HomeMy WebLinkAbout2016-03-21 (Regular) Meeting Agenda Packet~Englewood
1000 Englewood Pkwy -Council Chambers
Englewood, CO 8011 O
1. Call to Order.
2. Invocation.
3. Pledge of Allegiance.
4. Roll Call.
5. Consideration of Minutes of Previous Session.
AGENDA
Regular City Council Meeting
Monday, March 21, 2016 •7:30 p.m.
a. Minutes from the Regular City Council Meeting of March 14, 2016.
6. Recognition of Scheduled Public Comment. The deadline to sign up to speak for Scheduled
Public Comment is Wednesday, prior to the meeting, through the City Manager's Office . Only
those who meet the deadline can speak in this section. (This is an opportunity for the public to
address City Council. There is an expectation that the presentat ion will be conducted in a
respectful manner. Council may ask questions for clarification, but there will not be any dialogue.
Please limit your presentation to five minutes.)
a. Danielle Holly, Englewood resident, will address Council regarding the
Comprehensive Plan.
b. Doug Cohn, Englewood resident, will address Council regarding historic
preservation.
c. David Prado, Englewood resident, will address Council regarding the City Ditch.
7. Recognition of Unscheduled Public Comment. Speakers must sign up for Unscheduled
Public Comment at the beginning of the meeting . (This is an opportunity for the public to address
City Council. There is an expectation that the presentation will be conducted in a respectful
manner. Council may ask questions for clarification, but there will not be any dialogue . Please
limit your presentation to three minutes. Time for unscheduled public comment may be limited to
45 minutes, and if limited, shall be continued to General Discussion.)
Council Response to Public Comment.
8. Communications, Proclamations, and Appointments.
Please note: tf ~·ou ha v e a disability and need auxiliary aids or serv ices. p lease notify the Crty of Englewood
(303 -762-2405 ) at least 48 hours in advance of when services are needed.
9. Consent Agenda Items
a. Approval of Ordinances on First Reading.
b. Approval of Ordinances on Second Reading.
c. Resolutions and Motions.
i. Finance and Administrative staff recommends Council approve a resolution
adopting the Englewood Financial Policies relating to Structurally Balanced
Budget, Fund Balance, Debt Management, Investment, and Audit Procurement.
Staff: Acting City Manager Murphy Robinson
10. Public Hearing Items.
11. Ordinances, Resolutions and Motions.
a. Approval of Ordinances on First Reading.
b. Approval of Ordinances on Second Reading.
c. Resolutions and Motions.
i. The Parks, Recreations and Library Department recommends Council approve,
by resolution, the bid for the construction of Parks Gateway Enhancements
Phase I to the Ad Light Group. Staff: Open Space Manager Dave Lee
12. General Discussion.
a. Mayor's Choice.
i. Executive Session to discuss a property interest matter pursuant to C.R.S.
Section 24-6-402(4)(a).
ii. Executive Session to discuss Standard Response Protocol.
b. Council Members' Choice.
i. A motion to approve approximately $6,720 for six Councilmembers to attend the
CML Annual Conference in Vail, CO June 21-24, 2016.
ii. A resolution approving the renewal of Scientific and Cultural Facilities District.
13. City Manager's Report.
Please note: If you have a disability and need auxiliary aids or services, please notify the Gty of Englewood
(303-762-2405 ) at least 48 hours in advance of when services are needed.
14. City Attorney's Report.
15. Adjournment.
Please note; tf you have a disability and need auxiliary aids or services. please notify the City of Englewood
(303-762-2405 ) at least 48 hours in advance of when serv ices are needed.
PUBLIC COMMENT ROSTER
AGENDA ITEM 7
UNSCHEDULED PUBLIC COMMENT
March 21, 2016
Speakers must sign up for Unscheduled Public Comment
at the beginning of the meeting.
Please limit your presentation to three minutes
PLEASE PRINT
NAME ADDRESS
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AGENDA ITEM 7
UNSCHEDULED PUBLIC COMMENT
Speakers must sign up for Unscheduled Public Comment
at the beginning of the meeting.
Please limit your presentation to three minutes
PLEASE PRINT
NAME ADDRESS TOPIC
Date
21 March 2016
Initiated By
COUNCIL COMMUNICATION
Agenda Item
9ci
Department of Finance and Administrative Services
PREVIOUS COUNCIL ACTION
Subject
er
City Council previously studied proposed financial policies at its 23 November 2015, 7 December
2015, and the 22 February 2016 City Council Study Sessions. The City Council encouraged staff,
through consensus, at the 22 February 2016 Study Session to bring a resolution forward at the next
practicable business meeting to adopt the financial policies.
RECOMMENDED ACTION
Staff recommends Council approve a resolution adopting the Englewood Financial Policies relating to
Structurally Balanced Budget, Fund Balance, Debt Management, Investment, and Audit Procurement.
BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED
At the 22 February 2016 Study Session, the PFM Group met with City Council to discuss the best
practices in financial policy management. The policies were written through a collaboration of the
~ Group and Finance staff and have been based on best practice and industry standard as
•ommended by the Government Finance Officers Association (GFOA). GFOA states that "financial
policies are central to a strategic, long-term approach to financial management." The City heretofore
has not adopted financial policies and it is a recommended best practice to have policies in place.
The consensus of City Council during the study session was to have the financial policies relating to a
structurally balanced budget, fund balance, debt management, investment, and audit procurement
brought forward for adoption.
Structurally Balanced Budget Policy: The policy contains key terms and approach for budget
construction. The policy addresses fiscal health and long-term fiscal wellness through the matching
of recurring revenues with recurring expenses and the use of one-time revenue sources with funding
one-time expenditures.
Fund Balance Policy: The policy enunciates the need for the City to maintain an unrestricted General
Fund balance of 2 months of operating fund expenditures. Furthermore, the policy discusses the
prioritization of fund balance usage and dictates that when balances fall below minimum prescriptions
that the City will fulfill the required year-end balance before any other budget allocations are made for
any subsequent year.
Debt Management Policy: This policy enunciates the necessity of performing a debt affordability
study prior to any proposed debt issuance. It also prescribes the minimum savings threshold for any
refunding of existing debt and sets 3% or $100,000 savings of net present value as the limit to move
~ard. The policy also clearly sets forth the rules by which the City would move forward with the
W,Jance of any debt including that the City will not utilize derivative financing and that the maximum
maturity of any debt issuance shall be 20 years.
Investment Policy: The City currently utilizes a GFOA influenced investment policy that has not been
formally adopted by the City Council. The policy is very well written and just needs to be applied in all
instances of fund investing going forward.
Audit Procurement Policy: This policy enunciates the rules by which the City shall follow with the •
selection of an independent financial auditor. These rules include that any audit firm must provide
certified public accountants that are licensed to practice in Colorado. It also lays out the frequency by
which audit procurement should be performed by soliciting proposals every 6 years.
FINANCIAL IMPACT
The recommended changes do not have a financial impact to the City. However, the language
contained in the policies will provide guidance and structure that when implemented should have a
positive impact on the finances of the City.
LIST OF ATTACHMENTS
Proposed Resolution Adopting Financial Policies
Structurally Balanced Budget Policy
Fund Balance Policy
Debt Management Policy
Investment Policy
Audit Procurement Policy •
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RESOLUTION NO .
SERIES OF 2016
A RESOLUTION AUTHORIZING THE ADOPTION OF THE ENGLEWOOD FINANCIAL
POLICIES: STRUCTURALLY BALANCED BUDGET, FUND BALANCE POLICY, DEBT
POLICY, INVESTMENT POLICY AND THE AUDIT PROCUREMENT.
WHEREAS, the PFM Group has met with the Englewood City Council to discuss the best
practices in financial policy management; and
WHEREAS, the policies were written through a collaboration of the PFM Group and the
Englewood Finance and Administrative Services Department and have been based on best
practice and industry standard as recommended by the Government Finance Officers Association
(GFOA); and
WHEREAS, the GFOA states that "financial policies are central to a strategic, long-term
approach to financial management."; and
WHEREAS, the City has not adopted financial policies and it is recommended as the best
practice to have financial policies in place to provide guidance and structure; and
WHEREAS, the Structurally Balanced Budget Policy: The Policy contains key terms and
approach for budget construction. The policy addresses fiscal health and long-term fiscal
wellness through the matching of recurring revenues with recurring expenses and the use of one-
time revenue sources with funding one-time expenditures; and
WHEREAS, the Fund Balance Policy: The Policy enunciates the need for the City to maintain
an unrestricted General Fund balance of 2 months of operating fund expenditures. Furthermore,
the policy discusses the prioritization of fund balance usage and dictates that when balances fall
below minimum prescriptions that the City will fulfill the required year-end balance before any
other budget allocations are made for any subsequent year; and
WHEREAS, the Debt Management Policy: This policy enunciates the necessity of performing
a debt affordability study prior to any proposed debt issuance. It also prescribes the minimum
savings threshold for any refunding of existing debt and sets 3% of $100,000 savings of net
present value as the limit to move forward. The policy also clearly sets forth the rules by which
the City would move forward with the issuance of any debt including that the City will not utilize
derivative financing and that the maximum maturity of any debt issuance shall be 20 years; and
WHEREAS, the Investment Policy: The City currently utilizes GFOA influenced investment
policy that has not been formally adopted by the Englewood City Council. The policy is very
well written and just needs to be applied in all instances of fund investing going forward; and
WHEREAS, the Audit Procurement Policy: This policy enunciates the rules by which the City
shall follow with the selection of an independent financial auditor. These rules include that any
audit firm must provide certified public accountants that are licensed to practice in Colorado. It
also lays out the frequency by which audit procurement should be performed by soliciting
proposals every 6 years .
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLORADO, THAT:
Section 1. The City Council of the City of Englewood, Colorado hereby authorizes the
adoption of the Structurally Balanced Budget Policy, attached hereto as Exhibit A.
Section 2. The City Council of the City of Englewood, Colorado hereby authorizes the
adoption of the Fund Balance Policy, attached hereto as Exhibit B.
Section 3 . The City Council of the City of Englewood, Colorado hereby authorizes the
adoption of the Debt Management Policy, attached hereto as Exhibit C.
Section 4 . The City Council of the City of Englewood, Colorado hereby authorizes the
adoption of the Investment Policy , attached hereto as Exhibit D.
Section 5. The City Council of the City of Englewood, Colorado hereby authorizes the
adoption of the Audit Procurement Policy, attached hereto as Exhibit E.
ADOPTED AND APPROVED this 21st day of March, 2016 .
ATTEST:
Joe Jefferson , Mayor
Loucrishia A. Ellis, City Clerk
I, Loucrishia A. Ellis, City Clerk for the City of Englewood, Colorado, hereby certify the
above is a true copy of Resolution No. __ , Series of 2016 .
Loucrishia A. Ellis, City Clerk
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City of Englewood -Financial Policies -Structurally Balanced Budget
Structurally Balanced Budget
I. POLICY STATEMENT
The City of Englewood is a political subdivision of the State, organized for the purpose of providing municipal services to residents
of the City as defined in the Charter . The City is governed by a seven-member City Council. The Council 's primary functions are to
provide for the general operation and personnel of the City, to oversee the property , facilities and financial affairs of the City, and to
establish policies for the City. It is the intention of the Council that this policy always be in compliance with the requirements of the
Governmental Accounting Standards Board (GASB) and be informed by the applicable Best Practices and Advisories developed by
the Government Finance Officers Association ("GFOA"); however the Policy must also reflect the objectives and tolerances of the
City. This Policy has been drafted with reference to the guidance of the GFOA as of the date of adoption. It is understood that the
GFOA amends and modifies its guidance overtime.
The Council assigns to the City Manager or the Manager's designee overall responsibility for budget preparation , budget
presentation and budget administration . For the purposes of this Policy, the City Manager's designee is presumed to be the Director
of Finance and Administrative Services (the "Director'') who functions as the fiduciary entrusted to protect and enhance the City's
financial condition. The Director is to periodically review the GFOA's Best Practices and Advisories and recommend confonning
modifications to this Policy as warranted .
II. POLICY PURPOSE AND SCOPE
This Policy will set guidelines for budget planning and procedures . The GFOA recommends that all state and local governments
adopt rigorous policies, for all operating funds, aimed at achieving and maintaining a structurally balanced budget. A budget policy
should include parameters for achieving and maintaining structural balance where recurring revenues are equal to recurring
expenditures in the adopted budget.
The annual budget is the financial plan for the operation of the City . It provides the framework for both expenditures and revenues
for the year and translates into financial terms the programs and priorities of the City . The guidelines contained in this Policy adhere
to the Colorado Constitution and State Statutes and reflect the recommended practices of the Government Finance Officers
Association .
