HomeMy WebLinkAbout2009 Resolution No. 030•
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RESOLUT ION No.r.12_
SE RfE S OF 200 9
A RES OLUT ION TRANSFERRING FUND S FROM TH E GENERAL FUND'S LONG TERM
ASSET RESERVE (LTA R) TO THE PU BL.IC IMP ROVEMENT FU ND (P[F).
WHEREAS, th e Cit y Co un ci l of the Cit y of Engl ewood, Co lorad o created th e Long Tenn
Ass et Reserve (LT AR) with the passage of Reso luti on No. 90, Series of 2007; and
\.VHEREA S. the Englewood Ci ty Co un cil determin ed that funds fro m th e sa le , lea se or
earnings oflong-,:erm assets sho uld be used in a careful ,judici ous and strateg ic manner and fo r
this reaso n, th ese fun ds will be reserved in th e L TAR; and
WHEREAS , tl1 e funds restricted in the L TAR acco unt can onl y be expended if th e fund s are
appropriated in the annual budget or by supplemental appropria tion ; and
WHEREAS , th e rema ining funds from the Go lf Co urse lease were trans fe rred and restricted to
th e LT AR by the passage of Reso luti on No. 91 , Series of 2007; and
WHEREAS , Reso luti on No . 34 , Series of 200 8 tran sferred $499 ,142.5 0 tu the LT AR, brin ging
the balance to $2 ,485 ,142 .50; and
WHEREAS , Resolution No . 39 , Sciies of2008 tran sferred $1,5 00 ,000 from the Genera l
Fund s' unreserved/undesi gnated fund to LTAR ; and
WHEREAS , th e Engl wood Cit y Counci l agreed to fund $165,000 in st reet improvement s
using LT AR funds during the 2009 Budget process ; how ever th ese fun ds were inadve rt ently
omitted from th e 2009 Bud get and Appropriations Ordi nances; and
WHEREAS, th e Eng lewood Cit y Co uncil has determined th e tran sfer of $165,000 from th e
LT AR to the PIF for street improvement s is appropri ate;
NOW , THEREFORE, BE IT RESVLVED BY THE CIT Y COUNC [L O F THE CITY OF
ENGLEWOOD , COLORADO, THAT:
Secti on I. The City Co uncil of th e Cit y of Eng lewood, Co lorado support s th e tran sfe r of
fund s fr om th e Lon g Term Asset Re serve (LTAR) to th e Pub li c Improve r .111 Fund (PIF), as
follows:
GENERAL FUND
SOURCE OF FUNDS:
Lo ng Term Asse t Reserve
USE OF FUNDS :
Transfer to th e Public Improve ment Fund
$165,000
$165 ,000
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PUBLI C IMPRO\'EMENT FUND
SOURCE OF FUJ'lll>S:
Tra nsfe r in from th e Genera l Fund
USE OF FUNDS :
St ree t lmp rovemer 1s
$165,000
$165,000
Secti on 2. The City Manager and th e Direc tor of Finan ce and Admini st rati ,e Services arc
hereby authorized to ma~e Ute above changes to th e 2009 Budget fo r the City of Eng lewood.
ADOPTED AND APPROVED this 2nd day of Ma rch, 2009 .
I, Lo u cr ishia A. Elli s, Cit y Clerk fofil City of Englcwoocl , Col
above is a tru e co py oi Reso luti on No. . Serie s of 200 .
,d o, he,eby certi fy th e
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COUNCIL COMMUN I C.\TION
Dale: Agen da Item: Subject :
March 2, 2009 11 C i A Reso luti on Tran sferrin g $165,000 fr om the
General Fund 's Long Ter m Asse t Reserve (LTAR ) to
the Public Improvement Fund i PIF) --
l ni llJtcd By:
Depa rtmen t of Fina n ce and Administrati ve Serv ices
I Staff Source:
Frank Gryglewicz, Director
COU1'1:CI L GOAL ANIJ PREV IOUS COUNC IL ACTIO N
City r_o unci l began di sc uss ing th e crea ti on of til e Long Te rm As se t Reserv e (LTAR ) at th e Bud get
f:e tre at he ld Se ptember 22, 2007. City Council crea ted th e LTAR by approvi n g Res olution 90,
!;e,ms of 2007. Counci l transfe rr ed $1 ,986,000 into th e LTAR by approvin g Reso luti on 9 1, Series of
2007. Counci l pas sed Reso lution 34, Se•ies of 2008 transfe rring $499,14 2.59 fr om th e RTD sal e to
the LTAR. Council tran sferred $1 ,500,000 from th e General Fund's unreserved/undesignated fund
balan ce by p assing Reso lution 39, Se ries of 2008 on Febru ary 2, 2008. Th es e acti ons place d
53,485, 142.50 in th e LT AR .
City Counci l agreed to fund $1 65,000 in str ee t im prove m ents us in g LTAR fun ds during th e 2009
budget p recess. Th e fund s we re in adve rtentl y omitted fro m th e 2009 Bud ge t and Appropri ati ons
Ordinan ces.
REC OMMENDED ACTION
Staff recommend s City Coun cil approve the att ached Reso luti o n tra:,;fe rri ng $16 5,000 fr om th e
LTAR to th e PIF for str eet i mp ,vements .
BACKGROUND, ANALYS IS, A D ALTE RNAT IVES IDENTIFIED
Ci ty Cou ncil discu sse d and determ ined th at funds fr om th e sa le, lease, or ea rn ings fro m long-term
as se ts should be used i n a careful , judicio us and strategic mann er; fo r th is reason, th ese funds will
be reserve d in an acco unt kn own as th e Long Term Asse t Rese rve (LTAR). The funds restri cted in
thi s accou nt can o nl y be expend ed if the funds are appropria ted in th e annual budget o r by
supplemental appropria tion. Ci ty Co• ,cil dee m ed th e u se of LTAR fund s for n ee ded stree t proj ec ts
an appropriat e use of funds .
Th e fo ll owing illustra tes th e transfer ar,d 'JSe of funds : • GENERAL FUND
SOURCE OF FUNDS:
Long Term Asse t Reserve $165,000
USE OF FUNDS:
Transfer to the Public Improvement Fund $165,000
PUBUC IMPROVEMENT FUND
SOURCE OF FUNDS:
Transfe r in from th e General Fund $165,000
USE OF FUNDS:
Str ee t Improvem ents $165,000
FINANCIAL IMPACT
This action will transfer funds from th e LTAR to th e PIF for stre< improveme nts. City Cou nci l
co ntrols the use of th e L TAR funds, th erefore, a fo rm al ac ti on, such as thi s supplemental
appropr!a ti on is required to expend th e funds. Thi s action will reduce th e LTAR by $165,000 to •
$3,320,142.50.
UST OF ATTACHMENTS
Proposed Resolution
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