HomeMy WebLinkAbout2008 Resolution No. 072•
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RES OLU TION No. f7.J--
SERIES OF 200 8 --
A RESOL UTIO TRANSFERRING FUNDS FROM TH E GENERAL FUND TO TH E PUBLI C
IMPROVEME T FUND FOR GOLF COU RS E EX PENDIT URES .
WHERE AS. Cit y Cou ncil tmn sfc1Tcd $220 ,000 for go lf co urse improvement s on June 16, 200 8;
nnd
WHEREAS. Staffrcco nuncnd s City Council approve thi s Resolut ion tra nsferring $75,000 from
the General Fund to 1he Pu blic Improvem ent Fund for imp rove men ;s to the go lf co urse parking lot.
NOW, THEREFORE , BE IT RESOLVED BY THE CITY COUNC IL OF TH E CITY OF
ENGLEWOO D, COLORADO, THAT :
Section I. The Ci ty Co uncil of the City of Eng lewood, Co lomdo, aut horizes the transfer of fun ds
from th e Genera l Fund to the Pu blic Imp rovemen t Fund, as fo ll ows :
GENERAL FUND
SOURCE OF FUNDS:
Unrescrved/Undesignnted Fund Balance
USE OF FUNDS :
Transfers Out to the P, ljc Im provement Fund
PUBLIC lMPROVEM EM ' FUND
SOURCE OF FUNDS :
Transfers In from the General Fund
USE OF FUNDS :
Go lf Course Parking Lot Over lay :
$75,000
$75,000
$75,000
$75 ,000
Section 2. The Cit y Manager and the Direct or of Fi nance and Adminis tra ti ve Services are hereby
auth orized to make the above changes to the 2008 Budget fo r th e City of Eng lewood .
ADOPTED AND APPROVED thi s 6t h da y of Octobe r, 2008.
I, Loucrishia A. Ellis, Ci ty Clerk for the Ci ty of Englewood, C lo
a tru e copy of Reso lution No . ~Series of 2008 .
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COUNCIL COMMUNICATION
Dat e: Ag enda Item : Subject :
Octob er 6, 2008 11 C i A Resolu ti on Tran sferrin g $75,000 fr om th e
Gen eral Fun d to th e Publi c Im prove ment Fu nd fo r
Golf Cou rse Expendit ures
Initialed By:
D epartment of Finance and Administra ti ve Servi ce s
I Slaff Source :
Frank Gryglewicz, Direc tor
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
The City leased a port ion f the Golf Course to th e Sherida n Redev elopment Agen :v by approvin g
Ordinance 28, Ser ies of 2006 on final rea ding August 8, 2006. City Coun cil approve ~ ihe 2008
Budget by passing Ordinance 57, Series of 2007 on Octob er 19, 2007. City Council transferr ·.d
$220,000 fo r Golf Course improvem en ts on June 16, 2008.
RECOMMENDED ACTION
Staff re commends City Council approve the attached Res olution transfe rring $75,000 fr om the
General Fl•nd to the Public Improvem ent Fund for improvements to th e Golf Course parking lot.
BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED
During the 2008 Budget retr ea t City Council agreed to transfer $1 ,500,000 from th e Publi c
Improve ment Fund (Golf C,:,urse Proceeds) to the General Fund to "bridge" the re ve nu e/
expenditure ga p in ti,c budge!. Beca use 2007 revenues were high er and ex p enditures lower than
ex p ec ted, Council d~ie rmin ed $1 million of the bridge funds cocld be tran sfe rred to th e Long Term
Asset Reserve (LTAR ) and $.5 million couid be use d for Golf Course improvements, equipment, and
contin ge nci es. Thi s tran sfer is for a parking lot overl ay at th e Golf Course. The parking lot overla y
w ill be p erformed by citv staff and will redu ce th e City's p orti on of the total cost of th e parki ng lot
ex pansion proj ec t
Th e fo ll owin g illustrates th e transfer and us e of fund s:
GENERAL FUND
SOURCE OF FUNDS :
Unreserv ed/Undesignated Fund Balan ce $75,000
USE OF FUNDS:
Transfe rs O ut to th e Publi c Improve m en t Fund $75,000
PURLIC IMPROVEMENT FUND • SOURCE Of FUNDS :
Tran sfers In from th e General Fu nd $75,000
USE OF FUNDS :
Golf Co urs e Parkin g Lo i O verl ay: $75,000
FINANCIAL IMPACT
Thi s transfer fro m th e General Fund to th e PIF will redu ce th e fund balance by $75,000.
LIST OF ATTACHMENTS
Prop osed Reso luti on
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