HomeMy WebLinkAbout2017-08 Budget Amendment and Transfer to Capital Projects Fund•
•
ORDINANCE NO. 2017-08
AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF
NORTH PALM BEACH, FLORIDA, AMENDING THE ADOPTED GENERAL
FUND BUDGET FOR FISCAL YEAR 2016-2017 TO APPROPRIATE
$15,000,000.00 FROM LOAN PROCEEDS FOR THE NORTH PALM BEACH
COUNTRY CLUB PROJECT TO REIMBURSE THE GENERAL FUND
UNASSIGNED FUND BALANCE IN THE AMOUNT OF $1,400,000.00 AND
TRANSFER $13,600,000.00 TO THE CAPITAL PROJECTS FUND TO
PROVIDE FUNDING FOR THE PROJECT; RECLASSIFYING A PORTION
OF THE TEMPORARY FACILITIES BUDGET TO PROVIDE FUNDS FOR
PROFESSIONAL SERVICES INCURRED FOR THE LOAN FINANCING;
PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, through the adoption of Ordinance No. 2016-10, the Village Council amended the
adopted General Fund budget to transfer $1,000,000.00 from the Unassigned Fund Balance to
fund the Contract with Peacock + Lewis for Architectural Design Services for the North Palm
Beach Country Club Clubhouse Project ("Project"); and
WHEREAS, through the adoption of Ordinance No. 2017-15, the Village Council amended the
adopted General Fund budget to transfer $400,000.00 from the Unassigned Fund Balance to fund
the temporary facilities component of the Project; and
WHEREAS, through the adoption of Resolution 2017-22, the Village Council approved a loan
agreement in the amount of $15,000,000.00 with Pinnacle Public Finance, Inc. to fund the entire
Project and is currently in receipt of the loan proceeds; and
WHEREAS, the Village Council wishes .to amend the adopted General Fund Budget for the
current fiscal year to appropriate the loan proceeds, reimburse the Unassigned Fund Balance,
transfer the remaining loan proceeds to the Capital Projects Fund to provide funding for the remainder
of the Project, and reclassify a portion of the temporary facilities budget to the professional
services account to provide funds for costs incurred as a result of the loan financing; and
WHEREAS, the Village Council determines that the adoption of this budget amendment is in the
best interests of the residents and citizens of the Village of North Palm Beach.
NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF NORTH PALM
BEACH, FLORIDA as follows:
Section 1. The foregoing recitals are hereby ratified as true and correct and incorporated herein.
Section 2. The Village Council hereby amends the adopted Village of North Palm Beach
General Fund budget for Fiscal Year 2016-2017 as follows:
Page 1 of 2
•
•
Budget Amendment:
Account
General Fund:
A4200-09333
A4600-09100
A5540-49032
A5540-33190
A5540-66210
Total
Capital Projects Fund:
K3900-09180
K7600-66210
I Total
Description
Loan Proceeds
Unassigned Fund Balance
Transfer to Capital Projects Fund
Professional Services
Construction & Major Renovation
Transfer in from General Fund
CC Clubhouse Project —
Construction & Major Renovation
Use
$1,400,000
13,600,000
42,000
$15,042,000
Source
$15,000,000
42,000
$15,042,000
$13,600,000 I
$13,600,000
I $13,600,000l $13,600,000I
Section 3. The Mayor and Village Clerk are hereby authorized and directed to execute the
budget amendment for and on behalf of the Village of North Palm Beach.
Section 4. All ordinances and resolutions, or parts of ordinances and resolutions, in conflict
herewith are hereby repealed to the extent of such conflict.
Section 5. If any section, paragraph, sentence, clause, phrase or word of this Ordinance is for
any reason held by a court of competent jurisdiction to be unconstitutional, inoperative or void,
such holding shall not affect the remainder of this Ordinance.
Section 6. This Ordinance shall be effective retroactive to March 31, 2017.
PLACED ON FIRST READING THIS 27TH DAY OF APRIL, 2017.
PLACMIQN: SECOND, FINAL READING AND PASSED THIS 25TH DAY OF MAY, 2017.
`C o0.�
e
Ala � et].) A II m L
•
`r ,
AT1:ESIt
VILLAGE CLERK
APPROVED AS TO FORM AND
LEGAL SUFFICIENCY:
VILLAGE ATTORNEY
A 0
1/01MAYOR
Page 2 of 2