Title
Dept/ Agency: Administration/Office of Management and Budget
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: External Transfer of Reserve Funds
Purpose: External Transfer of Reserve Funds will allow the City of Newark to pay outstanding obligations
Amount Transferred: $ 1,000,000.00
Transferred From: Sewer Utility
Transferred To: Sewer Utility
Additional Information:
Two-Thirds vote of full membership required.
body
ETR #S1
WHEREAS, N.J.S.A. 40A:4-59 provides for appropriation transfers during the first three (3) months of the current year's budget, in order to satisfy claims authorized or incurred during the preceding year's budget.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. Not less than two-thirds of all members thereof affirmatively concur.
2. Additional funds are required as shown in the schedule below.
3. Pursuant to N.J.S.A. 40A:4-59, transfers of appropriations be and are hereby authorized as follows:
FROM: Sewer Utility
Capital Improvements
Capital Outlay $1,000,000.00 (Sheet #32b)
Total External Transfer of Reserve Funds $1,000,000.00
TO: Sewer Utility
Capital Improvements
Equipment $1,000,000.00
(Sheet #32b)
Total External Transfer of Reserve Funds $1,000,000.00
STATEMENT
This External Transfer of Reserves Funds will allow the City of Newark to pay outstanding obligations.