HomeMy WebLinkAbout2011 Resolution No. 045RF.SOl.lmON NO .~
SERIES OF 2011
A RES OLlJrlON TRANSFERRING fUNDS FJWM THE GENERAL FUND TO THc
N"EIGI-IBORHO OD s·r.~BlLIZAT ION PROGRAM (NSP) AND AUT HOIUZING
1\DDrrIONAL Rf.lMBVRSEMENTS .
IVHERl:AS, the Eog lcw ood City Council has made it a !011g-sta11Jing go ill to impro ve the
hou sing sto r.k of the Ci ty of Englewood ; and
WH.EREAS , the City Co un cd d iscussed tl us topic in Mny 2011 and directed sta ff to prepare a
resoh111on transferring funds and a11 1hori21ng other reimbursement s and tra ns fer s to rehabilitate
and sell prope11tes under the Neighborhood Stabilization Program (NSP) and the pro ceeds of
thc !-c sa les to reimburse tl!e Long Tenn Asscl Reserve (LT AR); and
WHEREAS, during the 2010 aud it . th e uudi tors noted that fund s were reimb ursed tu fu nd 11
origin:mng in th e General Funai : ::incl
\VHER.EAS, the audi1 ors had the City UlOVt: tht: iuuch r1 o m Fund 11 to the General FunC; and
WHEREAS, th ese funds arc needed to comp lete the Neighborhood Stabilization Program
(NSP) prvjcct which requ ·.rcs the mo vin g the nece ssary funds back to f<\m a l I , by the passag«-.
this
Rcsoluticn ;
NOW , TI-IEREFORE , BE IT RESOLVED ov THE CITY COUNCIL OF 11-iE CITY OF
EN0 Ll:WO OU, COLORAD O, THAT:
Section I. The Ci ty Co un cil of the Cu y of Englewoo~, Co lorado supports th e transfer of
funds from various funds to the Genera l rund, as fol lows :
GENERAL FUND
SOURCE OF FU ns:
Unrcscrvcd/\.:ndes,gn at ed Fund Dal :mce $52 ,8 14 .63
USE. OF FUNDS :
I rauslcr 10 Fund I I (N~l') $52,8 14 .6 3
FUND ll (NSP}
SOURCE OF FUNDS :
Transfer in fr om the General Fund S5 2.8 14.63
USE OF FUNDS :
Proi ect Costs SS 2 ,814.6 .l
fu:g1un :!.., ·1 he Englewood Ci:y Co un :I hc1 chy :.iutil ori1.c.s nil f-Jt un.: 1'1 uj1,::c t Dd ivc ry c.os ts
1C:11 11ll\11·scd hy the Cn lnrado Department o: Hu us 111g (t"IJU li) and backed up by staff tim cshccts
rc 1rn1111 i11 f und 11 . !'his ;,c l ion will llclp 111 surc F·.11 \d ~ l c:tn rc pJ )' th e Long l'i;n r Asse t Re serve
1H 1111 ~ l'i lllll'C'.
~cc.11 11!.l •. 1 The E11 glcwrn11 \ City Cc1um:1l hc1chy .n11l ,c,rizc !-F\md -16 1n 1:11v,:1 pnij ::c l cx p~n'-;cf.
111;11d111l~ 1..:imhur:.c mcnt c.1thc 1 hy N~:I', dr: w ,; from Ili c S:a l c; l,f Co loi:,dn, J I' hy lh!.: ll ~l: o f
p1,1gr:1 1n in co me fr om th e s,11 1.., t>f 11101>l!1 li t.:s
/\DO l'TED /\ND /\l'l'l(OVE I) this r,th da y of Ju ne , ~0 11.
COUNCIL COMMUNICATION
Date: Agenda Item: Subject :
Ju ne 6, 20 11 9 C 1i Tra nsie r of Fund s from th e G eneral Fund 10 th e
Neighborhood Stabil :zation Progra m (N SP) and
Auth ori ze Addit ion al Re im b urs eme nt s
---
Initiated 6)': I Stafi Sou rce :
Fina nce and Admin istrati ve Services Depa rtment Fra nk Gr yglew icz, Di rec tor
COUNC I L GOAL AND PREVIOUS COUNCIL ACT ION
Ci ty Co unci l has made it a lo ng-standi,g goal to ir 1prove the hJ using stock oi th e City oi
Engle wood
City Counci l dis cusse d tl:i, :::-o ic at 1l1 e May 16, 20 1 1 Study Se sS1o n an d directed slaf to ~re pare a
reso luti on tra nsfe rring :und s <.nd autho nz1 1g eth er rei mb urse ment s and tran sie rs to reha bilit ate and
se ll properti es und er ,he r-.SP. Th e pr ocee ds oi these sa les will rei mb urs e th e Lone Te rm Asset
Rese rve.
RECOMMENDED ACT ION
Staii re commends tha t Cos ncil app rove the transfe r of S52,8 14.63 fro m the General Fu nd lo h : d
11. Also. staff recomm ends aliowi ng f un d 11 lo retai n fu ture Pr o1e ct Del ive ry cos ts (ba cked b {
lim esh eelSI and allow Fund 46 to cov,r NS P projec t ex pend itu res pendi ng re im bur se ment by the
NS? drawdown fro m tht' S latt o(ColorJ du 0 1 i,um µ1 u~1d11 1 i11 L011 1t: from the sa le oi pr ope rties
UACK GKO UNU, ANALYSIS , AND ALTERNATIVES IDENTIFIED
Duri ng the 20 IO aud it. the au dito rs noted that fu nds were reimbursed to Fund 11 based on
ti mes heet s originating in th e Ge nera l Fu nd . The au dit ors had th e City move th e fun ds fr orn Fund 1 I
to ih e Gene ral Fund . Th ese fund s ar c needed 10 co mpl e te the NSP projec t ,ind the foll ow ing w ,11
move th e necessa ry fund s back 10 Fund 11 .
SOURCES AND USES OF FUNDS :
~;ENERAL FUND :
SOLii<CE OF FUNDS:
Unr eserve d/Un desi gna te d Fund Ba lance $5 2,8 14.6 3
LISE OF FUNDS :
Tra ns fe r to Fund 11 (NS P) $5 2,8 14.6 3
n IND 11 (NSl'l :
SOUR CE o r l'UNDS:
Trn n sfc 1 In fr o m the Gcnr:r~I r-111,cl $~2 .01-1.(,)
USE 0 1' FUNDS:
Pr ~,jecl Coi l!'..
S.1;1(( req uest s Council ;iutll o ri le all f111u1 t: P1u 1ell Ddive 1y ::o~l:. 1ein1hursed by 1h r: C (ilor,,do
Dep,1r1111c 11t o l Hou sin g (C IJOli) and backed up by staff 111n~shce.ts rema in 'n Fu nd 11. lhi; ac1ion
will help insure F1111cJ I I can repay th e Lon~ Term Asse t Rese rv e in th e hn : re.
St,i H al•;n n ::q11 C!sts Counci l nuthorizc Fund •16 10 c ove r p ro1ec t expenses pe nding reimbu1s e mem
._,th cr by N SP , d ra ws fr om th e St,Hc of C ulw .-:tlu, u, Uy the use o f program incon 1e Imm th e sale oi
nrn per ti C$.
l\t 1l1 e l"nd o f l he p roject, s1;iH w ill l'f:<pu .. ,1 tnunn l 1r;rnc..fP.r any r<-)m:unin n fu n d!> i11 Ftm d 11 to Fund
110
l'INANCIAL IMl'A CT
UST or ATTAOIMEl•ffS
Pi upuscd Resolution