HomeMy WebLinkAbout2008 Resolution No. 085•
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RESO LUT ION NO . ..ii
SERIES OF 2008
A RESOLUT ION TRANSFERRIN G FUNDS FROM THE GENERAL FUND TO THE
PUBLIC IMPROVEMENT FUND FOR GOLF COURSE EX PEND IT URES .
WHEREAS, the Ci ty of Englewood leased a po ni on of th e Go lf Course to th e Sheridan
Redevel opment Age ncy by the pa ssage of Ord in ance 28 , Series of 2006 ; and
WHEREAS, in th e 2008 Budget Council agreed to transfer$ I ,500 ,000 from the Public
Imp rovem,,nt Fund (Golf Co urse proceeds) to the General Fund :
NOW, THEREFORE , BE IT RESOLVED BY TH E CITY COUNC IL OF THE CITY OF
ENGLEWOO D, COLORADO , TH AT :
Section I. The City Council of th e Ci ty of Englewood , Co lorado , authorizes the transfer of
fund s from the General Fund to the Public Improvement Fund , as follows:
GENERAL FUND
SOURCE OF FUNDS:
Unreserved/Undesignated Fun~ Balan ce
USE or FUNDS :
Transfers Out to th e Publ ic Improvement Fund
PUBLIC IMPROVEMENT FUND
SOURCE OF FUNDS:
Tran sfers In from the General Fund
USE OF FUNDS :
Jolf Co urse Turf Grow-In
Golf Course Sign age on Santa Fe
Total Uses
S50 ,9IS
$S0,9 I5
$50 ,91 5
$50 ,000
$ 9 15
$50,9 15
Secti on 2. The Ci ty Manage r and the Directo r of Finance and Administrative Services are
hereby authorized to make th e above changes to the 2008 Budget for the Cit y of Eng lewood .
ADOPTED AND APPROVED thi s Isl day of December , 2008 .
I, Loucrishia A. Elli s, City Clerk for t)l.y€it y of Englewood , C
abo ve is a true copy of Rc,o lution No . _a. Se ri es of 20 . •
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COUNCIL COMMUNICATION
Date : Age nd a Item : Subj ect:
Dece mbe 1, 2008 9 c Ii A Resoluti on Transferring $50,9 15 from the
General Fund to th e Public Improvement Fund for
Golf Course Expe nditures
Initiat ed By.
Department of Finance and Admi nis trati ve Serv ices
I Staff Source :
Frank Gryglewicz, Direc tor
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
Th e City lease d a port ion of th e Golf Course to th e Sheridan Redev elopment Age ncy by approving
Ordinance 28, Ser ies of 2006 on fina l rea ding August 8, 2006. City Council aoproved th e 2008
Bud ge t by pass ing Ordinance 57, Series of 2007 on October 19, 2007. City Counci l tr ansferred
$220,000 for Golf Course improveme nts on Jun e 16, 2008. Council app roved Resolution 72 ,
Ser ies of 2008 tran sfe rring $75,000 to th e Public Improve men t Fund fo r th e Golf Course parki ng
lot.
RECOMMENDED ACTION
Staff recom m ends City Counci l approve the atta ched Resol u tion trans ferrin g $S0,9 15 from th e
General Fund to the Public Improvement Fund for improvements to th e Golf Course.
BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED
During th e 2008 Budget retreat, City Council agreed to transfer $1,500,000 from th e Publi c
Improvement Fu nd (Golf Course Proceeds) to th e Gen era l Fund to "bridge " th e revenu e/
expe nditu re gap in th e budget. Beca use 2007 revenues were hi gh er and expenditures lower than
expected, Cou ncil determined $1 milli on of th e bridge funds could b e tran sferred to the Long Ter m
Asset Reserve (LTAR ) and $.5 million could be used for Golf Co urse improvem en ts, eq uipmen t, and
con tingencies. This transfe r is for Englewood's share for turf grow-in and sig n age on Santa Fe .
Th e fo ll owing ill us trates th e transfer and use of funds:
GENERAL FUND
SOURCE OF FUNDS :
Unreserved/Undesignated Fund Ba lance
USE OF FUNDS :
Transfers O ut to th e Public Improvemen t Fund
$50,9 1 S
$50,915
PUBLIC IMPROVEMENT FUND
SOURCE Of FUNDS :
Tr ansfers In from the Gene ral Fund
USE Of FUNDS :
Golf Course Tu rf Grow-In :
Golf Course Signage on San ta Fe :
Total Us es
FINANCIAL IMPACT
$50,000
.L.lli
$50,915
This tra nsfer fr om th e Genera l Fund to th e PIF will red uce the fund bala nce by $50,9 15.
LIST OF ATTACHMENTS
Prop ose d Reso lution
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