Ill. LEGAL REQUIREMENTS
The City is requ ired to balance its budget each year as outlined in the City's Charter (X-1-81 through 96) and the Colorado Revised
Statutes (29-1-103). As established in the Charter, the budget shall contain a balance between the total estimated expenditures and
total anticipated revenue from all sources , taking into account the estimated general fund cash surplus or deficit at the end of the
current fiscal year. The proposed budget shall be submitted to Council prior to September 15 of each year.
IV. PRESENTATION
Each year the Director shall cause to be prepared a budget preparation calendar which shall insure that all deadlines established by
law for budget presentation , hearings and adoption and for certification of amounts to be raised by tax levies are met by the City .
The budget calendar shall take into consideration the possible need to submit a request to raise additional local revenue to a vote by
the City's electorate.
The budget shall be presented in a summary format which is understandable by any lay person reviewing the City's budget. The
budget format shall itemize expenditures of the City by fund . It shall describe the expenditure , show amount budgeted and amount
estimated to be expended for the current fiscal year and the amount budgeted for the .ensuing fiscal year.
The budget shall include a uniform summary sheet for each fund administered by the City that details the beginning fund balance
and anticipated ending fund balance for the budget year; the anticipated fund revenues for the budget year; the anticipated transfers
and allocations that will occur to and from the fund during the budget year; the anticipated expenditures that will be made from the
fund during the budget year; and the amount of reserves in thefund .
The budget shall also disclose planned compliance with spending limitations outlined in Article X, Section 20 , of the Colorado
Constitution .
V. DEFINITIONS OF KEY TERMS
The GFOA recommends identification of key terms related to structural balance . These include : recurring and non-recurring
revenues , recurring and non-recurring expenditures, and reserves.
A. Recurring Revenues are the portion of the City's revenues that can reasonably be expected to continue year to year, with
some degree of predictability .
B . Non-Recurring Revenues are unreliable sources of funds that are typically short in duration and cannot be relied upon in
future years .
C. Recurring Expenditures appear in the budget each year. These expenditures should be those that the City expects tofund
every year in order to maintain current or status quo service levels .
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City of Englewood -Financial Policies -Structurally Balanced Budget 2
D. Non-Recurring Expenditures are obligations that are not expected to occur in future years. In general, the City has a
greater degree of flexibility to defer these expenditures .
E . Reserves are the portion of fund balance that is set aside as a hedge against risk as contemplated in the Fund Balance
Policy.
The City shall define all revenues and expenditures by these terms.
VI. STRUCTURAL BALANCE
The City shall adopt a structurally balanced budget, where recurring revenues equal or exceed recurring expenditures. The budget
shall identify how recurring revenues are aligned with or not aligned with recurring expenditures. For a variety of reasons, true
structural balance may not be possible for the City at a given time . In such case, using reserves to balance the budget may be
considered but only as contemplated in the Fund Balance Policy . Enterprise Funds are presumed to be operated in the manner as
contemplated by TABOR and to that point would be expected to operate on a stand-alone basis . Accordingly, any exchange of
funds from the General Fund and any other Fund is presumed for purposes of this Policy to reflect payment of internal service
charges or to formally create a due to or due from, and should be considered in the same manner as the Fund Balance Policy's use
of fund balance.
This analysis and matching of revenues and expenditures helps inform the decision-making of the City. It provides an explanation
for any variances in the budget and maintains a "spend within our means" approach to budgeting. Maintaining a structurally
balanced budget is the basis for the current fiscal health and long-term fiscal wellness of the City . In the short term, achieving fiscal
health means understanding the cost of all operations and the City's ability to pay. This includes the establishment andmaintenance
of reserves as recognized in the Fund Balance Policy . The continuous evaluation of City revenues and expenditures along with
long-term planning and program management allows the City to achieve overall fiscal wellness.
VII. CHARGES AND FEES
The Director shall, on a periodic basis , evaluate the sufficiency and adequacy of current charges and fees . This includes identifying
the factors affecting the pricing of goods and services and the expectation of recovering costs . For further guidance during the
evaluation, staff should utilize the GFOA's Best Practice "Establishing Government Charges and Fees." Particular areas for
identification and discussion include, but are not limited to, thefollowing :
A. Anticipated operation and maintenance expenditures;
B. Replacement and future costs of capital; and
C. Fund balance .
VIII. CAPITAL PROJECTS
Upon adoption of a capital budget or multi-year capital plan the City should present major capital program highlights in the operating
budget document. The City shall also discuss and quantify the operating impact of capital projects in the budget document. The
impacts should be identified on an individual project basis, but may be summarized . A greater level of detail and information should
be provided for non-routine capital projects than for routine projects , as non-routine projects may have a greater impact on the
operating budget.
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· City of Englewood -Financial Policies -Fund Balance Policy
Fund Balance Policy
I. POLICY STATEMENT
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The City of Englewood is a political subdivision of the State, organized for the purpose of providing municipal services to residents of the City as
defined in the charter. The City is governed by a seven-member City Council. The Council's primary functions are to provide for the general
operation and personnel of the City, to oversee the property , facilities and financial affairs of the City, and to establish policies for the City. It is
the intention of the Council that this pol icy always be in compliance with the requirements of the Governmental Accounting Standards (GASB)
and be informed by the applicable Best Practices and Advisories developed by the Government Finance Officers Association ("GFOA").
However the objectives and tolerances of the City must dictate the final form of the policy and adherence thereto . The City Council directs the
City Manager or the Manager's designee to implement this policy . For the purpose of this Policy, the City Manager's designee is presumed to be
the Director of Finance and Administrative Services (the "Director") who functions as the fiduciary entrusted to protect and enhance the City's
financial condition .
II. PURPOSE AND SCOPE
This policy enab les the City to prudently and responsibly address the implications of GASB Statement No. 54 , Fund Balance Reporting and
Governmental Fund Definitions.
The GFOA recommends that all state and local governments adopt comprehensive written financial management policies , including a formal
policy on the level of fund balance maintained in the general fund . As of the date of its adoption, this policy was crafted drawing upon GFOA's
Best Practice "Appropriate Level of Unrestricted Fund Balance in the General Fund" (approved September 2015). It is understood that GASB
and GFOA periodically adopt, amend and modify the ir respective Statements and Best Practices and Advisories. The City Manager is to
periodically review the promulgations of GASB and GFOA among other relevant sources and , as warranted , recommend conforming
modifications to this policy.
This policy sets guidelines addressing the appropriate level of fund balance so as to mitigate current and future risks . The policy is intended to
enhance the quality of decisions about budgeting and net asset management. Through th is policy, the Council will oversee the process by which
the City will manage for revenue volatility, maintain adequate liquidity, manage and mitigate financial market risk , ensure stable tax rates, and
anticipate City commitments and assignments . This policy should be read in its entirety and read in conjunction with other financial policies
adopted by the City .
In accordance with General Accepted Accounting Principles, the term fund balance refers to the difference between assets and liabilities under
the modified accrual basis of accounting for governmental funds . Unrestricted fund balance refers to the categories of fund balance that include
only resources without a constraint on spending or for which the constraint on spending is imposed by the government itself. Unrestricted fund
balance is a measure of economic stability, and adequate levels of unrestricted fund balance will assure liquidity and will mitigate the risks
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associated w ith revenue fluctuations and unanticipated expenditures . The adequacy of the general fund balance is a key credit consideration for
the rating agencies.
Ill. FUND BALANCE CONSIDERATIONS UNDER GASB NO . 54
GASB Statement No. 54 enhances the usefulness of fund balance information by providing clearer fund balance classifications that can be more
consistently applied and by clarifying the existing governmental fund type definitions . Statement No. 54 establishes fund balance classifications
that comprise a hierarchy based primarily on the extent to which a government is bound to honor constraints imposed upon the use of the
resources reported in governmental funds . Statement No . 54 guidelines classify governmental funds' fund balances in the following categories,
based on the relative severity of the spending constraints . The final three categories are considered unrestricted categories, and such
unrestricted fund amounts are subject to the prerogative of the governmental entity.
A . NONSPENDABLE FUND BALANCES
This classification represents amounts that are inherently nonspendable. The amounts may be in a nonspendable form (such as inventory,
pre-paid rent , long term portion of notes rece ivable) or the amounts may be required by legal or contractual provisions to be maintained
intact (such as the corpus of an endowment fund).
B. RESTRICTED FUND BALANCES
This classification includes amounts that are constra ined to specific purposes . The constraints may be externally imposed (for example by
creditors, granters , bondholders) or imposed by law . Examples of restricted fund balance for the City include grants , bond funds restricted
for cap ital improvement projects , and funds restricted for debtservice .
C. UNRESTRICTED FUND BALANCE
(i) COMMITTED fund balance classification is comprised of amounts that are constrained by formal action of the Council for a
specific purpose(s). This classification may also include certain contractual obligations to the extent that existing resources in the fund
have been specifically comm itted for use in satisfying such contractual requirements . Those funds committed by formal action of
Council cannot be released from committed status or used for another purpose without a subsequent action of t he Council. An
example of committed fund balance for the City is the capital reserve fund balance .
(ii) ASSIGNED fund balance classification is comprised of amounts that are intended for a specific purpose as evidenced by the
City's current adopted budget. The City Manager or the City Manager's designee would have the authority to modify assigned fund
balance .
(iii) UNASSIGNED fund balance classification is comprised of residual net resources , in excess of the amounts in the foregoing
categories . These amounts are available for any purpose , and are reported only in the general fund. Unassigned fund balance is not
appropriated and the expenditure of any unassigned funds requires an action of the Council.
• GASB Statement No . 54 further classifies ra iny day funds or contingency funds as "stabilization arrangements " and places specific restrictions
on what qualifies for such designation . The formal action of a governing body that imposes the parameters for these arrangements must identify
and describe the specific circumstances under which a need for funding would arise . Those circumstances should be such that they would not
be expected to occur routinely . The intended pu rpose must be sufficiently detai led and reported as e ither RESTRICTED or COMMITTED
depending on the source of the constra int. The City establishes such contingency fu nds through the criteria and authorization required for
establish ing such fund balances as described in the preced ing paragraphs . In addition to RESTR ICTED and COMMITTED fund balances , the
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City of Englewood -Financial Policies -Fund Balance Policy
city may also set-aside UNASSIGNED fund balance as stabilization arrangements .
IV. CITY FUND SUMMARY
The following describes the City 's major governmental funds :
General Fund . The general fund is the general operating fund of the City . It is used to account for all financial resources except those
requ ired to be accounted for in other funds . By definition , unassigned fund balance is reported in the General Fund . In other governmental
funds , the unassigned classification should be used only to report a deficit balance from overspending for specific purposes for wh ich
amounts have been either restricted, committed , orassigned .
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Special Revenue Fund . The special revenue fund is used to account for the proceeds of specific revenue sources that are restricted or
committed to expend iture for specific purposes other than debt service or capital projects.
Bond Redemption Fund. The bond redemption fund (debt service fund) accounts for and reports financial resources that are restricted for the
payment of principal and interest on long-term genera l obligation debt as a result of the issuance of general obligation bonds .
Capital Projects Building Fund . The cap ital projects building fund is used to account for and report financial resources that are restricted ,
committed or assigned to expenditure of capital outlays, including the acquisition or construction of capital facilit ies and other capital assets .
Capital Reserve Fund . The cap ital reserve fund is used to accumulate resources , primarily general fund support, committed for the acquisition,
renovation , and maintenance of capital assets .
V. POLICY DIRECTIVES & OPERATIONAL GUIDELINES
The GFOA recommends , at a minimum , that general purpose governments maintain aggregate unrestricted fund balances in their general fund
of no less than two months (16 .67%) of regular general fund operating revenues or expenditures , wh ichever is most pred ictable . The GFOA
notes, however, that larger government entities may appropriately maintain a lesser level due to more predictable contingencies, higher revenue
diversification and thus less revenue volatility. All measures should be applied within the context of long-term forecast ing so as to avo id the risk
of placing too much emphasis on the level of unrestricted fund balance in the general fund at any one time . GFOA recognizes that entities with a
range of designated reserves may have sufficient liquidity to meet th is defined standard through inclusion of funds formally designated for other
purposes, yet available for re-designation should circumstances warrant. The following guidelines address the classification and the use of fund
balance in governmental funds :
1. The City will make an annual determination as to its targeted unrestricted fund balance level. In determining this level of fund balance,
the City will give consideration to revenue volatility and predictability, perceived exposure to significant one-time outlays, liquidity
pressures , and ongoing commitments and assignments . It is understood that there will be discrepancies between GAAP fund balance
and budgetary fund balance , and th is parameter shall refer to the GAAP determined fund balance . Notwithstanding other requirements
and fund balance designations as described herein , it shall be the policy of the City to seek to maintain an unrestricted General Fund
balance equal to 16.67% of annual expenditures ,
2 . In accordance Article X, section 20(5) of the Colorado Constitution , the City shall mainta in an emergency reserve of 3% of fiscal year
spending and shall evidence its compliance by restricting the appropriate dollar amount within the appropriate Fund(s) ..
