Title
Dept/ Agency: Administration/Office of Management & Budget
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: External Transfer of Funds
Purpose: To pay outstanding medical benefits obligations
Amount Transferred: $2,300,000.00
Transferred From: Unclassified Operations
Transferred To: Unclassified Operations
Additional Information:
Two-Thirds vote of full membership required.
body
ETR-#2
BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY:
1. That additional funds are required as shown in the schedule below.
2. That the Municipal Council by a two-thirds vote of its full membership, pursuant to N.J.S.A. 40A:4-59, does hereby authorize the transfer of excess appropriations to those appropriations deemed insufficient as set forth below:
FROM: Unclassified Operations
Personnel Services
Prescription Insurance $2,300,000.00
(Sheet # 17)
Total External Transfer of Funds $2,300,000.00
TO: Unclassified Operations
Personnel Services
Medical Insurance-Horizon Blue Cross/Blue Shield $2,300,000.00
(Sheet # 17)
Total External Transfer of Funds $2,300,000.00
STATEMENT
This External Transfer of Reserves resolution will allow the City of Newark to pay outstanding medical benefits obligations.