HomeMy WebLinkAbout2007 Resolution No. 090•
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RESOLUTION NO . :l/2..._
SERIES OF 2007
A RESOLUTION CREATING A LONG TERM ASSET RESERVE FUND (LTAR)
WHEREAS, the City Council of the City of Englewood , Colorado has detennined that funds
from the sale, lease, or earnings from long-term assets shou ld be used in a careful, judicious and
strategic mann er; and
WHEREAS , for this reason, City Council hereby authorizes the creation of a Long Term Asset
Reserve Fund (LATR); and
WHEREAS, fund s received from the sa le, lease, or earnings from long-term assets shall be
reserved in thi s nccount Long Tern, Asset Reserve Fund (LT AR); and
WHEREAS , the funds in thi s restricted account can only be expended if the funds are
appropriated in the annual budget or by supplemental appropriation ;
NOW , THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLORADO, AS FOLLOWS :
Section I. The City Council of the City of Englewood , Colorado hereby authorizes the
creation of a Long Term Asset Reserve Fund (LATR). The LATR Fund shall be created from
funds from the sale, lease , or earnings from long-term assets should he used in a careful, judicious
and strategic mwmer and reserved in an account known as the Long Term Asset Reserve Fund
(LT AR). The funds in this restricted account can only be expended if the fund s are approprinted
in the annual budget or by supplemental approP.riation
ADOPTED AND APPROVED this 15th day of October, 2007 .
I, Loucrishia A. Ellis, City Clerk for t*.fity ofEnglewood, Colo
above is a true copy of Resolution No . ....:JtL, Series of 2 7.
, hereby certify the
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COUNCIL COMMUNICATION
Date : Agenda Item: Subject:
October 15 , 1007 11 Ci A Resolution Creating a Long Term Asset Reserve
IL TAR) in the G en eral Fund
Initiated By: I Staff Source :
Departm ent of Finan ce an d Admini strati ve Services Frank Gryglewicz, Direc tor
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
C ity Council disc uss ed t!iis issue at th e Budget Retreat held Sep tember :1, 2007. Co unci l gave staff
direction 10 proceed w ith this Resolution.
RECOMMENDED ;.,·noN
Staff reco mmends City Counci l approve the atta ched Reso luti o n.
BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED
City Council discussed and determined th at funds from the sale, lease, o r ea rnings fro m long-term
assets sho uld be used in a careful, judicio us and strategic manner; fo r this reas on, th ese funds w ill
be reserved in an account known as th Lo ng Term Ass et Reserve ILTAR). The funds res tricted in
this account can ,,nly be exp ended if th e funds are appropria ted in the annu al budget or by
suppl emental appropriati on.
Upon fo rmation of this reserv e, the remaining funds from the Golf Course l ease !net of the "bridge
fu nds " being transferred to the General Fund in 2006) will be transferred and res tricted to the LTAR.
In addition, any funds generated from the Mclellan Reservoir property and trans ferred fr o m th e
Engl ewood Mclellan Reservoir Foundati o n (EMRF) to th e City must be res tricted to this account as
well before any subsequen t appropriation by City Council.
It is envisione d that proceeds received from o ther, sim il ar long-t erm asse ts in the future w ill be
subject to the same res triction to th e LATR .
FINANCIAL IMPACT
TI1is action will move the funds from the Golf Course Lea se currently in the Public Improvement
Fund to the General Fund LT AR ; the net effect of th e ac tion will be zero .
LIST OF ATTACHMENTS
Resolution