3 . The City will establish reserve funds as required by the documents executed in conj unction with the City's outstanding debt and other
long term obligations , if any, taking into account market exigencies and exercising prudence in funding contingencies for specific risks .
These reserve funds may be restricted , assigned or committed, depending on the documents executed and underlying purpose(s).
4 . Classifying fund balance amounts :
Fund balance classifications depict the nature of the net resources that are reported in a governmental fund . An individual
governmental fund may include nonspendable resources and amounts that are restricted , committed, or assigned , or any combination
of those classifications . The general fund may also include an unassigned amount.
5. Encumbrance reporting
Encumbering amounts for specific pu rposes for which resources have already been restricted , committed or assigned should not
result in separate display of encumbered amounts. Encumbered amounts for specific purposes will be classified as committed or
assigned , as appropriate , based on the definitions and criteria set forth in GASB Statement No . 54 .
6. Prioritization of Fund Balance Use
When expenditure is incurred for purposes for which both restricted and unrestricted (committed , assigned , or unassigned ) amounts
are available, it shall be the policy of the City to consider restricted amounts to be reduced first. When an expenditure is incurred for
purposes for wh ich amounts in any of the unrestricted fund balance classifications could be used , it shall be the policy of the City that
committed amounts would be reduced first , followed by assigned amounts and then unassigned amounts .
7 . Minimum fund balances
To ensure that the minimum and maximum fund balances and unfunded liabil ities are reviewed in li ght of current fiscal realities , the
Director will oversee a review of audited fund ba lances , unfunded liabilities and current and forecast econom ic conditions. This rev iew
should occur annually after the Independent audit is completed and prior to budgeting for the ensuring fiscal year.
8 . Replenishing deficiencies
When the genera l fund balance falls below the min imum , the City w ill fulfill the required year-end fund balance before any other budget
allocations in the subsequent fiscal year, unless the Council approves otherwise.
9 . Non-Appropriated Operating Reserves
Should unassigned fund balance of the General Fund exceed amounts deemed prudent and reasonable by the Council , the City shall
consider such fund balance surpluses (refer to C.R.S . 22-44-105(1 .5) et seq .) for one-time expenditure(s) that are nonrecurring in
nature .
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City of Englewood -Financial Policies -Debt Policy
Debt Policy
I. POLICY STATEMENT
The City of Englewood is a political subdivision of the State, organized for the purpose of providing municipal services to residents
of the City as defined in the Charter. The City is governed by a seven-member City Council. The Council's primary functions are to
provide for the general operation and personnel of the City, to oversee the property, facilities and financial affairs of the City, and to
establish policies for the City.
In general, debt policies should promote the illumination and evaluation of alignment -and potentially the trade-offs -between
adopted policy statements and fiscal imperatives of the enacting entity. It is the intent that this Policy be informed by "best practices
and advisories" developed by organizations such as the Government Finance Officers Association ("GFOA"); however the Policy
must also reflect the objectives and tolerances of the City. The GFOA recommends that all state and local governments adopt
comprehensive written debt management policies. This Policy has been drafted with reference to the gu idance of the GFOA as of
the date of adoption. It is understood that the GFOA amends and modifies its guidance over time .
The Council directs the City Manager or the Manager's designee to implement all policy . For the purposes of this Policy, the City
Manager's designee is presumed to be the Director of Finance and Administrative Services (the "Director") who functions as the
fiduciary entrusted to protect and enhance the City's financial condition. The Director is to periodically review the GFOA's Best
Practices and Advisories and recommend conforming modifications to this Policy as warranted.
This Policy will set guidelines for the amount and type of debt to be issued by the City, the issuance process, and the management
of outstanding indebtedness. The Policy is intended to enhance the quality of decisions about debt affordability , structure and
management. Through this Policy, the Council will oversee the process by which the City will manage its debt, certificates of
participation, lease purchase and other long-term obligations within available City resources. This Debt Policy should be read in its
entirety, and read in conjunction with other Policies adopted by the City.
Terms used within this Policy have the meanings assigned to them in the Glossary of Municipal Securities Terms , published by the
Municipal Securities Rulemaking Board.
II. POLICY PURPOSE AND SCOPE
This Policy addresses the methods, procedures, and practices that will ensure prudent management of the City's debt. The
guidelines contained in this Policy adhere to the Colorado Constitution and State Statutes and reflect the recommended practices of
the Government Finance Officers Association .
Long-term obligations may take the form of general obligation bonds or lease agreements. Certificates of participation (COPs) may
be created evidencing undivided interests in the right to payments under lease purchase agreements. Short-term obligations,
payable during the same fiscal year in which they are issued (or immediately thereafter so long as payments are made from moneys
in the budget for that fiscal year), may take the form of tax anticipation notes or loan agreements, including loan agreements
between the City and the State Treasurer. General obligation bonds are debt under Colorado law and are multiple-fiscal year
financial obligations under the section of the Colorado Constitution known as the Taxpayer's Bill of Rights (TABOR). Lease
purchase agreements and COPs that are subject to annual appropriation, and short-term obligations, are not debt or multiple fiscal-
year financial obligations and payments on them are not debt service under Colorado law but are often referred to as "debt" and
"debt service" for purposes of this Policy. Those references are not intended to change the treatment of such obligations or
payments under Colorado law.
The issuance of debt has significant long-term implications for the City . Accordingly, consideration will be given to the principles of
equity (such that those who pay for the debt are those who benefit from the facilities funded by the issuance of such obligations),
essentiality (if the debt finances an asset, the financed asset is essential to the City's core operation) and efficiency (the identified
revenue source is sufficient to meet the debt service, and the cost of obtaining funds is less than competing alternatives).
This Debt Policy is not a comprehensive policy on the management of other City liabilities . This Debt Policy does not address City
pension obligations .
Ill. GENERAL OBLIGATION DEBT LIMITS UNDER COLORADO LAW
Section 104 of the Home Rule Charter of the City establishes a debt threshold of 3% of actual valuation for all outstanding general
obligation indebtedness of the City, other than for water bonds. General obligation debt that has been refunded or defeased, either
by immediate payment or redemption and retirement or fully secured by legal defeasance obligations in an escrow account, is not to
be deemed outstanding for the purposes of determining compliance with debt limitations .
IV. LEASE FINANCING UNDER COLORADO LAW
Municipalities are authorized under Colorado law to enter into lease financings and to convey municipal property to a lessor for the
purpose of leasing it back . If the annual rent payable by the municipality is subject to annual appropriation and does not exceed the
fair rental value of the leased property and the financing otherwise qualifies under applicable Colorado case law, the lease is not
debt or a multiple-fiscal year financial obligation under the Colorado Constitution and may be entered into without voter
authorization . The proceeds of lease financings generally must be used for capital projects. The Constitutional and statutory rules
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applicable to lease financing are complicated. The City should always consult with Colorado bond counsel before entering into a
lease financing.
V. SHORT-TERM FINANCING
The City is authorized under by Colorado law to enter into short-term loans and to issue tax anticipation notes for working capital
purposes, provided that such loans are payable in the same fiscal year in which they are issued (or immediately thereafter so long
as payments are made from moneys in the budget for that fiscal year).
VI. DEBT ISSUANCE FACTORS
The issuance of debt is subject to a set of terms that ensure oversight and fiscal prudence. This policy is consistent with the
guidance provided by the GFOA as it relates to new and refunding issues, which further encourages that legal advice be sought
early in this process to raise key legal, tax , and financial issues .
A. Debt shall comply with all applicable laws, regulations, and covenants and shall not be issued so as to jeopardize the status
of outstanding debt.
B. Long-term debt shall not be incurred to fund operations.
C. Capital improvements may be financed utilizing the issuance of general obligation bonds , subject to voter approval, or from
time to time through lease purchase obligations.
D. Principal and interest payment schedules will be structured to result in level debt service payments, except for the
refinancing of liabilities, in which case debt service may reasonably reflect the structure of the liability being refinanced. In each
case repayment structures may vary when circumstances warrant.
E. Debt incurred will generally be limited to current interest serial or term maturities, but may be sold in the form of capital
appreciation bonds or other structures, including short-term securities if circumstances warrant.
F. The average life of debt issued to finance assets shall be no greater than the projected average life of the assets being
financed.
G. The City may issue refunding bonds to reduce the interest cost on its outstanding debt or other obligations for other
purposes allowable under State law. It shall be the policy of the Council to consider the advance refunding (refinancing) of any
outstanding general obligation bonds when such refunding will achieve present value savings of at least 3% compared to the
debt service on the obligations being refunded and a minimum net present value savings of $100,000; and will not require
extending the maturity of the bonds beyond that of the bonds being refunded. The City should consider all available options,
including maintaining the status quo (preserving the opportunity to evaluate the refunding at a future point in time), when
presented with a refunding opportunity .
H. Refunding savings on current (non-advance) refunding bonds may be lower than the 3% threshold, as consideration shall
be given to such factors as the declining rate of savings anticipated to be available as bonds reach their maturity date.
I. In certain circumstances a refunding that produces savings below the aforementioned thresholds may be justified. One such
circumstance is to refund an obligation to remove or alter the covenants required in the original issue. Prudence shall dictate
the decision by the City to refund for non-economic reasons .
VII. DEBT AFFORDABILITY
The City shall conduct a Debt Affordability Study in advance of referendum presentation for the issuance of general obligation bonds
to the Council. The Study will be undertaken by the Director, with advisory or consultancy support as required . Such planning
analyses of debt affordability will serve to make rational the assessment of the ability of the City to carry additional debt service. A
Debt Affordability Study signals to the public, to the rating agencies and to the investment community that the City is taking seriously
its fiduciary role in the oversight and management of its debt.
The Director shall evaluate and consider the results of the Debt Affordability Study when making recommendations about the
issuance of debt. The Study, along with the Director's review, may consider the following factors :
A. An analysis of the operating strength and aggregate debt burden of the City, relative to peer Cities , using metrics related to
population, property values, wealth indicators and other such credit factors;
B. An assessment of implications of the proposed financing for the City's rating and credit;
C. An analysis of financing and funding alternatives and a summary of the true interest cost of the proposed financing; and
D. An overview of the plan in the context of other capital needs .
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VIII. FORM OF DEBT
Debt issued by the City, whether as general obligation bonds or lease agreements, may be issued as fixed rate obligations, w ith or
without credit enhancements, and as short and long-term obligations . At the time of adoption it is not expected that the City will
entertain any obligation with a derivative st ructure . However, prudence may dictate the consideration of derivatives in the future . Any
consideration of a financing utilizing derivatives shall necessitate a comprehensive and robust discussion amongst the Council and
Director prior to committing the City to any financing featuring derivatives .
The ultimate form of debt shall be recommended by the Director for consideration and approval by Council. Consideration shall be
given to a number of factors as noted in prior sections of this Policy.
A. General Obligation Bonds
General Obligation debt is subject to voter approval. The City Council has the power to issue general obligation bonds on behalf of
the City for any public capital purpose or public project of an essential nature to the City. General obligation debt may be incurred
only by resolution, which cannot be repealed until the debt has been fully paid . No general obligation debt can be created unless it
has been approved by a majority of the registered electors of the City, in an election held for that purpose . General Obligation debt
shall be structured on a level debt service basis with a maximum maturity of 20 years, but terms may vary as conditions warrant.
Debt service on general obligation debt is payable from a separate mill levy that is deposited into the City's bond redemption fund .
B. Revenue Bonds
As a general rule , revenue bonds will be used to finance assets that generate revenue which repay the obl igation . Revenue bonds
may be issued without approval of the registered electors of the City and are not payable from a dedicated mill levy . Revenue bonds
shall not be included in the calculation of outstanding obligations counted towards the City's debt limit.
C. Lease Financings
Lease financings may be used for vehicles , buildings, and capital equipment. Lease financings are generally used for long-lived
assets that would not be affordable if funded on a lump sum or cash basis during a single fiscal year. Lease financings are subject
to approval by the City Council, and are not subject to voter referendum if the annual rent payable by the City is subject to annual
appropriation and does not exceed the fair rental value of the leased property , and the financing otherwise qualifies under applicable
Colorado case law.
Criteria used to determine the use of lease financings include the essentiality of the assets to be funded, that annual appropriations
will be available as necessary to fund annual costs and/or there is assurance that revenue enhancements or cost savings will be
realized . In addition , other guidelines shall govern lease purchase financings .
