Dept/ Agency: Administration/Office of Management and Budget Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: External Transfer of Reserve Funds Purpose: External Transfer of Reserve Funds will allow the City of Newark to pay outstanding obligations Amount Transferred: $ 1,000,000.00 Transferred From: Sewer Utility Transferred To: Sewer Utility Additional Information: Two-Thirds vote of full membership required.