HomeMy WebLinkAbout2008 Resolution No. 039•
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RESOLUT IO r1 . 3'1
SERIES OF 200~
A RESOLUT ION TRANSFE RRING FUN DS FROM THE ':NERAL FUND
UNRESE RVED DES IGNATED FU ND BALANCl2 TO ~E LONG TERM ASSET
RESE RVE (LTA R).
WH EREAS , !h e Ci1 y Co unc il of lh e Ci1y o f Engle woo d, Co lorado crea led !h e Lo ng Te m1
Asse l Reserve (LT AR) wilh !he passage of Reso lu1 ion No. 90 , Seri es o f 2007; and
WH EREA S, !he Englewood Cil y Co un cil de!enni ned th at funds fr om the sa le, lease or
ea rnings fro m long-t enn assets should be used in a ca refu l,judicious and stra teg ic mann er and fo r
thi s reaso n, these fund s will be reserved in th e LT AR; and
WH ERE AS, the funds res tric1 ed in the LTAR account ca n only be exp ended if th e fun ds are
approp ria ted in the annu al bud get or by suppl em enta l app ro pria ti on; and
WHEREA S, th e remain ing fu nds from the Go lf Course lease were tra nsfe rred and res tri cted 10
th e LT AR by th e passage of Reso luti on No . 9 1, Series of 200 7; and
WHEREA S, Reso luti on No. 34, Seri es of 2008 transferred $4 99,142.50 to th e LTAR , bringin g
th e balance to $2 ,4 85,142.50 ; ao d
WH EREAS , the orig inal 2008 Genera l Fw1d Budget req uired $1 .5 milli on in "Bri dge Funds"
fr om the Go lf Course lease proceed s; and
WHEREA S, the 2007 Genera l Fun d fina ncial res ults wr•e bette r than ex pected; and
WH EREAS, the 2008 Budge ! no longer req uires th e bridge funds, $ I mill io n can be
tra nsfe rred to the LTAR , leav ing $500 ,000 in th e Gen era l Fund fo r potenti al Go lf Course rela!ed
ex penditures;
NOW, TH Er.EFORE , BE IT RESOLVE D BY THE CITY COUNC IL OF THE CITY OF
ENGLEWCO i), COLO RADO, TH AT:
Secti ~n 1-The Ci ty Co unc il of th e Cil y of Englewood, Co lorado sup po n s th e tra nsfer of
fu nds fr om !h e Gen era l Fund Unreservecl/U nd es ignated F1Jnd Ba lance lo th e Lo ng Tenn Ass cl
Reserve, as fo ll ows:
GEN ERAL FUND
SOURCE OF FUNDS:
Unrcserved/ll nd csigna tcd Fund Ba lance
USE OF FUNDS:
Lo ng Te rm Assel Res e, ve
$1,000 ,000
$1,000 ,000
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~t"c.t ion 2. The City Manager and th e Director or Fi nance and Administrative Services are
h,·. co:· authorized lo make the above changes to the 2008 Budge t for the City of Eng lewood.
AMENDED, l,DOPTED AND APPR OVED thi s 2nd clay of June, 2008 .
ATTEST:
I, Loucrishia A. Elli s, City Clerk for the Ci ty of Eng lewood, Co l
above is a true copy of Reso luti on No. ;:fl_ as ame nded, cries
• COUNCIL COMMUNICATION
D ate: Agen da Item: Subject :
Jun e 2, 2008 11 C i Resolu tion Transferring $1 ,000,000 fr om th e
Gene ral Fund 's Unreserved/Undesignated Fund
Balan ce to the l ong Term Asse t Reserve (LT AR)
Initiated By:
D ep ar tment of Finan ce and Administr ati ve Services
I Staff Source:
Frank Gryglewicz, Di rector
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
City Council bega n discussing th e crea l ion of th e long Term Ass et Reserve (LTAR) at th e Bu dget
Retrea t held Sep tember 22, 2007. Ci ty Coun ci l crea ted th e LTAR by approvin g Reso lution 90,
Series of 2007 (copy attached). Council tran sfe rr ed $1,986,000 into th e LTAR by approvi ng
Reso luti on 91 , Series of 2007 (copy attached). Resolution 34, Series of 2008 app roved by Council
on April 7, 2008 transferred $499,142 .50 to the LTAR, bringing the balance to $2 ,485,142.50. Thi s
action w ill bring the balan ce to $3,485,142.50.
• RECOMMENDED ACTION
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Staff recommends City Coun c il approve th e att ached Resolution transfe rrin g $1,000,000 fr om the
Genera l Fund 's Unreserved/Undesignated Fund Balance to the LTAR.
BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED
City Council discuss ed and de termin ed th at funds from th e sa le, lease, or ea rnings from long·term
asse ts sho uld b e used in a ca reful, judicious and strateg ic m anner; for th is reason, th ese funds w ill
be reserved in an account known as the long Term Asset Reserve (LTAR). The funds restricted in
thi s account can o nl y be expended if the funds are app ropriated in th e annu al budget or by
supplem en tal app ropriatio n.
The re m ainin g fund s ($1,986,000) fr om th e Golf Course lease we re transferred and restricted to th e
LTAR by Reso lution 9 1, Se ries of 2007. This actio n will partia ll y res tore th e LTAR funds from th e
Golf Course to th e am ount antic ipat ed if no "bridge funds " were required in th e ori gi nal 20 08
Budget.
