HomeMy WebLinkAbout2014 Resolution No. 046•
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RESOLUTION NO.~
SERIES OF 2014
A RESOLUTION TRANSFERRJNG FUNDS FROM THE PUBLIC IMPROVEMENT FUND
TO THE GENERAL FUND.
WHEREAS, the City of Englewood is required by City Charter to ensure that expenditures do
not exceed legally adopted appropriations; and
WHEREAS, the 2014 Budget was submitted and approved by the Englewood City Council on
October 21, 2013; and
WHEREAS, the Englewood City Council discussed and determined the funds held in the
Long Term Asset Reserve LT AR should be retained and the remaining funds originally
transferred to the Public Improvement Fund (PIF) for Little Dry Creek Improvements should be
returned to the LTAR Fund; and
WHEREAS, funds from the PIF should be used to fund the remainder of the Little Dry Creek
Project.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLORADO, AS FOLLOWS:
Section 1. The Budget for the General Fund of the City of Englewood, Colorado, is hereby
amended for the year 2014, as follows:
PUBLIC IMPROVEMENT FUND:
SOURCE OF FUNDS:
Unassigned Fund Balance $43,723.70
USE OF FUNDS:
Transfer Out to General Fund $43,723.70
GENERAL FUND:
SOURCE OF FUNDS:
Transfer in from the Public Improvement Fund $43,723 .70
USE OF FUNDS:
Long Term Asset Reserve $43,723.70
Section 2. The City Manager and the Director of Finance and Administrative Services are
hereby authorized to make the above changes to the 2014 Budget for the City of Englewood.
ADOPTED AND APPROVED this 16th day of June, 2014. •
I , Loucrishia A. Ellis, City Clerk for ~~ty of Englewood, Colorado, hereby certify the
above is a true copy ofResolution No. Series of 2014. , ~
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,. COUNCIL COMMUNICATION
()oate: Agenda Item: Subject:
June 16, 2014 11 Ci Resolution for a transfer of funds from the Public Improvement
Fund to the General Fund (Long Term Asset Reserve, LTAR)
Initiated By: Staff Source:
Finance and Administrative Services Department Frank Gryglewicz, Director
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
At the June 2, 2014 City Council meeting, City Council discussed transferring funds from the Public
Improvement Fund to the General Fund (LTAR).
RECOMMENDED ACTION
Staff recommends City Council approve the attached transfer from the Public Improvement Fund to the General
Fund (Long Term Asset Reserve) as follows:
SOURCES AND USES OF FUNDS:
PUBLIC IMPROVEMENT FUND:
SOURCE OF FUNDS: • Unassigned Fund Balance
USE OF FUNDS:
$43,723.70
Transfer Out to General Fund $43,723.70
GENERAL FUND:
SOURCE OF FUNDS:
Transfer In From the Public Improvement Fund $43,723.70
USE OF FUNDS:
Long Term Asset Reserve $43,723.70
BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED
Council discussed and determined the funds held in the long Term Asset Reserve should be retained and the
remaining funds originally transferred to the Public Improvement Fund for Little Dry Creek Improvements should
be returned to the L TAR and funds from the PIF should be used to fund the remainder of the Little Dry Creek
Project.
FINANCIAL IMPACT
The Unassigned Fund Balance in the PIF will show a negative $23,925.17 balance and may require a transfer
from the General Fund at year-end to bring the balance to zero or highter if revenues are not received to offset
the negative balance.
T OF ATTACHMENTS
Proposed Resolution