The Kenai City Council enacted an ordinance that will transfer remaining balances from completed capital projects back to their original funding source.
These transfers will allow the residual funds to be appropriated for operations or new capital projects in the future.
Kenai City Manager Terry Eubank gives an overview;
“These funds represent projects that have been completed with residual balances and prior years. Once those projects are complete, the funds lapse into fund balance and in order to return them to the fund in which the funds originally came from, requires an ordinance to do this in appropriation. Just to be clear, all this. Appropriation is doing is authorizing the return of these funds to the originating fund. They’re not authorized to be spent. Once they get either, you know, to the general fund or to the airport fund that would take a separate appropriation. None is being proposed right now, so that really this is just a clean up of residual balances from completed projects.”
In total, $28,266 will be returned to the General Fund from these completed capital projects:
1. Kenai City Dock Earthquake Damage Repairs, $24,902.
2. Animal Control Epoxy Floor Recoating, $3,364
$286 will be returned to the Airport Fund from these completed capital projects:
1. Airport Snow Removal Equipment Runway Broom Replacement, $286
Administratively, $705,792 will be transferred back to the Airport fund from the following completed projects or projects for which Federal Airport Improvement Grant Funds have been awarded for expenditures previously paid by the City for design services:
1. Fire Training Facility Rehabilitation Project, $292,111
2. Sand Storage Facility Project, $114,451
3. KMA Airfield Drainage Improvements Project, $299,230
Only the authority to transfer between funds is being provided, not the authorization to spend the transferred funds.