2021 49 RESOLUTION - Laserfiche WebLink

Home Browse Search

RESOLUTION NO. 2021-49 INTRODUCED BY: Mayor Bodnar AN EMERGENCY RESOLUTION DECLARING THE NECESSITY FOR AND AUTHORIZING THE TRANSFER OF FUNDS BY THE VILLAGE OF MAYFIELD FROM THE CIVIC CENTER FUND TO THE GENERAL FUND, PURSUANT TO OHIO REVISED CODE SECTIONS 5705.15 AND 5705.16 WHEREAS, the Civic Center Fund was established in 2005 for the purpose of paying the costs of operating and maintaining the Civic Center; WHEREAS, in 2018 a major renovation to the Civic Center was considered and additional funds in the amount of $1,650,000 in 2018 and $2,000,000 in 2019 were transferred from the General Fund to the Civic Center Fund in order to prepare for the renovation; WHEREAS, in 2020 the Civic Center renovation project was put on hold and subsequently scaled back due to the impact of the COVID-19 Pandemic on municipal income tax collections; WHEREAS, as a result of the now limited scope of the Civic Center renovation, funds in the amount of $2,650,000 in the Civic Center Fund are no longer needed for the Civic Center and the Village desires to transfer these excess funds back to the General Fund in order to offset the significant reduction in municipal income tax collections; WHEREAS, the transfer of the excess funds in the amount of $2,650,000 from the Civic Center Fund to the General Fund will not adversely affect the financial stability of the Village nor have any other negative impact as the excess funds are no longer needed for the Civic Center renovation; WHEREAS, pursuant to Ohio Revised Code Sections 5705.15 and 5705.16, this Council, as the taxing authority of the Village, may adopt, by a majority vote, a resolution declaring the necessity of transferring the excess funds in the Civic Center Fund to the General Fund;