HomeMy WebLinkAboutOrdinances - O-80-224 - 04/21/1980 - TRANSFER MONEY TO WATER AND SEWER FUND FROM GENERA0-80-224
ORDINANCE
WHEREAS, for the current fiscal year ending April 30, 1980, var-
ious and sundry cash transfers, in the net amount of $35,729.92, have
been transferred to the Waterworks and Sewerage Fund from the General
Corporate Fund, and as a result of such loans, the cash of the General
Corporate Fund has been understated by the foregoing amount and the
cash of the Waterworks and Sewerage Fund was overstated by said amount;
and
WHEREAS, therefore, the sum of $35,729.92 was borrowed from the
General Corporate Fund by the Waterworks and Sewerage Fund to meet the
latter's obligations, thereby creating an account receivable in the
amount of $35,729.92 in the General Corporate Fund from the Waterworks
and Sewerage Fund; and
WHEREAS, in the interest of accounting accuracy the books and
accounts of the City should be adjusted to correctly and accurately
reflect the net assets and equities of the aforesaid funds of the City;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
McHenry, Illinois that the aforesaid General Corporate Fund account re-
ceivable in the amount of $35,729.92 and the same amount shown in the
Waterworks and Sewerage Fund as a liability Due to Other Funds be and
the same are hereby extinguished, and that appropriate adjusting entries
be made in the books and accounts of the City to reflect the foregoing
action.
PASSED this 21st day of April, 1980.
AYES: Nolan, Pepping, Datz, Harker, Adams, Wieser, Schooley, Meurer
NAYS: None
ABSENT: None
APPROVED this 21st day of April, 1980.
ATTEST:
City Clerk
Mayor