DENALI BOROUGH, ALASKA

ORDINANCE NO. 92-21

INTRODUCED BY: Sid Michaels

AN ORDINANCE TO PROVIDE FOR THE INITIAL FUNDING OF

THE DENALI BOROUGH'S PERMANENT INVESTMENT FUND.

BE IT ENACTED by the Assembly of the Denali Borough, Alaska that:

Section 1. Classification.

This is a non-code ordinance.

Section 2. Appropriation -- Source and Amount.

The Assembly shall make an appropriation from the Borough's General Fund to initially fund the Permanent Investment Fund. The amount of this appropriation shall be $ 1 million .

Section 3. Investment of Funds.

The Permanent Investment Fund shall be maintained separate and apart from all other funds and accounts of the Borough. The guidelines used for the investment of the Permanent Investment Fund shall be the same as those used for the investment of the Borough's General Fund.

Section 4. Effective Date.

This ordinance becomes effective upon adoption by the Denali Borough Assembly and signature of the Mayor.

DATE INTRODUCED: December 13, 1992

FIRST READING: December 13, 1992

PUBLIC HEARING: March 14, 1993

PASSED and APPROVED by the DENALI BOROUGH ASSEMBLY this 14th day of March, 1993.

SIGNATURE ON FILE

Mayor

ATTEST: SIGNATURE ON FILE

Borough Clerk

INFORMATION TO CONSIDER IN DETERMINING THE

AMOUNT OF THE APPROPRIATION TO THE

PERMANENT INVESTMENT FUND.

1.) If we stick to forward funding for the year when the budget was submitted.

FY '92 BUDGET 239,750.00

FY '92 BUDGET EXPENDED AS OF MARCH 31, 1992 - 99,301.14

AMOUNT NEEDED TO COMPLETE FY '92 BUDGET $ 140,448.86

GENERAL FUND AS OF MARCH 31, 1992 1,081,980.73

AMOUNT NEEDED TO COMPLETE FY '92 BUDGET 140,448.86

FY '93 BUDGET - SUBMITTED IN APRIL 1992 - 249,564.00

UNENCUMBERED FUNDS - MARCH 31, 1992 $ 691,967.87

2.) If we keep with the intent of Forward Funding; i.e., that we spend only what we have in the General Fund that has not been encumbered:

FY '93 BUDGET 249,564.00

FY '93 BUDGET EXPENDED AS OF NOV. 30, 1992 -136,129.72

AMOUNT NEEDED TO COMPLETE FY '93 BUDGET $ 113,434.28

GENERAL FUND AS OF NOV. 30, 1992 1,675,541.87

NEEDED TO COMPLETE FY '93 BUDGET - 113,434.28

UNENCUMBERED FUNDS - NOV. 30, 1992 $ 1,562,107.59