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Ordinance Details

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  • Ordinance Subject: ORDINANCE13-006
  • Posted: May 10, 2013 11:01 AM
  • Municipality: North Providence

ORDINANCE 13-006
ORDINANCE TO PROVIDE FOR REALLOCATION
OF FISCAL YEAR 2013 REVALUATION ALLOTMENT
TO FISCAL YEAR 2014 EXPENDITURE
It is hereby ordained by the Town Council of the Town of North Providence as follows:
WHEREAS, while adopting the Fiscal Year 2013 Budget, the Town of North Providence Town Council ("Town Council") was informed by the Administration that the Town was receiving an additional $400,000.00 in Community Relief Funds; and
WHEREAS, In the approved budget for Fiscal Year 2013 the Town Council approved an allocation amount of $400,738.00 for the expenditure for the professional service of revaluation to be paid with the additional Community Relief Funds; and
WHEREAS, to date, the Town of North Providence has expended all but $183,608.00 of the total amount allocated in the approved budget for Fiscal Year 2013; and
WHEREAS, the Mayor of the Town of North Providence, in his proposed Fiscal Year 2014 Budget, has requested a new allocation of $257,570.00 to pay for expenditures for professional services for revaluation; and
WHEREAS, the Town Council desires to utilize and reallocate the unexpended funds from the Fiscal Year 2013 allocation, to wit $183,608.00, to decrease the expenditure asked for by the Town Administration in its proposed Budget,
 
instead of providing for a new expenditure which would include an identical amount in the Town of North Providence's Fiscal Year 2014 budget; and
WHEREAS, the Town Council has been notified by Braver, P.C., the Town's Contracted Auditors, that in order to comply with GASB 54 and provide for the reallocation of the unused funds from the Fiscal Year 2013 budget, the Town Council is required to pass an Ordinance to both reallocate the $183,608.00 from the Fiscal Year 2013 allocation to the Fiscal Year 2014. Budget and to provide for a "Special Revenue Fund" classified as "Property Revaluation"; and
WHEREAS, the Town Council desires to provide for the above-referenced reallocation and Special Revenue Fund in order to avoid an additional expense to the residents of the Town of North Providence in Fiscal Year 2014,
NOW, THEREFORE, BE IT HEREBY ORDAINED BY THE TOWN COUNCIL OF THE TOWN OF NORTH PROVIDENCE AS FOLLOWS:
SECTION ONE: That the Town of North Providence, by and through its Administration and/or its Finance Department, shall create a new "Special Revenue Fund" designated as "Property Revaluation".
 
SECTION TWO: That the Town of North Providence, by and through its Administration and/or its Finance Department, shall transfer the amount of $183,608.00 of unexpended funds from the Fiscal Year 2013 allocation for Professional Services for Revaluation to the aforementioned "Special Revenue Fund" designated as "Property Revaluation" forthwith and no later than June 30, 2013.
SECTION THREE: That the funds transferred, to wit, the $183,608.00, shall be expended and removed from the "Special Revenue Fund" for the payment of Professional Services related to the current revaluation only.
SECTION FOUR: That the Town of North Providence, by and through its Administration and/or its Finance Department, shall, during Fiscal Year 2014, when costs/expenses are incurred for professional service for the current and ongoing revaluation process, allocate and pay those expenses to and from the "Special Revenue Fund" earmarked for "Property Revaluation" and said expenditures shall not be part of the Fiscal Year 2014 budget.
SECTION FIVE: Pursuant to instructions from the Town's Auditors, the $183,608.00 in revenue unused in the Fiscal Year 2013 budget shall not be presented as part of the Town's General Fund and shall be reflected in the "Special Revenue
 
Fund" and shall not be shown as a component of the Town's General Fund Operations for Fiscal Year 2013.
SECTION SIX: This Ordinance shall take effect upon its adoption and the Town of North Providence Administration and/or its Finance Department shall take the necessary actions prior to June 30, 2013 to establish the "Special Revenue Fund" marked "Property Revaluation" and transfer the $183,608.00 to that fund as instructed by the Town's Auditors.
SECTION SEVEN:	All Ordinances or parts thereof, inconsistent herewith, are hereby repealed.



FOR PUBLIC HEARING JUNE 4, 2013 @ 7:00 AT TOWN OF NORTH PROVIDENCE 2000 SMITH STREET NORTH PROVIDENCE, RI 02911