Label
Small Business Development Fund Transfer
Finance Department
Campbell (x1252) Buckley (x1602)
Revised 7.1
Title
Authorizing the appropriation of $115,000 from the General Fund; authorizing the operating transfer of same to the Small Business Development Fund; and declaring an emergency.
Body
SUMMARY & BACKGROUND:
This Ordinance authorizes the transfer of funds to the Small Business Development Fund in order to facilitate the closure of the fund. The Small Business Development Fund was originally established to account for the assets of the Small Business Assistance Corporation, which the City of Toledo assumed in 1989. There has been no activity in this fund since FY 2023. The fund currently has a $115,000 deficit balance, which has been driven by a loss on the sale of capital assets. Funds will be transferred from the General Fund to the Small Business Development Fund to eliminate the deficit and enable the closure of the fund.
Summary
NOW THEREFORE Be it ordained by the Council of the City of Toledo:
SECTION 1.That the appropriation of $115,000 is authorized from the unappropriated balance of the General Fund to Account Code 1001-89800-558100-1129001STDSTD and the operating transfer of same is authorized to the Small Business Development Fund Account Code 6083-89800-408690-1129001STDSTD.
SECTION 2. That this Ordinance is declared to be an emergency measure and shall be in force and effect from and after its passage. The reason for the emergency lies in the fact that it is necessary for the immediate preservation of the public peace, health, safety, and property and for the further reason that this Ordinance must be immediately effective to facilitate the closure of the Small Business Development Fund.
Vote on emergency clause: yeas _____, nays _____.
Passed: _________________, as an emergency measure: yeas _____, nays _____.
Attest: ________________________ __________________________________
Clerk of Council President of Council
Approved: _____________________ __________________________________
Mayor
I hereby certify that the above is a true and correct copy of an Ordinance passed by Council ________________________.
Attest: ________________________
Clerk of Council