(i) Lease purchase financings will be secured by a lease payment related to the utilization by the City of the assets financed,
or other available assets of the City, as well as legally available future revenues and appropriations.
(ii) Annual lease appropriation payments as a percentage of the general fund shall be monitored over time to set standards
and metrics for the City going forward . In this assessment, consideration must be given to the circumstance when a lease
appropriation payment replaces operating costs that would otherwise be incurred .
(iii) The term of any lease transaction shall not exceed the estimated useful life of the assets financed, and shall comply with
additional restrictions governing average life and term as provided by Colorado law.
(iv) Lease financings may be entered into directly with the owner of the leased property, a financial institution , a nonprofit
corporation or for profit entity. The preferred lessor for new lease financings and refinancings of existing lease financings
that involve the issuance of certificates of participation will be a commercial bank acting as trustee .
IX. DEBT STRUCTURING PRACTICES
The following terms will govern the City in its debt structuring practices .
A. Interest shall not be capitalized for general obligation bonds . Interest may be capitalized for lease financings as warranted ,
as determined by the Director:
(i) to fund interest during construction and prior to financed assets being placed in service ; or
(ii) to allow for the funding of interest costs during the budget year in which a transaction is completed, or when
budgeted resources may not be available .
B . Debt issued by the City may contain optional redemption features . The Director will determine what is in the City's best
interest in selecting appropriate dates and prices, taking into account such items as the cost of funds and future financial
flexibility .
City of Englewood -Financial Policies -Debt Policy 4
C. In the structure of a debt offering, original issue premiums and discounts will be used as deemed to be in the City's financial
interest considering current investor demand, future cash flows and expected interest rate savings.
D . Capital appreciation bonds and zero coupon bonds shall only be used if deemed to be in the City's financial interest
considering current investor demand, future cash flows and expected interest rate savings.
E . When judged advantageous to the City, agreements providing credit enhancements with municipal bond insurance
companies, commercial banks or other financial entities for the purposes of acquiring letters of credit or bond insurance
policies may be obtained.
(i) The projected net present value of the estimated debt service savings from the use of credit enhancement must be
greater than the fees and/or premium paid by the City to obtain such credit support.
(ii) A competitive process shall be used to procure credit enhancement providers.
F. When economically beneficial , the City shall seek to avail itself of options other than cash funding a debt service reserve
fund.
X. METHODS OF SALE
It is the interest of the City to issue debt using the method of sale or placement of obligations that is expected to achieve the best
sales results, at the least cost, taking into account both short-range and long-range implications.
A Conditions which inform the decision about the use of a competitive sale process include:
(i) the market is familiar and comfortable with the project being financed, the structure of the financing, and the revenues
to be used to pay debt service;
(ii) the issue is appropriately sized to attract investors without a concerted effort; and
(iii) interest rates are stable and market demand is strong.
B. Conditions which inform the decision about the use of a negotiated sale process include :
(i) the transaction is of significant size for the market;
(ii) market timing will be a critical factor in garnering the lowest possible interest rate;
(iii) the financing requires a complex or innovative structure;
(iv) the market has concerns about the credit quality of the debt; and
(v) the market is unfamiliar with the project, the structure of the financing, or the revenues to be used to pay debt service.
C. Conditions which inform the decision about the use of a private placement include:
(i) small transaction size ;
(ii) time to market for transactions where time is of the essence; and
(iii) transactions that have particular characteristics suited to one or a small number of interested buyers .
XI. CREDIT RA TINGS
The Moody's 2009 Public Finance Rating Methodology states that ''formalized debt planning and debt policies provide bondholders
with reassurances that debt burdens and operational debt costs will be kept at manageable levels while ongoing capital needs
continue to be met. Debt policies typically specify both target debt burden levels and maximum allowable debt burden levels." (p .13)
Standard and Poor's financial management assessment, conducted during the rating process, notes debt management policies
among the areas most likely to affect credit quality (p . 65, Public Finance Criteria, 2007).
The City recognizes the importance of maintaining good relations with bond rating agencies in order to increase the financial
market's understanding of the credit, which may affect the City's cost of borrowing . The City will seek a rating on all new issues.
Exceptions to this requirement are permissible, such as when privately placing a transaction with an accredited investor or lending
institution. As a matter of general policy:
A The City shall seek to maintain or improve its credit ratings;
B. The City shall obtain an underlying rating on debt which is credit enhanced; and
C. The City shall comply with all legal obligations regarding regular and ongoing disclosure of financial and other information,
and will proactively provide annual reports and other regularly available financial information to those agencies which rate City
obligations .
XII. DEBT MANAGEMENT
The Director shall be responsible for ongoing debt management of the City. As a matter of policy, the City shall undertake the
following as part of its ongoing debt management program .
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A. The Director shall undertake period ic debt management performance reviews , no less than annually , which will include
regular review of the City's outstanding debt issues, and include an analysis of net interest cost. Council shall receive periodic
reports summarizing the debt outstanding, amortization schedules, and key debt ratios . The reports will include a review of the
City Investment Policy and its consistency with this Debt Policy .
B . To the extent that there are one or more resolutions of the City Council that would allow for staff to execute financing
transactions within defined parameters , the Director shall inform Council when any such authorized transaction is commenced .
In the event that any such authorized financing is not pursued when market conditions contemplated by such resolution are
available, the Council shall be informed .
C. The City shall comp ly with the applicable arbitrage regulat ions mandated by the Federal Government.
D. The City recognizes the importance of ongoing , proactive and transparent dissem ination of information to the investment
community , as the investors in City obligations , potential future investors , commercial and investment banks , and other market
participants constitute important stakeholders for the long-term success of the City. For the benefit of its investors, the City will
post its most recent financial reports , official statements , policies and other fiscal information relating to debt portfolio to the City
website . In addition , the City provides certain information relating to its outstanding bonds and notes to nationally recognized
mun icipal securities information repositories each year.
E . The City shall invest bond proceeds according to the City's Investment Policy.
XIII. LEGAL REVIEW
Prior to the issuance of any debt, the General Counsel of the City, in consultation with the Director, and with the advice of retained
expert legal counsel , shall secure an op inion that the proposed debt is structured and issued in a manner which complies with all
applicable laws and regulations of the state and federal governments . Bond Counsel will be retained, from a firm of national stature,
to render opinions and prepare documents re lated to the issuance of debt. Such Bond Counsel shall have extensive experience in
public finance , securities regulation and tax issues.
XIV. ADVISORS, CONSULTANTS AND FINANCIAL SERVICES
The Director may retain finance or other consulting profess ionals when such expertise is required . Such professionals may include,
but not be lim ited to municipal advisors , bond trustees, registrar and paying agents , escrow agents , underwriters,
tender/remarketing agents , credit and liquidity facility providers, and other professional services associated with debt financ ings . The
selection and retention of finance professionals shall conform to the City's policies/practices that govern the procurement of
professional services contracts.
XV. POLICY REVIEW AND REVISION
This Debt Policy shall be reviewed annually by the Director, and may be amended by the City Council as cond itions warrant.
City of Englewood -Financial Policies -Investment Policy
Investment Policy
I. POLICY STATEMENT
The Director of Finance and Administrative Services of the City of Englewood, Colorado is charged with the responsibility to
prudently and properly manage any and all funds of the City. Because these funds may be called upon, it is essential that absolute
maturity horizons are identifiable for the purpose of liquidity. Moreover, these funds must be fully collateralized and appropriately
authorized . The following Investment Policy addresses the methods, procedures and practices which must be exercised to ensure
effective and sound fiscal management.
II. SCOPE
This Investment Policy shall apply to the investment of all financial assets and all funds of the City of Englewood (hereafter referred
to as the "City") over which it exercises financial control, except the City of Englewood Firefighters Pension Fund, Volunteer
Firefighters Pension Fund, Police Officers Pension Fund, the Non-Emergency Employees Retirement Plan Fund and other City
employee retirement plans .
In order to effectively make use of the City's cash resources, all monies shall be pooled into one investment account and accounted
for separately. The investment income derived from this account shall be distributed to the various City funds in accordance with
Englewood Municipal Code, 4-1-2-A.
Ill. OBJECTIVES
The City's funds shall be invested in accordance with all applicable City policies, Colorado statutes, and Federal regulations , and in
a manner designed to accomplish the following objectives, which are listed in priority order:
A. Preservation of capital and the protection of investment principal.
B. Maintenance of sufficient liquidity to meet anticipated disbursements and cash flows .
C. Diversification to avoid incurring unreasonable risks regarding securities owned.
D. Attainment of market rate of return equal to or higher than the performance measure established by the Director of
Finance and Administrative Services .
IV. DELEGATION OF AUTHORITY
The ultimate responsibility and authority for investment transactions involving the City resides with the Director of Finance and
Administrative Services (hereinafter referred to as the "Director") who has been designated by the City Manager as the Investment
Officer in accordance with Englewood Municipal Code . The Director may appoint other members of the City staff to assist him in the
cash management and investment function . Persons who are authorized to transact business and wire funds on behalf of the City
will be designated by the Director by the wire transfer agreement executed with the City's approved depository for bank services
(see Appendix I).
The Director shall be responsible for all investment decisions and activities, and shall establish written administrative procedures for
the operation of the City's investment program consistent with this Investment Policy. The Investment Officer acting within these
procedures shall not be held personally liable for specific investmenttransactions.
The Director may in his discretion appoint one or more Investment Advisors, registered with the Securities and Exchange
Commission under the Investment Advisers Act of 1940, to manage a portion of the City's assets. An appointed Investment Advisor
may be granted limited investment discretion within the guidelines of this Investment Policy with regard to the City's assets placed
under its management. An Investment Advisor can only be appo inted after consultation with and approval by the City Manager.
V.PRUDENCE
The standard of prudence to be used for managing the City's assets is the "prudent investor" rule, which states that a prudent
investor "shall exercise the judgment and care, under the circumstances then prevailing , which men of prudence, discretion, and
intelligence exercise in the management of the property of another, not in regard to speculation but in regard to the permanent
disposition of funds, considering the probable income as well as the probable safety of capital." (CRS 15-1-304, Standard for
Investments.)
The City's overall investment program shall be designed and managed with a degree of professionalism that is worth of the public
trust. The City recognizes that no investment is totally without risk and that the investment activities of the City are a matter of public
record . Accordingly , the City recognizes that occasional measured losses may occur in a diversified portfolio and shall be
considered within the context of the portfolio's overall return, provided that adequate diversification has been implemented and that
the sale of a security is in the best long-term interest of the City.
The Director and other authorized persons acting in accordance with established procedures and exercising due diligence shall be
relieved of personal responsibility for an individual security's credit risk or market price changes, provided deviations from
expectations are reported in a timely fashion to the City Council and appropriate action is taken to control adverse developments .
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VI. ETHICS AND CONFLICTS OF INTEREST
All City employees involved in the investment process shall refrain from personal business activity that could conflict with proper
execution of the investment program, or which could impair their ability to make impartial investment decisions. Employees and
investment officials shall disclose to the City Manager any material financial interest in financial institutions that conduct business
with the city, and they shall further disclose any large personal financial/investment positions that could be related to the
performance of the City's portfolio. Employees shall subordinate their personal investment . transactions to those of the City
particularly with regard to the timing of purchases and sales.
VII. ELIGIBLE INVESTMENTS AND TRANSACTIONS
All investments will be made in accordance w ith the Colorado Revised Statutes (CRS) as follows: CRS 11-10 .5-101, et seq. Public
Deposit Protection Act; CRS 11-47-101, et seq . Savings and Loan Association Public Deposit Protection Act; CRS 24-75-601 et
seq. Funds-Legal Investments; CRS 24-75-603, et seq . Depositories ; and CRS 24-75-701 , et seq . Local governments -authority to
pool surplus funds. Any revisions or extensions of these sections of the CRS will be assumed to be part of this Investment Policy
immediately upon being enacted .
As a home rule City, Englewood may adopt a list of acceptable investment instruments differing from those outlined in CRS 24-75-
601, et seq . Funds-Legal Investments . Funds of the City of Englewood covered by this Investment Policy may be invested in the
following types of securities and transactions:
1. U.S. Treasury Obligations: Treasury Bills, Treasury Notes and Treasury Bonds with maturities not exceeding five years
from the date of trade settlement.
2 . Treasury Strips (book-entry U.S. Treasury securities whose coupons have been removed) with maturities not exceeding
five years from the date of trade settlement.
3 . Federal Instrumentalities -Debentures, Discount notes, Medium-Term Notes, Callable Securities and Step-up Securities
issued by the following only : Federal National Mortgage Association (FNMA), Federal Home Loan Bank (FHLB), Federal
Home Loan Mortgage Corporation (FHLMC) and Federal Farm Credit Banks (FFCB), with maturities not exceeding five
years from the date of trade settlement. Subordinated debt may not be purchased.
