Housekeeping
Section E Grants Requiring No New Staff Resources
Section F Donations
Section I Council Added Items
Initiative Name:
Airport Bond Refund
Initiative Number:
BA#2-A FY 2008 Initiative #A-1
Initiative Type: Budget Amendment
New Item
Initiative Discussion:
The Airport currently has $49,775,000 of outstanding debt all of which is in Auction Rate
Security (ARS). ARS are long term bonds that is treated like short term debt in that the
interest rates are reset every 7, 28, or 35 days. Our rates will be set again on February 28th
and March 13th. The interest is determined by an auction that sets the interest rate until the
next auction. In the event that there are not enough buyers the auction fails and the
bondholders who wanted to sell their bonds are left holding the securities. Rates at a failed
auction will be set in accordance with provisions spelled out in the Official Statement. In our
case the default interest rate is 15%.
The demand for ARS has diminished because these securities are backed by MA rated
insurance companies that have had or threatened to have their AAA rating reduced.
These bonds were issued in 2004 and for the past four years have provided a very low
interest rate well below the fixed rates available, and below the rates we were earning on city
invested funds, however that is no longer the case.
In the event our next auction fails or the interest rates are too high this amendment will allow
us to pay off the bonds and retire the debt with existing cash reserves.
•
Airport Bond Refund
Initiative Name P
BA#A-2 FY2008 Initiative#A-1 _ 2007-08
Initiative Number r Fiscal Year
Airport New Item
Department Type of Initiative
Jay Bingham 575-2916 I 575-2918
Prepared By Telephone Contact
jGeneral Fund ( Fund Balance) Impact
Revenue Impact By Fund: 1st Year 2nd Year _
FY 2007-08 FY 2008-09
General Fund
- —- ---- - - Total $0 $0
IInternal Service Fund
Total __ $0 i $0
Enterprise Fund
,54 Fund (Fund Balance)
Total $ 49,775,000.00 ; $0
Other Fund
Total 0 $0
Staffing Impact:
New Number of FTE's 0.
Existing Number of FTE's
Total 0
Description
—
Accounting Detail Grant# and CFDA# If Applicable:
Revenue:
Cost Center Number Object Code Number Amount
•
Expenditure:
Cost Center Number Object Code Number Amount
.54-78100 2811 28,150,000
54-78200 2811 21,625,000
Additional Accounting Details:
Grant Information:
'Grant funds employee positions? N/A
Is there a potential for grant to continue? N/A
If grant is funding a position is it expected the position will
be eliminated at the end of the grant? N/A
Will grant program be complete in grant funding time frame? N/A
Will grant impact the community once the grant funds are
eliminated? N/A
Does grant duplicate services provided by private or
Non-profit sector? N/A