HomeMy WebLinkAbout2007 Resolution No. 089• RESOLlJ,ION NO . 'i{(/
SERIES OF 2007 ~
A RESOLlITION APPROVING THE TRANSFER OF FUNDS IN THE 2007 BlJDGET .
WHEREAS , th e Ci ty of Eng lew ood is required by Ci ty Chancr to ensure that expenditures arc
not made without prope r appropriati on by City Council: and
WHEREAS , the City Counc il approved the 200 7 Budget and Ap pro priat ion Ordin ances on
No vember 6, 2006; and
WHEREAS, the Englewood City Co uncil pas sed Reso lution No . 43 , Series of2007 which
transferred $550,000 to the Publi c Improve ment Fund for Phase I road repai rs; and
\'.'HEREAS , roa d repairs were urgentl y ne ed ed to protect the City's infrastructure in vestme nt ;
and
WHEREAS , reve nue co ll ect ions were higher than expec ted and the Public Imp ro vement Fund
is able to repay the General Fund : and
WHEREAS, th e transfer of funds from the ServiCenter Fund to th e Genera l Fw1d represents
the additional fees charged to "outsi de" ag•ncies that have their vehic les servio:ed by the City of
• Englewood ;
•
NOW, THEREFORE, BE n RESOLVED BY THE cm COUN CU. "F THE CITY OF
ENGLEWOOD, COLORADO, THAT :
Section I . The City Council of the City of Eng lewood, Colorado, hereby ap proves the
following transfers and appropriations:
PUBLIC IMPROVEMENT FUND:
Sour« of Funds :
Fund Balance S5 50 ,000
Use of Funds :
Transfer Out to the General Fund $550,000
SERVICECENTER FUND:
Source of Funds :
Funds Available S 60,000
use o[Fupds:
Transfer Out to the General Fund $ 60 ,000
11 Ci
GENERAL •'UND:
Source of Funds:
Tmnsfcr in from Public lmprovcmcnl found
Tmnsfcr jn from ServiCcntcr Fund
'l\,1al
Use of Funds:
Unrescrved/Undcsignntcd Fund Balance
$550 ,000
$ (10 ,000
$610 ,000
$610,0(f{I
Section 2. The City Manager nnd the Director of Finance and Administrative fi ~t vi ~ arc
hereby au1hnri1.cd Ill make 1hc above changes to the budget.
AIJOP'\'ED AND APPROVED I his Isl day of October. 200 7.
I
(
•
•
•
•
COUNCIL COMMUNICATI O'-1
Clat e: Age nda Item : 1 ~ub ject :
October 1, 2007 11 C i Tr ansfer of Funds fr om the Public
Improve m ent and ServiCenter
Funds to the Gen era l Fund
In itiated By: Staff So urce:
Dep artm ent of Fin ance and Fran k Gryglewicz, Director
Admi nistrati ve Se rvi ces
COUN CI L GO AL AN D PR EV IOUS CO U NCIL ACTION
City Council d isc u sse d th e cos ts of snow rem oval an d road repair at the Stu dy Sess ion held Apri l 2,
2007. City Counc il passe d Reso lution 43 , Se rie s of 2007 on A pr il 16, 2007; thi s resol ution
tran sferr ed $~50,000 to th e Pub lic Improvem ent Fund. City Coun c il discusse d the $60,000 transfe ,·
fr o m th e Serv:Ce nter Fund to th e G eneral Fund durin g th e 2008 Bud ge t disc uss ions held at va rious
tim es thi s yea r.
RECOMMENDED ACTION
Staff recommends Coun cil approve th e att ac hed Res olution for a trans fe r of funds fr om th e Public
Improvement and Serv iCent er Fu n ds to th e G eneral Fund .
Th e City Coun cil tran sferred $550 ,000 for Phas e I road repai rs at the April 16, 2007 meeti ng. Roa d
repairs were urgently needed to p ro tec t the City's infrast ru c ture inves tm en t. Due l o revenue
coll ecti ons bein g higher th an ex pected, th e Public Improve m ent Fu nd is abl e to rep ay the G en era l
Fund. Th e transfer of funds fr om th e Se rviC enter Fund to th e General Fu nd repr ese nts th e
addit iona l fee s c harged t o "outsi de" agenci es that ha v,-the ir vehi cle s servi ced by th e City of
Engl ewood.
PUBUC IM PROVEMENT FUND
SOURCE OF FUNDS:
Fund Balan ce $555,000
USE or FUNDS :
Tran sfer O ut lo th e Ge neral Fund $550,000
SEBYI CE NTH FUND
SOURC E OF FUNDS :
Funds Availab le Sb0,000
US E OF FUNDS :
Trans fer O ul to Gen era l Fund Sb0,000
GENERAL FUND
SOURCE OF FUN DS :
Tr;msrcr In From Public lmprovem enl Fund
D;msfrr In from ServlCenter Fun d
To 1,1I
USE OF FUNDS:
U1trt•served/l hult•sig 11.t l<•<I ft1 1ul lt1\,111ct•
FINANCIAL IMPACT
S550,000
\(,() (MK!
sr,w,ooo
\C,111 ,11011
Thi s ac tio11 will reduce the reserves in th e Public lmp ,ovement Fund by $550,000 and funds
,w,,il .,ble in th e ServiCen ter Fund by $W,000. The Ge neral Fund 's reserves will Incr ease $610,000.
LIST Of ATTACHMENTS
Propos ed Reso lutio n
•
•
•