4 . Repurchase Agreements with a termination date of 90 days or less utilizing U .S. Treasury and Federal Instrumentality
securities listed above , collateralized at a minimum market value of 102 percent of the dollar value of the transaction with
the accrued interest accumulated on the collateral included in the calculation .
5 .
6.
Repurchase agreements shall be entered into only with dealers who:
a) Are recognized as Primary Dealers by the Federal Reserve Bank of New York, or with firms that have a primary
dealer within their holding company structure; and
b) Have executed a City approved Master Repurchase Agreement (see Appendix II). The Director shall maintain a file
of all executed Master Repurchase Agreements.
Collateral (purchased securities) shall be held by the City's custodian bank as safekeeping agent, and the market value of
the collateral securities shall be marked-to-the-market daily.
For the purpose of this section , the term "collateral" shall mean "purchased securities" under the terms of the City
approved Master Repurchase Agreement. In no case will the maturity of the collateral exceed 10 years .
Reverse Repurchase Agreements with a maturity of 90 days or less executed only against securities owned by the City
and collateralized by the same type of security reversed .
Flexible Repurchase Agreements with a final maturity of 10 years or less entered into by the City with approved
counterparties . These flexible repurchase agreements may be closed out in varying amounts and at varying times at the
option of the City. These agreements are deemed by both parties to be purchases and sales of securities and are not
loans.
All such flexible repurchase agreements shall meet the following criteria :
• Be determined as legal and valid for both parties ;
• Collateral shall be limited to:
a) Securities issued by, guaranteed by, or for which the credit of any of the following is pledged for payment: the
United States , Federal Farm Credit Bank, Federal Land Bank, Federal Home Loan Bank, Federal Home Loan
Mortgage Corporation, Federal National Mortgage Association, Export Import Bank or the Government National
Mortgage Association ; or
b) Securities issued by, guaranteed by, or for which the credit of the following is pledged for payment: An entity or
organization which is not listed in paragraph a) above , but which is 91) created by, or the creation of which is
authorized by, legislation enacted by the United States Congress and which is subject to control by the federal
government which is at least as extensive as that which governs an entity or organization listed in paragraph a)
City of Englewood -Financial Policies -Investment Policy 3
above , and (2) rated in its highest rating category by one or more nationally recognized organizations which •
regularly rate such obligations .
• Have a fixed rate during the entire life of the agreement;
• The dollar amounts and periods of time when the City may draw funds out of the repurchase agreement shall be
agreed upon in writing by both parties and shall be part of the written repurchase agreement exercised by the City
and the approved counterparty ;
• The City has the option of varying the dollar amount and the timing of the draw down by an agreed upon percentage
of the anticipated draw down and a specified number of days. The City and the counterparty to the agreement will
specify the details of the allowable variance when the agreement is structured . In addition, the City may draw down
in excess of the variance up to the remaining balance in the agreement for a bona fide , unanticipated cash need;
• Collateral shall have a minimum market value (including accrued interest accumulated) of at least 102 percent of the
dollar value of the transaction ;
• Repurchase agreements shall be entered into only with dealers who are authorized by the Director and have
executed a City approved Master Repurchase Agreement;
• The Director shall maintain a file of all executed Master Repurchase Agreements ;
• The title to or a perfected security interest in securities, along with any necessary transfer documents, must be
transferred and actually delivered to, and shall be held by, the City's third-party custodian bank acting as
safekeeping agent. The market value of the collateral securities shall be marked-to-the-market at least weekly based
on the closing bid price at the time the custodian for the collateral issues its monthly statement to the City.
For the purpose of the section, the term "collateral" shall mean "purchased securities" under the terms of the City
approved Master Repurchase Agreement. In no case will the maturity of the collateral exceed 10 years .
7 . Time Certificates of Deposit with a maximum maturity of five years or savings accounts in state or national banks or state
or federally chartered savings banks operating in Colorado that are state approved depositories (as evidenced by a
certificate issued by the State Banking Board) and are insured by the FDIC. Certificates of deposit that exceed the FDIC
insured amount shall be collateralized in accordance with the Colorado Public Deposit Protection Act. The collateral shall
have a market value equal to or exceeding 102 percent of the difference between the insured amount and the City's total
deposits for all funds within the institution .
8 . Money Market Mutual Funds registered under the Investment Company Act of 1940 that 1) are "no-load" (i.e .: no
commission or fee shall be charged on purchases or sales of shares); 2) have a constant net asset value per share of
$1.00; 3) limit assets of the fund to securities authorized by state statute; 4) have a maximum stated maturity and
weighted average maturity in accordance with Rule 2a-7 of the Investment Company Act of 1940; and 5) have rating of
AAAm by Standard & Peer's, Aaa by Moody's or AANV1 + by Fitch .
9 . Local Government Investment Pools as authorized under CRS 24-75-702 .
10 . Prime Bankers Acceptances, rated at least A-1 by Standard & Pear's, P-1 by Moody's, or F1 by Fitch at the time of
purchase by at least two services that rate them , with a maturity of six months or less issued on domestic banks or
branches of foreign banks domiciled in the U.S . and operating under U .S. banking laws . Accepting banks must have a
senior debt rating of A2 by Moody's and A by Standard & Peer's .
11 . Prime Commercial Paper with a maturity of 270 days or less which, at the time of purchase, is rated at least A-1 by
Standard & Peer's, P-1 by Moody's, or F-1 by Fitch .
a . At the time of purchase , the commercial paper must be rated by at least two of the above stated rating agencies
at the stated minimum rating.
b. If the commercial paper issuer has sen ior debt outstanding , the senior debt must be rated at least A2 by
Moody's , A by Standard & Pear's , or A by Fitch .
12. Corporate Bonds issued by a corporation or bank with a final maturity not exceeding three years from the date of trade
settlement, rated at least AA-by Standard & Peer's , Aa3 by Moody's, or AA-by Fitch at the time of purchase by at least
two services . Authorized corporate bonds shall be U.S . dollar denominated and issued by corporations organized and
operating within the United States . The City hereby further authorizes investments in dollar denominated securities issued
by a corporation or bank that is organized and operating within Canada or Australia , not to exceed 10% per country at the
time of purchase.
13. General or Revenue obligations of any state in the United States or any political subdivision , institution, or authority of
such a government entity . Municipal bonds must be rated A-by Standard & Peer's , A3 by Moody's, or A-by Fitch at the
time of purchase by at least two services if the issuer is located in Colorado . Municipal bonds must be rated AA-by
Standard & Peer's , Aa3 by Moody's or AA-by Fitch at the time of purchase by at least two services if the issuer is located
outside the state of Colorado . The maximum maturity for municipal bonds is five years .
Securities that have been downgraded below minimum ratings described herein may be sold or held at the City's discretion .
The portfolio will be brought back into compliance with Investment Policy guidelines as soon as is practical.
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VIII. OTHER INVESTMENTS
It is the intent of the City that the foregoing list of authorized securities be strictly interpreted . Any deviation from this list must be pre-
approved by the Director in writing after approval by the City Manager.
IX. INVESTMENT DIVERSIFICATION
It is the intent of the City to diversify the investment instruments within the portfolio to avoid incurring unreasonable risks inherent in
over investing in specific instruments, individual financial institutions or maturities. The asset allocation in the portfolio should,
however, be flexible depending upon the outlook for the economy , the securities market, and the City's cash flow needs .
The City may invest to the following maximum limits within each category:
• 50% in Certificates of Deposit
• 40% in Commercial Paper, 5% in any one issuer or its affiliates or subsidiaries
• 20% in Bankers Acceptances, 5% in any one issuer or its affiliates or subsidiaries
• 30% in Corporate Bonds , 5% in any one issuer or its affiliates or subsidiaries
• 30% in Municipal Bonds, 5% in any one issuer
The aggregate investment in Corporate Bonds, Commercial paper, and Bankers Acceptances shall not exceed 50% of the portfolio .
Tests for limitations on percentages of holdings apply to the composite of the entire portfolio of the City, not to individual portfolios
maintained by the City. Percentage limitations used for measurements are based on the percentage of cost value of the portfolio at
the time of purchase .
X. INVESTMENT MATURITY AND LIQUIDITY
Investments shall be limited to maturities not exceeding five years from the date of trade settlement. In addition, the weighted
average final maturity of the total portfolio shall at no time exceed three years .
XI. SELECTION OF BROKER/DEALERS
The Director shall maintain a list of broker/dealers approved for investment purposes (see Appendix Ill), and it shall be the policy of
the City to purchase securities only from those authorized firms .
To be eligible, a firm must meet at least one of the following criteria :
1. Be recognized as a Primary Dealer by the Federal Reserve Bank of New York or have a primary dealer within their
holding company structure,
2 . Report voluntarily to the Federal Reserve Bank of New York ,
3 . Qualify under Securities and Exchange Commission (SEC) Rule 15c-3 (Uniform Net Capital Rule).
Broker/dealers will be selected by the Director on the basis of their expertise in public cash management and their ability to provide
service to the City's account. In the event that an external investment advisor is not used in the process of recommending a
particular transaction in the City's portfolio, any authorized broker/dealer from whom a competitive bid is obtained for the transaction
will attest in writing that he/she has received a copy of this policy and shall submit and annually update a City approved
Broker/Dealer Information Request form which includes the firm's most recent financial statements .
The City may purchase Commercial Paper from direct issuers even though they are not on the approved list of broker/dealers as
long as they meet the criteria outlined in Item 11 of the Eligible Investments and Transactions section of this Investment Policy.
XII. COMPETITIVE TRANSACTIONS
Each investment transaction shall be competitively transacted with authorized broker/dealers. At least three broker/dealers shall be
contacted for each transaction and their bid and offering prices shall be recorded .
If the City is offered a security for which there is no other readily available competitive offering, then the Director will document
quotations for comparable or alternative securities.
XIII. SELECTION OF BANKS AS DEPOSITORIES AND PROVIDERS OF GENERAL BANKING SERVICES
The City shall maintain a list of banks approved to provide banking services or from whom the City may purchase certificates of
deposit. Banks in the judgment of the Director no longer offering adequate safety to the City will be removed from the list. To be
eligible for authorization, a bank shall qualify as a depository of public funds in Colorado as defined in CRS 24-75-603 .
XIV. SAFEKEEPING AND CUSTODY
City of Englewood -Financial Policies -Investment Policy 5
The safekeeping and custody of securities owned by the City shall be managed in accordance with applicable Federal and Colorado
laws and regulations.
The Director shall approve one or more banks to provide safekeeping and custodial services for the City. A City approved
Safekeeping Agreement shall be executed with each custodian bank prior to utilizing that bank's safekeeping services. To be
eligible, a bank shall qualify as a depository of public funds in the State of Colorado as defined in CRS 24-75-603 and be a Federal
Reserve member financial institution .
Custodian banks will be selected on the basis of their ability to provide service to the City's account and the competitive pricing of
their safekeeping related services. The City's designated custodian bank is set forth in Appendix IV of this Investment Policy.
The purchase and sale of securities and repurchase agreement transactions shall be settled on a deliver versus payment basis.
Ownership of all securities shall be perfected in the name of the City, and sufficient evidence to title shall be consistent with modem
investment, banking and commercial practices.
All investments purchased by the City shall be delivered by book entry and will be held in third-party safekeeping by the City's
designated custodian bank or the Depository Trust Company (OTC).
All Fed wireable book entry securities owned by the City shall be evidenced by a safekeeping receipt or a customer confirmation
issued to the City by the custodian bank stating that the securities are held in the Federal Reserve system in a Customer Account
for the custodian bank which will name the City as "customer."
All OTC eligible securities shall be held in the custodian bank's Depository Trust Company (OTC) participant account and the
custodian bank shall issue a safekeeping receipt evidencing that the securities are held for the City as "customer."
The City's custodian will be required to furnish the City with a monthly report of securities held as well as an account of analysis
report of monthly securities activity.
XV. PROVISIONS FOR ARBITRAGE
The City periodically issues debt obligations which are subjectto the provisions of the Tax Reform Act of 1986 (section 148F), Arbitrage
Rebate Regulations . Due to the legal complexities of arbitrage law and the necessary Immunization of yield levels, the procedures
undertaken in the reinvestment of all or a portion of the proceeds of such debt issuance may extend beyond those outlined in this
Investment Policy. The Director, upon advice from Bond Counsel and financial advisors, may alter provisions of this lrM:!sinsrtPolicy for
arbitrage related investments as may be necessary to conform with federal arbitrage regulations . In all cases, however, investments will
be in compliancewith Colorado Revised Statutes . Thissectionisonly applicabletoCityfunds subjectto arbitrage restrictions .
