HomeMy WebLinkAbout2012 Resolution No. 081RESOLUTION NO . 2L
SERJES OF 2012
A RESOLLTION TRANSF ERIUNG FUNDS FROM TH E RJSK MAN AGEMEI\T FUND TO
THE GENERAL FUND .
WHEREAS. during th e 2013 Budget discussions S200 ,000 in tlic Risk M,mogcment Fund was
idemificd as a potential transfer to the General Fund 10 help increase the Unassigned Fund
balam:t:; auJ
WHEREAS, the Englewood City Cowicil d1Scuss cd th e tmn sicr of S200 ,000 from the Risk
Mana gement 10 the General Fund at the Augu st 13, 2012 Stud y Session ; ?nrl
WHEREAS , th e Englewood City Council discussed the transfer with the undemanding that
there is a remote possibilit y that the General Fund could be requ;red 10 ab sorb the cos t of claims
if they exceed the resources avai lable to the Ri sk Managemem Fund .
NOW . THEREFORE , BE ff RESOLVED BY THE Cll'Y ClJ UN Cll. OF THE C ITY OF
ENGLEW OO D. CO LORADO , THAT :
Section I. The City Council of the City of Englewood, Colorado suppo11 ! •l•c transfer of
fund s from the Risk Management Fund tu the General Fund , as fo ll ows :
RISK MANAGEMENT FUND
SOURCE OF FUNDS:
Unassigned Fund Balance $200,000
USE OF FUNDS :
Transfer to the General Fund $200,000
GENERAL FUND
SOURCE OF FUNDS:
Transfer in from the Ri sk Management Fund $200 ,000
USE OF FUNDS :
Unassigned Fund Bal ance $200 ,000
Secticm.J.. The City Manager and the Oircctor of I· .nincc and A<lminis1ra1ive Services are
hcrd1y .iuthmizcd lo make the above changes 10 the 2012 13udgcl for the City of Eng lcw1 MJ<l .
ADOPTED ANO Al'l'ROV ED 1h 1s 171h day of Scplcmbcr, 21112 .
COL·NCIL COMMUNICATION
Date: Ag,,da llem: Subject:
September 17, 20 12 11 c iv Resolu tH.Al l qm sfe rring Fu nds from the
Risk Man,1r,• m1·nr Fund to th e General
Fu nd
lnilialed By: I Staff Source :
Fin;in cf' and Administrc1tive Service.; Frank Gryglewicz , Director
-.
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
City Council discussed and directe d staff tc pre pare the necessary docum<!r.1~ for Council to :,1kP ac tion ,1 t a
regular co llnci l meeting to approve a tr ,,nsfe r of $200,000 from th e Risk Mana11Qmen t Fund to the General
Fun d al the Augu st 13 . 2012 Stud y Sess ion .
RECOMMENDED ACTION
St aff recomm ends Co uncil approve th is transfer o' S200,000 irom the Risk Management Fund le th e Genera l
rund.
BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED
Dt:ting the 2013 budget discuss io ns with staff, $200,000 in the Risk Manilge m ent Fund was iOen lified as .-1
potential transfer to the General Fund to help increase the unassigned fund bal,mce. Th is subject was discussed
.11 the Study Session on August 13. 2012 . City Cc uncil directed staff to prepare th e necessary documents for
Council to take aclion on this transfer at a regular council mec ling, understanding that there is a remote
possibility that the General Fund could b e required to absorb the cost of claims if they exceed the resources
availab le 10 the Risk Management Fund .
SOURCES AND USES OF FllNDS:
RISK MANAGEMENT FUND;
SOURCE OF FUNDS :
Unassigned Fund Balan ce
USE OF FUNDS:
Transfer o,.t to the General Fund
GENERAL FUNJ:
SOURCE OF FUNDS :
Tran sfer in from the Risk Managem t:!11t Fund
USE OF FUNDS:
Unassigned Fund Balance
$200,000
S200,000
$200,000
$200,000
FINANCIAL IMYACT
Thts ;1 c 1io 11 will r~d uc.:e tht! Ri sk 1\.\;1n.1 gc111 e :1t's Fund Unass igned fund Balan ce by ~ 2U0,000 and in crens e
G e ne r,11 Funcfs Unassigned runrf IJ,1l ;m c.:e by $200,000.
UST Of A lTACHMENTS
Pmpos eri Res c1l111i o 11