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Legislation #: 081026 Introduction Date: 10/16/2008
Type: Ordinance Effective Date: 12/14/2008
Sponsor: None
Title: Estimating revenue in the amount of $125,000.00 in the General Fund and appropriating $125,000.00 in the General Fund to provide funding for the licensing and inspection of short term loan establishments and a small business initiative by the Economic Development Corporation; authorizing a $75,000.00 amendment to the annual contract with Economic Development Corporation.

Legislation History
DateMinutesDescription
10/8/2008 Filed by the Clerk's office
10/16/2008 Referred to Finance and Audit Committee
10/22/2008 Hold On Agenda (11/5/2008)
11/19/2008 Hold On Agenda (12/3/2008)
12/3/2008 Advance and Do Pass as Second Committee Substitute, Consent
12/4/2008 Passed As Second Substitute

View Attachments
FileTypeSizeDescription
081026.pdf Authenticated 78K Authenticated
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=081026 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=081026
Approp Admin - Revenue Projections Secondary Metal 2008.xls Other 323K Appropriation Transaction
Fiscal Note - Revenue Projections Secondary Metal 2008.xls Other 45K Fiscal Note
43 - Estimating Short Term Loan Revenue - 9-11-2008.doc Fact Sheet 156K Chapter 43 - Estimating revenue generated from short term loan establishments

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SECOND COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 081026

Estimating revenue in the amount of $125,000.00 in the General Fund and appropriating $125,000.00 in the General Fund to provide funding for the licensing and inspection of short term loan establishments and a small business initiative by the Economic Development Corporation; authorizing a $75,000.00 amendment to the annual contract with Economic Development Corporation.

WHEREAS, there are approximately 125 short-term loan establishments located within the City limits of Kansas City, Missouri who will pay an annual registration fee of $1,000 per year; and

WHEREAS, it is estimated that up to two additional staff persons will be needed in the Regulated Industries Division of the Neighborhood and Community Services Department to administer this and other regulated industries within the City; and

WHEREAS, up to $50,000 is needed this year to start the recruitment of individuals to perform the necessary regulations of these short-term loan establishments; and

WHEREAS, up to $75,000 will be used to start a small business outreach program at the Economic Development Corporation; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the revenue in the following account of the General Fund is estimated in the following amount:

 

09-1000-572700-455210 Short Term Loan Establishment Permit

Fees $125,000.00

Section 2. That the sum of $125,000.00 is hereby appropriated from the Unappropriated Fund Balance of the General Fund to the following account in the General Fund:

09-1000-572700-A Short Term Loan Establishment Permit

Fees $ 50,000.00

09-1000-642000-B Economic Development Corporation 75,000.00

TOTAL $125,000.00

Section 3. That the Director of City Development is hereby authorized to execute, on behalf of the City, an amendment to the existing contract for this fiscal year with the Economic Development Corporation, in the amount of $75,000.000 for total funding of $920,000.00 in FY 2008-09.

_____________________________________________

 


I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

___________________________________

Jeffrey A. Yates

Director of Finance

 

Approved as to form and legality:

 

___________________________________

Kathy Adams

Assistant City Attorney