XVI. REPORTING
An investment report shall be prepared, at least on a monthly basis, listing the investments held by the City, the current market valuation
of the investments and performance results. The monthly investment report shall be submitted in a timely manner to the City Manager
and the City Council. A record shall be maintained by the Department of Finance and Administrative Services of all bids and offerings for
securities transactions in order to ensure that the City receives competitive pricing.
The City has established reporting and accounting standards for callable U.S. Instrumentality securities. Callable securities may be
retired at the issuer's option prior to the stated maximum maturity. All securities holding reports for the City shalldisclosethe statedmaturity
as well as the first call date of each callable security held. In the case of callable securities which are purchased priced to the first call date
and, in the opinion of the Director.have an overwhelming probability of being called on the first call date, weighted average maturity.amortization
as well as yield shall be calculated using the first call date. The Director may, however, choose to use a further call date maturity date for
reporting purposes when conditions mandate.
XVII. PERFORMANCEREVIEW
The Director and the City Manager shall meet at least quarterly to review the portfolio's adherence to appropriate risk levels and to compare the
portfolio's totalreturn to the established investment objectives and goals .
The Director shall periodically establish a benchmark yield forthe City's Investments which shall be equal to the average yield on the U.S .
Treasury securitywhich most closely corresponds to the portfolio's actual effective weighted average maturity. \/Vhen comparing the performance
of the City's portfolio, all fees and expenses involved with managing the portfolio should be Included in the computation of the portfolio's rate of
return.
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• City of Englewood -Financial Policies -Aud it Policy
Audit Procurement
In accordance with state law, the Comprehensive Annual Financial Report (CAFR) of the City shall be audited annually , following the close of the
• fiscal year.
As contemplated in the City Charter, the Council shall appo int an independent certified public accountant licensed to practice in Colorado and
knowledgeable in government accounting to conduct the audit and the audit shall contain the following:
1. Financial statements prepared in conformity w ith generally accepted governmental accounting principles .
2. All funds and activities of the City.
3. A budget to actual comparison for each fund and activity .
4 . The auditor's opin ion on the financial statements . If the opin ion is anything other than unqualified, the reason must be explained.
5. Disclosure of all instances of noncompliance with federal or state law.
6. A supplemental listing of all investments held by the City at the date of the financial statement.
7. A calculation of the City's fiscal year spend ing in accordance with the state constitution.
The auditor also shall make recommendations to the Council concerning its financial records , procedures and related activities as may appear
necessary or desirable and shall perform such other related services as may be requested by the City Council.
The City's CAFR shall be prepared and presented in a manner cons istent with applicable federal and state laws, regulations , and rules in
add ition to the best practices of the Governmental Accounting Standards Board and the Governmental Finance Officers Association .
Appointment of Auditor
To create a balance between independence, fresh perspectives, staff continuity, audit efficiency and competitive pricing the City will solicit
proposals for auditing services at least every six years. The incumbent auditor is barred from responding to the solicitation unless the firm can
indicate a rotation of principals .
The Council shall annually approve the appointment of an auditor to audit the City's financial statements .
Only in unique and extraordinary circumstances , when it is deemed to be in the City's best interest, is the Council to consider approving the
appointment of the incumbent auditor for an additional single year beyond a six-year period. In no event is an auditor to be retained to aud it the
City's financial statements for more than seven consecutive years .
Nothing in this policy prohibits the Council from acting to limit the duration of the engagement in order to protect the City's interests should the
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Council determine an early termination is warranted for performance or pricing considerations or other criteria advantageous to protecting the
C ity's reputation or financial condition .
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COUNCIL COMMUNICATION
Meeting Date: Agenda Item: Subject:
March 21 , 2016 Parks Gateway
Enhancement Project
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Initiated By: Staff Source:
Parks , Recreation and Library Dave Lee, Open Space Manager
PREVIOUS COUNCIL ACTION
In 2015, Council approved both a Resolution supporting the City's Arapahoe County Open
Space Grant Application and adopted a bill for an Ordinance for an Intergovernmental
Agreement with Arapahoe County for the transfer and use of Open Space grant funding for the
Parks Gateway Enhancements Phase I.
RECOMMENDED ACTION
Recommendation from the Parks , Recreation and Library Department to approve , by motion ,
the bid for the construction of Parks Gateway Enhancements Phase I to the Ad Light Group , the
low bidder .
BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED
The Parks Gateway Enhancements demonstrate a much overdue need to replace 17 signs that
are currently comprised of 50 year old hand made park identification signs with a more modern,
updated design for park identification signage with additional landscaping surrounding the park
s igns. The community believes these park identification signs are the gateway into each of our
neighborhood parks and are critical to identifying each of Englewood 's parks. Replacement of
the park identification signs will improve the image of the City of Englewood. The goal is to
replace all current park identification signs in two phases and update the image of our city.
This bid is for Phase I only and covers the following parks : Belleview, Centennial , Baker,
Emerson , Bates-Logan , Romans , Miller, Jason , Cushing and Rotolo Parks . A second grant
application has been submitted to Arapahoe County Open Spaces in 2016 to fun'C construction
of the rema i ning gateway enhancements.
The proposed park signs will feature the City 's newly branded logo , fonts and color schemes .
The estimated time for completion of the project is September 30 , 2016 .
FINANCIAL IMPACT
Bids for the Parks Gateway Enhancements were received from six vendors on January 21st. At
that time , the Purchasing and Finance Department noted discrepancies with how the bids were
totaled by each vendor. An amended bid proposal form was issued to all vendors for clarification
and accuracy of their bid amounts .
The Ad Light Group is the low bidder for the project with a bid of $276 ,036.27 . Funding for the
project is budgeted in the 2016 Open Space Fund. The funds come from the 2015 Arapahoe
COUNCIL COMMUNICATION
Meeting Date: Agenda Item: Subject:
March 21, 2016 Parks Gateway
Enhancement Project
11ci
Initiated By: Staff Source:
Parks, Recreation and Library Dave Lee, Open Space Manager
PREVIOUS COUNCIL ACTION
In 2015, Council approved both a Resolution supporting the City's Arapahoe County Open
Space Grant Application and adopted a bill for an Ordinance for an Intergovernmental
Agreement with Arapahoe County for the transfer and use of Open Space grant funding for the
Parks Gateway Enhancements Phase I.
RECOMMENDED ACTION
Recommendation from the Parks, Recreation and Library Department to approve, by motion,
the bid for the construction of Parks Gateway Enhancements Phase I to the Ad Light Group, the
low bidder.
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BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED •
The Parks Gateway Enhancements demonstrate a much overdue need to replace 17 signs that
are currently comprised of 50 year old hand made park identification signs with a more modern,
updated design for park identification signage with additional landscaping surrounding the park
signs. The community believes these park identification signs are the gateway into each of our
neighborhood parks and are critical to identifying each of Englewood's parks. Replacement of
the park identification signs will improve the image of the City of Englewood. The goal is to
replace all current park identification signs in two phases and update the image of our city.
This bid is for Phase I only and covers the following parks: Belleview, Centennial, Baker,
Emerson, Bates-Logan, Romans, Miller, Jason, Cushing and Rotolo Parks. A second grant
application has been submitted to Arapahoe County Open Spaces in 2016 to fund construction
of the remaining gateway enhancements.
The proposed park signs will feature the City's newly branded logo, fonts and color schemes .
The estimated time for completion of the project is September 30, 2016.
FINANCIAL IMPACT
Bids for the Parks Gateway Enhancements were received from six vendors on January 21st. At
that time, the Purchasing and Finance Department noted discrepancies with how the bids were
totaled by each vendor. An amended bid proposal form was issued to all vendors for clarification
and accuracy of their bid amounts .
The Ad Light Group is the low bidder for the project with a bid of $276,036.27. Funding for the
project is budgeted in the 2016 Open Space Fund. The funds come from the 2015 Arapahoe •
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County Open Space grant award of $200, 100 along with the required matching funds of
$83,300 for a total of $283,400. No General Fund money will be used for this project.
LIST OF ATTACHMENTS
Bid Tabulation Sheet
Invitation to Bid
Contract
Performance, Payment and Maintenance Bond
Ad Light Group Bid Proposal
Large and Small Park Sign Designs
RESOLUTION NO.
SERIES OF 2016
A RESOLUTION AUTHORIZING A CONTRACT FOR THE PARKS DEPARTMENT
GATEWAY ENHANCEMENTS PHASE 1 PROJECT.
WHEREAS, the Englewood City Council approved an Intergovernmental Agreement with
Arapahoe County for the transfer and use of Open Space grant funding for the Parks Gateway
Enhancements Phase I Project by the passage of Ordinance no,. 26, Series of 2016; and
WHEREAS, the City Council of the City of Englewood, Colorado supported the City's
Arapahoe County 0-pen Space Grant Application for Parks Gateway Enhancements Phase II by the
passage of Resolution No. 38, Series of 2016; and
WHEREAS, the Parks Gateway Enhancements Project is a much overdue need to replace 17
signs that are currently comprised of 50 years old hand made park identification signs with a more
modern, updated design of park identification signage with additional landscaping surrounding the
park sign; and
WHEREAS, the community believes these park identification signs with are the gateway into
each of out neighborhood parks and are critical to identifying each of Englewood's parks; and
WHEREAS , the Parks Gateway Enhancements Phase I only covers the following parks:
Belleview, Centennial, Baker, Emerson, Bates Logan, Romans, Miller, Jason, Cushing and Rotolo
Parks ; and
WHEREAS, funding for this project is budgeted in the 2016 Open Space Funds; and
WHEREAS, six bids for the Parks Gateway Enhancements Phase I were received on January
21, 2016 as detailed in the attached bid tabulation, with Ad Light Group as the lowest bidder.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLORADO, THAT:
Section 1. The City Council of the City of Englewood, Colorado hereby authorizes a Contract
for the Parks Gateway Enhancement Projects Phase I to Ad Light Group, attached hereto as
Exhibit A.
ADOPTED AND APPROVED this 21st day of March, 2016.
ATTEST:
Joe Jefferson, Mayor
Loucrishia A. Ellis, City Clerk
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I, Loucrishia A. Ellis, City Clerk for the City of Englewood, Colorado, hereby certify the
above is a true copy of Resolution No. __ , Series of 2016.
Loucrishia A. Ellis, City Clerk
. CONTRACT # CFC/16-03
THIS CONTRACT and agreement, made and entered into this __ day of , 20_, by and
between the City of Englewood, a municipal corporation of the State of Colorado hereinafter referred to as the
"City", and Ad Light Group, whose address is 4150 Elatl St., Denver, CO 80216, ("Contractor"), commencing
on the day of _, 20_, and continuing for at least ten (10) days thereafter the City
advertised that sealed proposals would be received for furnishing all labor, tools, supplies, equipment, materials
and everything necessary and required for the following:
PROJECT: Englewood Parks Gateway Enhancement Project
WHEREAS, proposals pursuant to said advertisement have been received by the Mayor and City Council and
have been certified by the Director of Parks, Recreation & Library to the Mayor and City Council with a
recommendation that a contract for work be awarded to the above named Contractor who was the lowest reliable
and responsible bidder therefore, and .
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WHEREAS, pursuant to said recommendation, the Contract has been awarded to the above named Contractor •
by the Mayor and City Council and said Contractor is now willing and able to perform all of said . work in
accordance with said advertisement and his proposal.
NOW THEREFORE, in consideration of the compensation to be paid and the work to be performed under this
contract, the parties mutually agree as follows :
A. Contract Documents: It is agreed by the parties hereto that the following list of instruments, drawings
and documents which are attached or incorporated by reference constitute and shall be referred to
either as the Contract Documents or the Contract and all of said instruments, drawings, and
documents taken together as a whole constitute the Contract between the parties hereto and they are
as fully a part of this agreement as if they were set out verbatim and in full:
Invitation to Bid
Contract (this instrument)
Special Provisions
Insurance
Performance Payment Maintenance Bond
1000 Englewood Parkway, Englewood, Colorado 80110-2373
(303) 762-2300 www.englewoodgov.org
CFC/16-03 Englewood Parks Gateway Enhancement Project ITB-15-018
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B. Scope of Work: The Contractor agrees to and shall furnish all labor, tools , supplies, equipment,
materials and everything necessary for and required to do , perform and complete all the work
described , drawn, set forth, shown and included in said Contract Documents .
C. Terms of Performance: The Contractor agrees to undertake the performance of the work under this
Contract within ten (10) days from being notified to commence work by the Director of Public Works.