The fo ll owing illu strates th e transfer and restri l ion of fu nds:
GENERAL FUND
SOURCE OF FUNDS :
Unreserved /Und esigna led Fun d B.i lancc
USE OF FUNDS :
Long T !.!rm Asse t Reserve
$1,000,000
$1,000,000
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FI NANC IAL IMPACT
This acti o n will trans fer funds fro m th e General Fund 's Unreserve d/Undesignal ed Fun d Balance 10
th e L TAR . City Co w1 cil controls th e us e of th e L TAR fu nds, th erefore, formal actio n; e ithe r th e
inclusion o f th e fund s in a fu ture b udget o r a supplementa l appro priation is required l o expend th e
funds.
LI ST OF ATTAC HMENTS
Copy of Re so lutio n 90, Seri es of 2007
Copy of Reso lution 9 1, Se ri es o f 2007
Copy of Reso lutio n 34, Series of 2008
Proposed Reso l uti o n
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RESOLUTION 0 .
SE RIES OF 20 07
V
A RESOL T ION CREAT ING A LONG TERM ASSET RESE RVE FU ND (LTA R)
\V I IEREAS, the Ci ty Co un ci l of ll ,e·City of Englewood, Colorado ha s clcte rmin«I th at ,,.,,cls
fro m 1h c sale, lea se, or cami ngs from 101.g-tcrm asse ts should be use d in a crircful,judi cious mu:
su .:tcg ic manner ; and
WH EREAS, fo r thi s reaso n, Cit y Co uncil hereby auth ori zes th e creat ion of a Lo ng Term Asse t
Reserve Fund (LATR ); and
WHEREAS, funds rece ived fro m the sa le, lease, or ea rnin gs from long-l enn as set s shall be
reserved in this account Long Tern, Ass et Reserve Fund (LTAR); an d
WHEREA S, the fund s in thi s res tricted accou nt ca n only be expended if th e funds arc
appropriat ed in th e annual bud get or by suppl emental appropriati on;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCfL OF TH E CITY OF
ENG LEWOO D, COLO RADO , AS FOLLOWS:
Sect ion I . The Cit y Co w,cil of lhe City of Englewoo d, Co lorado hereb y authori zes the
creati on of a Long Term Asset Reserve Fund (LATR). The LATR Fund shall be crea ted fro m
funds from the sale , leas e, or cam in gs from long-tc nn assets should be used in a care ful ,judi cio us
and strategic manner and re served in an accow1t kn own as the Long Tenn Asset Reserve Fu nd
(LT AR). TI,c funds in thi s res tri cted account ca n onl y be exp ended if th e fu nds arc appropria ted
in th e a,m ual budget or by supplemental appropri ati on
ADOPT ED AND APPROV ED thi s 15th da y of Oct ober, 2007 .
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RESOLUTION NO. jj_
SERIES OF 2007
A RESOLUT ION TRAN SFERRIN G FUNDS FROM TI-IE GO LF COURSE LEAS E TO TI ""
LONG TERM ASSET RESERVE FUND (LTAR).
WI IER EAS, th e City Co un ci l of the Cit y of Engl ewood, Co lora c0 nas determi ned that flmd s
from the sa le, lea se, or earnings from long-t enn assets should be use . : a car eful ,judi cious and
stra tegic manner and reserved in an acco unt kn own as the Lo ng Tcm1 Assl't Reserve (LT AR);
and
WHEREAS, the funds in th is restricted accoun t can only be expended if the funds are
specifica ll y appropria ted in the annual budg e! or by supp leme nta l appropria ti on; and
WHEREAS, the remaining fund s from !he Golf Course lease(nel oflh e $1.5 million in
"bridge funds" approved for tran sfer lo th e Genera l Fund as part of the 2008 annual budge!) will
be transferred 10 th e LT AR res tri cted fu nd; and
WHEREAS, any funds generated from the Mcl ell an Reservoir prop erty and tran sferred from
!he Englewood Mclellan Reservoir Foundation (EMRF) to the City will be restricted 10 thi s
account until sub sequent appropriation by City Co uncil ;
NOW , THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD , COLORADO, AS FOLLOWS :
Section I. The Budget for the City of Englewood, Colorado , is hereby amended for the year
ending 2007, as foll ows :
PUBLIC lMPROVEMENT FUND
SOURCE OF FUNDS:
Fund Balance $1 ,986,000
USE OF FUNDS :
Transfer Oul to General Fund $1 ,986 ,000
GENERAL FUND
SOURCE OF FUNDS:
Transfer in from the Publi c ~np rove mcnl Fund $1,986,000
USE OF FUNDS :
Long Tenn As se t Rese rve $1,986,000
Section 2. The City Mnnngcr 11ml the Director of Fi 11 ~nce and Admini strntivc Services are
hereby authorized to make the abov e cha nges to th e 2007 1:iudget for the City of Englewood.
ADOPTED AND APPROVED thi s 15t h day of October, 2007.
I, Loucrishia A. Ellis, Ci ty Clerk for ~i C'.ty of Englewood, Colo
above is a true copy of Resolution No. Series of200
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