HomeMy WebLinkAbout2007 Resolution No. 091•
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RESOLUTION NO . jJ_
SERIES OF 2007
A RESOLUTION TRANSFERRING FUNDS FROM TIIB GOLF COURSE LEASE TO TIIB
LONG TERM ASSET RESERVE FUND (LT AR).
WHEREAS, the City Council of the City of Englewood, Colorado has detcnnined that funds
from the sale, lease, or earni ngs from long-tcnn assets should be used in a careful , judicious and
strategic =er and reserved in an account known as the Long Tenn Asset Reserve (LT AR);
and
WHEREAS, the funds in this restricted account can only be expended if the funds arc
specifically appropriated in the annual budget or by supplemental appropriation ; and
WHEREAS , the remaining funds from the GolfCourae lease (net of the $1.S million in
"bridge funds" approved for tranafer to the General Fund as part of the 2008 annual budget) will
be transferred to the LT AR restricted fund ; and
WHEREAS , any funds generated from the Mclellan Reservoir property and trlllSfcrrrd from
the Englewood Mclellan Reservoir Foundation (EMRF) to the City will be restricted to this
acco unt until subsequent appropriation by City Council ;
NOW, THEREFORE, BE iT RESOLVED BY THE CITY C.OUNCil, OF THE CITY OF
ENGLEWOOD , COLORADO, AS FOLLOWS :
~.l-The Budget for the City of Englewood, Colorado, is hereby amended for the year
ending 2007, a,, follows :
PUBLIC IMPROVEMENT FUND
SOURCE OF FUNDS:
Fund Balance
USE OF I UNDS:
Transfer Out to General Fund
GENERAL FUND
SOURCE OF FUNDS:
Transfer in from the Public Improvement Fund
USE OF FUNDS:
Long Term ASSct Reserve
$1 ,986 ,000
$1,986,000
$1,986,000
$1 ,9d6,000
~ The City Manager and the Director of Finance and Administrative Services are
hereby authori,:ed to make the above changes to the 2007 Budget for the City of I!nglcwood.
ADOPTED AND APP 'lOVED this I 5th day of October, 2007 .
I, Loucrishia A. Ellis , City Clerk for t~e, City of Englewood, Co
above is a true copy of Resolut ion No . 4 _, Sericsof2 7.
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COUNCIL COMMUNICATION
Date: Agenda Item: Subject :
O ctober 1 5. 200i 11 C ii A Reso lutio n Transferring th e Remaining Pr ocee ds
fro m th e Golf Course Lea se to th e Rese rve
lnili ated By: I Staff Source:
Depa rtment of Finan ce and Admini strati ve Se rvices Frank Grygl ewicz, Direc tor
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
City Cmmci l disc usse d thi s iss u e at th e Budget Re tre at held Sep tember 11 , 2007. Council gave staff
directi on to procee d w ith this r 'stio n . City Co uncil crea ted the Lo ng Term Asse t Rese rve
(LT AR) by reso lutio n .
RECOMMENDED ACTION
Staif recomm ends City Co unc il approve th e atta c h ed Res · ·. 1ti on .
BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED
City Co un ci l disc u ssed and d etermin ed th at funds fr o m th e sal e, leas e, o r ea rnin gs fr o m lo ng-term
assets sho uld be us ed in a car eful , judicio us and strategic mann er; fo r thi s rea so n, th ese funds w ill
be rese rved in an account kn own as the Lo ng Term Ass et Rese rv e (L TA R). Th e fund s res tri c ted in
this account can o nl y be ex p ended if th e funds are appropriated in th e annual budget o r by
supplemental ap propriati on.
Th e remaining funds fr om the Golf Co urse leas e (n et of th e "bridge funds " being transferr ed to th e
G eneral Fund in 2008) are b ein g transferred and res tr ic ted to th e lT AR .
The foll owing illustrates the transfer and re stri cti o n o f funds:
PUBLIC IMPROVEMENT FUND
SOURCE OF FUNDS;
Fund Balan ce
USE OF FUNDS :
Transfer Out to General Fund
$1 .98 6,000
$1 ,986 ,000
GENERAL FUND
SOURCE OF FUNDS :
Tr,rnsfer In From th e Publi c Improvement Fund
USE OF FUNDS:
LonA Term Asset Res erve
FINANCIAL IMPACT
$1 ,'lllf,,01111
$1,•11\h ,000
Thi s .te1i1111 wil\ movt:' tlw (un ch, 11"111 11 ti ll' c;o \l Cours e Leas e currently in tht· Public l1n prov "me nt
F1111cl to th e ( ,1 •1wr,,I Fund I.TA K; th t:' net effect of th e ac ti on will be zero .
LIST OF ATTACHMENTS
Reso lution
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