D . Indemnification : The city cannot and by this Agreement/Contract does not agree to indemnify, hold
harmless, exonerate or assume the defense of the Contractor or any other person o r entity , for any
purpose. The Contractor shall defend, indemnify and save harmless the City, its officers , agents and
employees from any and all claims, demands, suits, actions or proceedings of any kind or nature including
Worker's Compensation claims, in any way resulting from or arising out of this Agreement/Contract:
provided, however, that the Contractor need not indemnify or save harmless the City, its officers, agents
and employees from damages resulting from the sole negligence of the City 's officers, agents and
Employees.
E. Termination of Award for Convenience: The City may terminate the award at any time by giving written
notice to the Contractor of such termination and specifying the effective date of such termination, at least
thirty (30) days before the effective date of such termination. In that event all finished or unfinished service ,
reports, material (s) prepared or furnished by the Contractor after the award shall, atthe option of the City ,
become its property. If the award is terminated by the City as provided herein , the Contractor will be paid
that amount which bears the same ratio to the total compensation as the services actually performed or
material furnished bear to the total services/materials the successful firm agreed to perform under this
award, less payments of compensation previously made . If the award is terminated due to the fault of the
Contractor the clause relating to termination of the award for cause shall apply.
F. Termination of Award for Cause: If, through any cause, the Contractor shall fail to fulfill in a timely and
proper manner its obligations or if the Contractor shall violate any of the covenants, agreements or
stipulations of the award, the City shall have the right to terminate the award by giving written notice to
the Contractor of such termination and specifying the effective date of termination. In that event, all
furnished or unfinished services, at the option of the City, become its property, and the Contractor shall
be entitled to receive just, equitable compensation for any satisfactory work documents, prepared
completed or materials as furnished.
Notwithstanding the above, the Contractor shall not be relieved of the liability to the City for
damages sustained by the City by virtue of breach of the award by the Contractor and the
City may withhold any payments to the Contractor for the purpose of set off until such time
as the exact amount of damages due the City from the Contractor is determined .
G. Terms of Payment: The City agrees to pay the Contractor for the performance of all the work required
under this contract, and the Contractor agrees to accept as his full and on ly compensation therefore ,
such sum or sums of money as may be proper in accordance with the price or prices set forth in the
1000 Englewood Parkway , Englewood , Colorado 80110-2373
(303) 762-2300 www .englewoodgov.org
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CFC/1 6-03 En glewo od Parks Gateway Enhancement Project ITB-15-016
Contractor's proposal attached and made a part hereof, the total estimated cost thereof being Two ·
Hundred Seventy Six Thousand Thirsty Six Dollars and Twenty Seven Cents ($276.036 .27). A 5%
retainage of the awarded project amount will be withheld until final inspection and acceptance by the •
Project Manager.
H . Appropriation of Funds: At present, $276.036.27 has been appropriated for the project.
Notwithstanding anything contained in this Agreement to the contrary, the parties understand and
acknowledge that each party is subject to Article X, § 20 of the Colorado Constitution ("TABOR"). The
parties do not intend to violate the terms and requirements of TABOR by the execution of this
Agreement. It is understood and agreed that this Agreement does not create a multi-fiscal year direct
or indirect debt or obligation within the meaning of TABOR and, notwithstanding anything in this
Agreement/Contract to the contrary, all payment obligations of the City are expressly dependent and
conditioned upon the continuing availability of funds beyond the term of the City's current fiscal period
ending upon the next succeeding December 31 . Financial obligations of the City payable after the
current fiscal year are contingent upon funds for that purpose being appropriated, budgeted, and
otherwise made available in accordance with the rules , regulations , and resolutions of the City and
applicable law. Upon the failure to appropriate such funds, this Agreement shall be deemed
terminated. The City shall immediately notify the Contractor or its assignee of such occurrence in the
event of such termination.
I. Liquidated Damages: The City and Contractor recognize that time is of the essence in this Agreement
because of the public interest in health and safety, and that the City will suffer financial loss, and
inconvenience, if the Work is not complete within the time specified in the bid documents, plus any
extensions thereof allowed in accordance with the General Conditions. They also recognize the •
delays, expense and difficulties involved in proving, in a legal proceeding , the actual loss suffered by
the City if the Work is not complete on time. Accordingly, instead of requiring any such proof, the City
and Contractor agree that as liquidated damages for delay, but not as a penalty, Contractor shall pay
the City $250.00 for each day that expires after the time specified for substantial completion until the
Work is complete, and $250.00 for each day that expires after the time specified for final completion
until the Work is finally complete.
J. Assignment: Contractor shall not, at any time, assign any interest in this Agreement or the other
Contract Documents to any person or entity without the prior written consent of the City specifically
including, but without limitation, moneys that may become due and moneys that are due may not be
assigned without such consent (except to the extent that the effect of this restriction may be limited by
law). Any attempted assignment which is not in compliance with the terms hereof shall be null and
void . Unless specifically stated to the contrary in any written consent to an Assignment, no Assignment
will release or discharge the Assignor from any duty or responsibility under the Contract Documents.
K. Contract Binding : It is agreed that this Contract shall be binding on and inure to the benefit of the
parties hereto, their heirs, executors, administrators, assigns, and successors.
L. State Statute: If this project is for a public works project or public project, as defined in Section 8-49-102(2)
C.R.S . the contractor shall comply with 8-17-101 C.R.S . which requires the contractor to use at least
eighty percent (80%) Colorado labor for any public works project financed in a whole or in part by State,
counties, school districts, or municipal monies.
1000 Englewood Parkway, Eng lewood , Colorado 80110-2373
(303) 762-2300 www .englewoodgov.org
CFC/16-03 Englewood Parks Gateway Enhancement Project ITB-15-016
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• M. Contractors Guarantee: The Contractor shall guarantee that work and associated incidentals shall
remain in good order and repair for a period of one (1) year from all causes arising from defective
workmanship and materials, and to make all repairs arising from said causes during such period without
further compensation . The determination of the necessity for the repair or replacement of said project,
and associated incidentals or any portion thereof, shall rest entirely with the Director of Public Works
whose decision upon the matter shall be final and obligatory upon the Contractor.
VERIFICATION OF COMPLIANCE WITH C.R.S. 8-17.5-101 ET.SEQ. REGARDING HIRING OF ILLEGAL
ALIENS
(a) Employees, Contractors and Subcontractors: Contractor shall not knowingly employ or contract with
an illegal alien to perform work under this Contract. Contractor shall not contract with a subcontractor that fails
to certify to the Contractor that the subcontractor will not knowingly employ or contract with an illegal alien to
perform work under this Contract. [CRS 8-17 .5-102(2)(a)(I) & (II).]
(b) Verification: Contractor will participate in either the E-Verify program or the Department program, as
defined in C.R.S. 8-17 .5-101 (3 .3) and 8-17 .5-101 (3 .7) respectively, in order to confirm the employment eligibility
of all employees who are newly hired for employment to perform work under this public contract. Contractor is
prohibited from using the E-Verify program or the Department program procedures to undertake pre-employment
screening of job applicants while this contract is being performed .
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c) Duty to Terminate a Subcontract: If Contractor obtains actual knowledge that a subcontractor
perform ing work under this Contract knowingly employs or contracts with an illegal alien , the Contractor shall :
( 1) notify the subcontractor and the City within three days that the Contractor has actual
knowledge that the subcontractor is employing or contracting with an illegal alien ; and
(2) terminate the sub-contract with the subcontractor if, within three days of receiving notice
required pursuant to this paragraph the subcontractor does not stop employing or contracting with the
illegal alien ; except that the Contractor shall not terminate the contract with the subcontractor if during
such three days the subcontractor provides information to establish that the subcontractor has not
knowingly employed or contracted w ith the illegal alien .
(d) Duty to Comply with State Investigation: Contractor shall comply with any reasonable request of the
Colorado Department of Labor and Employment made in the course of an investigation by that the Department
is undertaking pursuant to C .R.S . 8-17 .5-102 (5).
(e) Damages for Breach of Contract: The City may terminate this contract for a breach of contract, in
whole or in part, due to Contractor's breach of any section of this paragraph or provisions required pursuant to
1000 Englewood Parkway , Englewood , Colorado 80110-2373
(303) 762-2300 www .englewoodgov .org
CFC/16-03 Eng lewood Pa rks Ga teway Enhancement Project ITB-15-0 16
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C.R.S. 8-17.5-102. Contractor shall be liable for actual and consequential damages to the City in addition to
any other legal or equitable remedy the City may be entitled to for a breach of this Contract under this
Paragraph .
IN WITNESS WHEREOF, the parties hereto have executed this Contract the day and year first written
above.
CITY OF ENGLEWOOD
By: dtr;rf-k d111~ate : __ a_V?j_~-~--
(Director) J (J
By: Date : -----------------------~
(City Manager)
By: _______________ Date : ________ _
(Mayor)
City Clerk
1000 Englewood Parkway, Englewood , Colorado 80110-2373
(303) 762-2300 www.englewoodgov.org
CFC/16-03 Englewood Parks Gateway Enhancement Project ITB -15 -016
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e Ad Li511t bro1A-p
ctor (print company name)
Signature)
mavida f-tu.vle~ ,.VP
(Print name and Title)
sTATE oF Co\o<ado
SS.
COUNTY OF ~ver
On this I~ day of ftl~ , 201ki_, before me personally appeared AY"'cncia
• t\)(\~ , known to me to be the V? of
PC, l A.q'\-C,rov7 , the corporation that executed the within and
foregoing instrument~ nd acknowledged the said instrument to be the free and voluntary act and deed of said
corporation for the uses and purposes therein mentioned, and on oath stated that he was authorized to
execute said instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my official seal the day and year first
above written.
My commission expires: \7,, /cl/ / 9
I I
ERICA CONWAY
NOTARY PUBLIC
STATE OF COLORADO
NOTARY ID 20154047338
MY COMMISSION EXPIRES DECEMBER 9, 2019
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1000 Englewood Parkway , Englewood, Colorado 80110-2373
(303) 762-2300 www.englewoodgov.org
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CFC/16-03 Englewood Parks Gateway Enhancement Project ITB-15-016
SCHEDULE A
OUTLINE OF STATEMENT OF WORK
(Provide the requested below infom1ation)
1. GENERAL
See attached signed contract for terms and conditions.
2. NAMES OF PROJECT COORDINATORS
Amanda Hurley, VP Business Development
Anthony Deleon, Operations Manager
Brad Grandahl, Installation Manager
3. SUMMARY OF PURPOSE FOR STATEMENT OF WORK
See attached scope of work ITB-15-016, Paragraph 3 forward
4. EQUIPMENT AND PROGRAMMING TO BE PROVIDED BY CITY (IF ANY)
Not Applicable
5 . OTHER CONTRACTOR RESOURCES
Emerald Isle Landscaping
6.
Reliance Precast
DESCRIPTION OF WORK PRODUCT AND DELIVERABLES
See ITB-15-016
7. SPECIAL TERMS, IF ANY
Not Applicable
8. MODE OF PAYMENT
Purchase Order -Percentage completed monthly
9. PAYMENT SCHEDULE
City will pay contractor in accordance with number of signs completed.
City will pay Contractor for the work in accordance with the following payment schedule. All
payments to Contractor are contingent on Contractor's satisfying the Deliverables/Milestones
set forth in the Payment Schedule. Payments shall be made upon City's written confirmation to
Contractor that the Deliverables-Milestones have been satisfied .
10. SCHEDULE AND PERFORMANCE MILESTONES
Start date : April 2016
Completion date: September 30 , 2016
11. ACCEPTANCE AND TESTING PROCEDURES
12. LOCATION OF WORK FACILITIES
Bellev iew Park
Centennial Park
Baker Park
Emerson Park
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Bates Logan Park
Romans Park
Miller Field
Jason Park
Cushing Park
Rotolo Park
IN WITNESS WHEREOF, pursuant and in accordance with the Contract between the parties
hereto dated , 20_, the parties have executed this Statement of Work as of
this day of , 20_.
Title : llc&'(~ ,:lla~,. £~~,n'"0 h-r1-,e L-6~J
Date: J/7 //£
; ;
Title : VP eMSin~s~ Develormevit
Date : 3/1 /2.0I ~
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City of Englewood Bid T•bulatlan Sheet
Bid Openlna: Tllur9day, .i.m.y 21, 2018 2:00 PM MST
AMENDED BID PROPOSAL· FEBRUARY 5, 2018
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ITEM: ITB-15-411 Entllewood Parts Ga-y Enhancement Project IAppantnl Low -Sldci.r 1
"""' -Deocri-Bid Bond Y/N?
Rocalpl af --I & 2YIH?
S-of Qu-.0-YIN?
1 ......... """ lln!a!t!dl 12 llkl..tl
2. • Laroo alan lna-112 llcledl
3. -$m!!! •kpt !lnlp!l!d! '4. ___ , .... ,_.
