HomeMy WebLinkAbout2008 Resolution No. 041•
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RESO LUTIO I\ , 0 . _iJ_
SERIES OF 200 8
A RESOI.UTION TRANSF ERRING FUNDS FROM TII E GENERAL FUND
UNRESfRVED/UNDES IGNATED FUND BALAN CE TO T HE PUBLI C IMPRO VEME T
FUND FOR GO LF CO URSE EX PEND IT URES .
WH EREAS, th e City Coun cil of the Cit y of Eng lc•wood. Co lora do lea sed n poni on of the Golf
Cou rse to th e Sherida n Rede ve lop men t Age ncy by the pa ssag,· o'. Ordina nce No . 28. Serie s of 2006 ; and
WHEREAS , th e Eng lewood Cit y Cou ncil ap proved the 2008 Bud ge , with th e passage of
Ordinan ce No. 57. Series of 200 7: anrl
WHEREAS. during di sc uss ions of the 2008 Bud ge t th e En glewood City Co un cil agreed to
transfer S 1,500 ,000 from th e Pub lic Impro vement Fund (Go lf Co urse Proceeds) to th e Genera l
Fund to "bridge" the reven ue/expenditure ga p in the budget: and
WHEREAS, 2007 revenues were higher and expenditure; lower than expected the Eng le-.ood
Ci ty Co unc il detennined SI milli on of th e bridge fund s co uld be transfcm i to the Long Tern,
Asse t Reserve (L TAR) and $.5 milli on co uld be used for Golf Co urse improvements . eq uipmen t,
and contingencies :
WHEREAS. passage of this Reso lution transfers $220,000 from th e Ge•,era l Fund to th e
Publi c Im provement Fund for Golf Co urse re lated improvemcn1 s;
NOW . THEREFORE , BE IT RESOLVED BY TH E CITY COUNC IL OFT'. lE CITY OF
ENGLEWOO D, COLO RADO . THAT:
Section I. The City Co un cil of th e City of Eng lewood , Co lorado auth orizes th e tran sfer of
funds from the Genera l Fu nd Unreserved/Undesigna ted Fund Balance to the Publi c Improveme nt Fund , as fo ll ows:
GENERAL FUND
SOURCE OF FUNDS :
Unresen•ed/U nd esignated Fund Balance
USE O F FUNDS:
Transfers Out :o lhe Publi c lmprm c111e11 1 Fund
PUBLIC IMPROVEMENT FUND
SOURCE OF FUNDS:
Tra nsfers In from the Genera l Fund
US E OF FUNDS:
Go lf Course Imp rove ment s. Eq uipment . Co ntingencies
$220,000
$220.000
$220 ,000
$220.000
Section 2. The Cit y Manager and the Dirt-c tor of Finance and Administrative Service are
hereb y au thorized to mak e the aloove changes to the 2008 Budget fo r th e Cit y of Englewood.
ADOPTED AND APPROV ED thi s 16t h day of June , 2008 .
I, Lo ucrish ia A. Ellis , Ci ty Clerk for (# City of Englew
abo• • is a true copy of Resoluti on No . , Series of 2008
do. hereby ce rtify the
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• COUNCIL COM MUNICATI O N
Date : Agenda Item : Subje ct:
Jun e 16, 2008 11 C i A Re soiu lion Transferring $220,000 fr om the
General Fund to th e Public Improvemen t Fund for
Golf Cours e Expendi tures
Initiated By :
Department of Finan ce and Administrative Serv ices
I Staff Source:
Frank Grygl ewicz, Director
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
Th e City leas ed a portion of the G olf Course to the Sheridan Redevelopment Agency by approving
Ordinance 28, Se ri es of 2006 on final reading August 8, 2006. City Council ap prove d th e 2008
Budget by passi ng Ordinance 57, Series of 2007 on October 19, 2007.
RECOMMENDED ACTION
Staff recommends City Coun ci l approve a Resolution transferring $220,000 from the General Fund
lo the Public Improve ment Fund for Golf Course related improvements, equipme nt, and
• co ntingencies .
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BACKGROUND, ANALYSIS, AND ALTERNATIYES IDENTIFIED
D u ring th e W08 Bud get re treat, City Council ag reed to transfe r $1,500,000 from th e Publi c
lmpn.>ve menl Fund (Golf Course Proceeds) to the Genera l Fund to "bridge" th e
revenue/expen diture gap in the budget. Because 2007 revenues were higher and expenditures
lower than expec ted, Council determined $1,000,000 of th e bridge fu nds could be transfe rr ed to
th e Long Term Ass et Reserve (LTAR) and 500,000 could be used for Golf Course improvements,
equ ipment, and contingencies . A workshee t detailing th e expenditures is attached .
The following illustrates th e transfer and use of fund s:
GENERAL FUND
SOURCE OF FUNDS :
Unreserved/Undesignated Fund Bal ance
USE OF FUNDS :
Transfers Out to the Public Improvement Fund
$2 20,000
$22 0,000
PUBLIC IMPROVEMENT FUND
SOURC.E OF FUNDS :
Transfe rs In fro m th e G e,,eral Fund
USE OF FUNDS :
Golf Cours e Improvem ents, Equipment, Co ntingencies:
FINANCIAL IMPACT
$220,000
$220,000
This transfe r from th e G eneral Fun d to th e PIF will reduce the fund balance by $220,000. City staff
may request an add iti o nal $280,000 fo r Go lf Course improvements, equipment, and co ntingency in
the future.
LIST OF ATTACHMENTS
Detailed List of Improvements, Equipm ent, and Contingency
Resolution
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• Golf Course Improvements, Equipment, and Contingency
Improvements
Water Quality Improve ments
Lake (Pond) lmprove men ls
Security Gate
Tolal
Dra inage Improvements
Remove Temporary Junior Golf
Landscapre/lrrigalion lmprovemenls
35 ,000
20 ,000
5,000
7o.ooo
Total ~
Equipment
Pump Replacement
Aerovator
Deep Tine Vertidra in
Driving Range Ut ility Veh icle
Total
Mlacellaneoua
Cnemicals and Soil Amendments
Aclditlonal Labor
Tolal
• Contingency
Total All
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47,000
45 ,000
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60,000
30 ,000
220,000