Title
Dept/ Agency: Administration/Office of Management & Budget
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: External Transfer of Funds
Purpose: Transferring funds within Unclassified Operation to provide sufficient funding until year end.
Amount Transferred: $4,978,908.00
Transferred From: Unclassified Operations
Transferred To: Unclassified Operations
Additional Information:
Two-Thirds vote of full membership required.
body
ET-#1
WHEREAS, additional funds need to be transferred within the Unclassified Operation to provide sufficient funding until the end of the year, and;
WHEREAS, N.J.S.A. 40A:4-58, authorizes the Municipal Council, by a two-thirds vote of its full membership, to transfer excess appropriations to those appropriations deemed insufficient.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The additional funds are required as shown in the schedule below.
2. The Municipal Council by a two-thirds vote of its full membership, pursuant to N.J.S.A. 40A:4-58, does hereby authorize the transfer of excess appropriations to those appropriations deemed insufficient as set forth below:
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FROM: Unclassified Operation: |
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AETNA |
4,500,000.00 |
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Prescription Insurance |
478,908.00 |
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(Sheets 17 & 17b) |
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Total External Transfer of Funds |
4,978,908.00 |
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TO: Unclassified Operation: |
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Direct Access |
3,528,585.00 |
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Traditional Health Insurance |
1,067,716.00 |
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Dental Insurance (City) |
188,285.00 |
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Prescription Insurance |
157,373.00 |
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Dental Insurance (Library) |
21,127.00 |
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Exclusive Provider Organization |
15,822.00 |
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(Sheets 17 & 20) |
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Total External Transfer of Funds |
4,978,908.00 |
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STATEMENT
This Resolution authorizes the transfer of funds within the Unclassified Operation to provide sufficient funding until the end of the year .