I. -Pn llan Sn..a Ina pl!ntliielortal na !n!p-1
5umTotalBldl2111ded
All-t . La--llrrlallledl It lld..tl
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Allema• I. P1ttc 11gt1 Smell Ina pllnt '""''"" na lnlgellonl
111 ..........
Lump ScHn Total Bid 11 aided
El Enlel'lllltlee. Inc. • a.-C_..,.,.on. Jne. Ad
1115 V•ll-V SL PO DUA
1711 North Fnnldln Ave .77133
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~.CO llOUI mt7D-T1:Jl
1'701 AM87t • 1711) 550-IDT
CTM. Inc. •F..t-I ~OOOlll1d
COMtructlon,lnc.
750 NA•SL
Golden. co ll040t
13Ml2TM100
VPlluslneu Robol1WMll9, Loul• Worlond, -11...ty H...-, Pntoldent • Lorren ~VP Dovelopnmnt P..-.i
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ITB-15-016
Englewood Parks Gateway Enhancement Project
AMENDED BID PROPOSAL FORM
Name of Contractor: Ad light Group Date: I / 20 /20 I (o
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#of
each
Proposed Bid -Double Sided Cost per sign Sign Total per sign type
Item #1 -Large sign -irrigated: 2 sided $ 18,345.48 6 $ 110,072 .88
Item #2 -Large sign -no irrigation: 2 sided $ 18,738.44 2 $ 37,476.88
Item #3 -Small sign (irrigated): 2 sided $ 14.472.25 7 $ 101,305 .75
Item #4 -Small sign (no irrigation): 2 sided $ 14,983.20 0 $
Item #5 -Small sign -no plants I no irrigation 2slded $ 13,590.38 2 $ 27, 180.76
Total Sign Cost $ 276,036 .27
General Conditions*" -Total (Use ONLY if bid separately in original bid) $
Total Bid 2 sided I $ 21s,03a.21 I
,,. ur
each
Proposed Alternate Bid -Single Sided Cost per sign Sign Total per sign type
Item #1 -Large sign • irrigated: 1 sided $ 17,398.84 6 $ 104,393.04
Item #2 -Large sign -no irrigation: 1 sided $ 17,791.79 2 $ 35,583.58
Item #3 -Small sign (Irrigated): 1 sided $ 14,019.82 7 $ 98,138.74
Item #4 -Small sign (no Irrigation): 1 sided $ 14,530.77 0 $
Item #5 -Small sign -no plants I no irrigation 1 sided $ 13,137.95 2 $ 26,275 .90
Total Sign Cost $ 264,391.26
General Conditions*" -Total (Use ONLY If bid separately in original bid) $
Total Bid -Alternate 1 sided I$ 2s4,391.2a I
••General Conditions -See Detailed e-mail instructions.
1000 Englewood Parkway, Englewood, Colorado 80110 Phone (303) 762-2412 Fax (303) 783-6896
www.englewoodgov.org
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lTB-15-0.16 Englewood Parks Enhancement Project
ed to the lowest reliable, responsive and responsible bidder.
• Signature of Bidder:
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1ran individual:
doing business as
If a partnership:
By:
If a corporation: Apex Sign Company LLC OBA Ad Light+ Sign
a
By:
Business address, name and
Ad Light Group
4150 Elati Street Denver. CO 80216
33.399.3334 x 208
1000 Englewood Parkway, Englewood, Colorado 80110 Phone (303) 762-2412 Fa>< (303) 783-6896
www.englewoodgov.org
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ITB-15-016 Englewood Parks Enhancement Project
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ST A TEMENT OF QUALIIFICA TIONS
ITB-15-016
Englewood Parks Gateway Enhancement Project
Date Submitted: _2 __ } 0-lJl-'2 ..... 0.-.l_l'1 ________ _
All questions must be answered and the data given must be clear and comprehensive. If necessary,
questions may be answered on separate attached sheets. The bidder may submit any additional
information . This infonnation will be used in the evaluation of your bid.
1. Name of Bidder Ad Light b rollp
2. Permanent Main Office .J..' (1h, ef
Address 4 I 50 fl a: II \:) I , e DeHvtt, Co 802.I ~
3. When organized? I q S \
4. A. If a corporation, Stare incorporated in __ C_o_fC_~_a_d_O ___________ _
8. Date of last filing with Secretary of State Dece t n be r 2 0 l s
5. How many years have you been engaged in this type of construction? Under what firm or trade
names and how Ion under each? How long has each com any been bonding work?
( v tt ~-• LLC
DBA Ali u \i\t OJ'\c.l s,,
Apex Si9 r\. Co. ~tas \21!.ett bovul rn j Sittc-e f qcu, .
6. Major contracts on hand that parallel the proposed project (schedule these showing gross amount
of each contract and the appropriate dotes of completion) ____________ _
1000 Englewood Parkway, Englewood, Colorado 80110-2373 (303)762-2412 Fa:<
(303)783·6896 111wwsng(ewooclgov.orz
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fa~ra.m11 Pa!}l.-J3roV.-cotl1pteh·M A~KI '201 ~, LittletoK Viii a9e -
.i1.SO~-comp\etfM.jll\~ 201~ 1 USAA(ColoSf~hjs)-J'39t)~-c11mplet~ Oct-2.olltJ
7. Are you licensed as municipal contractor or any other title? Sl~V\. CoYLtradz:.y·, EOf SijV\.
Whal class and number?Ena\ewo~ Covitracftrs Uc.ens~ it 8~3)
8. General type of work perfonned by you custom si9V1a3e, H9 nnnq I a.nd
a.rcl11teciUre. we ptnv1'de tJ-te associated des1~Y1 ,fab}"lca:ho11,
i11Stt:i.llatiOH tlJ1d p~ect 1t1a.11agemfnt.
9. Liquidated damages and/or disputes: List all government or agency projects in the last two (2)
years where liquidated damages were or may be assessed, where substantial disputes or protests
occurred or are currently occurring. Attach explanation in detail. Y1. /a. -~,,,__... ______ _
I 0. Have you ever failed to complete any work awarded you by a government ogency?_N_O __
If yes, where and why?----------------~-----
I I . Have you ever defaulted or been tenninated on a contract with a government agency? N 0
If yes. where and why? Was the contract bonded? ____ _
12. List your major equipment anticipated for this contract C NC rm.trer, tW J d.i YI j , .chea. Y
ftl.in+ baoth 1 &,o' E11iot Cta.ne
13. Experience: On a separate sheet, list project name, location, date completed, bid value, final
contract value, description of work completed, and contract name and phone number. Provide at least
three project examples completed in the last five years.
see ll+ta.ck..Mtti t
14. Do you anticipate subcontracting work under this contract? _~_e_~---------
lf yes, what percent to total contract? 4 0 % and 10 whom? &:1'/b tlJ Erner aid lsl-e
lPJi-dSCt.1.piYlj it I01o to ~lfo.~ce .Precart
15. Background nnd experience of the principal members of your organization who will be involved
in this project:
1000 Englewood Parkway, Englewood, Colorado 80110-2373 (303)762-2412 Fax
(303)783-6896 WW\l '.r.nglrwnoclgo\· org
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Name
A'MtJ.'VldO. ~Y\t~
Ptyrly\ O" ~ t>t l.£ O YL
Title
VP GU&i~SS Q-ev.elo.pmertt
Or-evatto~ Matia8ev
Experience
16. Are any lawsuits pending against you, your firm, or the officers of the firm at this time? N Q
If yes, detail=-------------------~~--
17. Have any charges been filed against you or your finn or the bidding entity with the office of
contract compliance, the Equal Opportunity Commission, a state government with the enforcement of
anti-discrimination legislation or regulations? If yes, give details:_N_OL.--------
18. Is your company currently insured? -~-e_S ____ If yes, with what company?
Ha.no~-ev-Geneva.I Lia bi I rtll)
What are the limits of your public liability?g•f tntl\ioV\. w/ ! 5 ~illfOA. t.tm bY'-t 11~
19 . What are your company's bond limitations and with what bonding companies? ____ _
Su.v-esca..p~ -s 1 ~\\tlo\ll lttdlv1'citt«..t ~ t 5M..J\\iM b~cll.ld~
20. Will you, upon request, fill out ~detailed financial statement and furnish any other infonnntion
that may be required by the City?_..J__""'e'"""'S'------------------
1000 Englewood Parkway, Englewood, Colorado 80110-2373 (303)762-2412 Fax
(303)783-6896 W\V\\'.Pnglr.woodgov.org
21. The undersigned hereby authorizes and requests ony person, fonn or corporation to f umish any
infonnation requested by the City in verification of the recitals comprising this statement of bidder's
qualifications.
Date at 11: OOa.vn. this Btl\..
·~~~~~~~~~-
Date of F-eb\ou.ro1j ,201Y_
Title: VP eusiness Development
1000 Englewood Parkway, Englewood, Colorado 80110-2373 (303)762-2il12 Fax
(303)783-6896 www.englfwoodgov.org
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COUNCIL COMMUNICATION
Meeting Date: Agenda Item: Subject:
March 21, 2016 12bi $6,720 for six Council
members to attend CML
Annual Conference in Vail
June 21-24, 2016
Initiated By: Staff Source:
City Manager's Office Acting City Manager Murphy Robinson
PREVIOUS COUNCIL ACTION
Each year, City Council members attend the CML Annual Conference in Colorado. In
order for Council to use funds from its travel budget, Council must approve the
spending, which has always been done at a regular City Council meeting prior to the
travel.
RECOMMENDED ACTION
If Council members want to attend the CML Annual Conference in Vail from June 21-24,
2016, Council can approve a motion approving approximately $6,720 for six Councilors
to attend.
BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED
The CML Annual Conference in Vail, will be June 21-24, 2016. The deadline for early
registration is May 13, 2016. Approval for travel must be made at a regular City Council
meeting .
FINANCIAL IMPACT
Early registration costs are $220/Councilor. On-site registration costs are
$330/Councilor.
Hotel rates for the conference are approximately $166/night, for a total of $545 for three
nights per Councilmember.
Meals and transportation costs will be approximately $225-$335 for each person .
Total conference costs are approximately $1, 120 per Councilmember.
City Council's travel budget for 2016 has about $11,472 remaining, which includes
registration and travel.
LIST OF ATTACHMENTS
• RESOLUTION NO.
SERIES OF 2016
A RESOLUTION SUPPORTING THE RENEW AL OF THE SCIENTIFIC AND CULTURAL
FACILITIES DISTRICT.
WHEREAS, the Scientific and Cultural Facilities District (SCFD) is a nationally acclaimed
model for funding cultural organizations; and
WHEREAS, SCFD provides funding from a one-tenth of a cent sales tax in the seven county
Denver metro area to more than 300 small and large metropolitan arts and science organizations
and does so with minimal regulation and overhead; and
WHEREAS, more than 13 million people visited the Denver metro area's cultural institutions
in 2014, and SCFD funding allowed more than half of those attending regional organizations to
visit at reduced rates or for free, and offered more than 100 free days a year, while all of the
region's cultural organizations provided free programs and exhibits to 4 million attendees; and
WHEREAS, SCFD funded organizations provide entertainment, education and enlightenment
for millions of metro residents, including 4 million tours and cultural experiences for school
children, both in classrooms and at the cultural facilities, annually; and
WHEREAS, SCFD funding helps metro cultural organizations preserve and protect priceless
• collections of animals, art, plants, natural history and historical sites; and
•
WHEREAS, the most recent economic activity study of the arts shows the region's cultural
organizations and facilities generate more than $1.85 billion a year in economic activity,
providing more than 10,000 jobs and generating $410 million in cultural tourism; and
WHEREAS, the SCFD has been approved by the legislature and endorsed by voters in three
region-wide elections in 1988, 1994 and 2004; and
WHEREAS, the SCFD's board conducted a three-year public process to identify
recommended changes, and has adopted a series of significant enhancements to improve the
effectiveness of the District; and
WHEREAS, the SCFD' s modest one-tenth of a cent sales tax equals only one cent on a $10
purchase, and in 2016 voters will be asked to extend, not increase, the tax for an additional 12
years.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLORADO, THAT:
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Section 1. The City Council of the City of Englewood, Colorado hereby supports the renewal
of the Scientific and Cultural Facilities District with the provisions adopted by the Scientific and
Cultural Facilities District and urges legislative and voter support for renewal of the District and
the continued benefits the Scientific and Cultural Facilities provides.
ADOPTED AND APPROVED this 21st day of March, 2016.
ATTEST:
Joe Jefferson, Mayor
Loucrishia A. Ellis, City Clerk
I, Loucrishia A. Ellis, City Clerk for the City of Englewood, Colorado, hereby certify the
above is a true copy of Resolution No. __ , Series of 2016.
Loucrishia A. Ellis , City Clerk
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