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Home My WebLink About2004 Resolution No. 046• • • RESO LUT IO:-,1 :siO . ~ SERIES OF 200-l A RESO LUTI ON APPR OV l:S:G TH E TR..\J-JSF ER A.'I D SU PPL EMEN T,\L APPROPRIAT IONSOF FUN DS TO THE 200 -l BU DGET . \V H EREAS, the City of Englewood is requ ire d by City Clw.n~r to l!nsurc that cxpc ndil ures arc not mudt: wi th ou t pro pe r approp ri ation by City Council ; an d WHE REAS, th e City Cou ncil app ro ved th, 200-l Budget and Appro pri ati on Ordinan ces on Nove mb er 3, 2003 ; and WHEREA S, the Surplus and Deficienc y Fun ds are held as addition al sec uri ty fo r spec ial impr ove ment distri ct bo nd iss ue s and the am ount bein g tran sferred to the Gene ral Fund 11rc funds whi ch arc above the leve l of sec urity ne cdl!d ; and WHEREAS , th e pa ss age of Ordinance No . l, 2004 authorized an intergovernmental "Agreement For Lease Of Bookm obil e" between Dougla s Co un ty and th e City of Englewood; and WHEREAS , a porti on of the Lease payment is be in g transferred to the General Fun d to fund the Libr ary to pay fo r add itional staff hours with the remainder of th e Lease payment remaining in the CERF to fund th e maintenance costs for the Bookmobile ; and WHEREAS , the pa ssage of Reso lut io n No . 42, 1998 appropriated l % of the Capita l lm provc ment Fund fo r "An ln Public Places "; and NOW , THEREFORE , BE IT RESO LVED BY THE CITY COUNCfL OF THE CITY OF ENGLEWOOD, CO LORADO , THAT : Section l . The City Cou nci l of the City of Englewood , Co lorado , hereby appro ves the following transfers and appropria ti ons: SURPLUS AND DEFICIENCY FU ND Sour ce of Fune!~· Unreserved/Un... 1nated Fund Balance Use of Funds: Transfers Out 10 the Ge nera l Fund CAPITAL EQUIP:1-lENT REPLACEMENT FUND Source of Funds: Unrc se rved/Und es ignatcd Fund Balanc e Use or Funds: Tran sfer Out to th e Gen eral Fund GENERAL FUND Source of Funds: S20,86 2 S20,86 2 S 12 ,"'10 s 1 ~.ooo Tra nsfers in from the Surp lus Jnd Detic1ency & CERF S3:!.36:! Use of Fund s: Li brary Departm ent Sta ffin gNdticlc main tenan cl! Unrcservcd'U ndes ign at ed Fund Balan ce Toia l Use of Fu nds CA PITAL PROJECTS FU. 'D So 11 rcc of Funds : Unrc scrvcd/Un designa tcd Fund Balance Use of Funds: Art in Public Places (o ne-P erce nt For Arts) $12,000 $2 0 86 2 S32,862 $ 5,5 25 $ 5,525 Se cti on 2. The City Mana ge r and th e Director of Fin ance and Admini strative Services are hereb y aut hori zed to make the abo ve changes to the budg et. ADOPTED AND APPROVED thi s 15th day of March , 2004 . • RE SO LUTION NO. !i!:- SERIES OF 1998 A RESOLUTION RECOMMENDrNG ANNUAL FUND ING FO R 1 N AR TS IN PUB LIC P LAC ES PROG RAM FO R T HE CITY OF E NG LEWOO D. WHEREAS, at the October, 1997 meeting of th e Cultural Arts Comm ission the Commission voted and passed a recom mendatio n that the City Co uncil establish annual funding for an Arts In Pu blic Places Program; an d WHEREAS , a fundin g optio n of one percent of the City's ca pital cons truction bud ge t w as offered as an example of what other metro cities h ave adopted ; and WHERF A.S , the Englewoo d Ci ty Council here by rec ommends the allocation of one per ce nt (1 %) of the City of Englewoo d's Capital Improvement Bud ge t for the Arts In Public Places Program ; NOW , THEREFORE, BE IT RES OLVED BY THE CITY COUNCIL OF THE CITY OF E N GLEWOOD, COLORADO, THAT: Tbe City Council of the City of Englewood, Colorado hereby recommends that all future Council budgets con tain annual funding for an Arts In Public Places Program by allocating 1 % of the City of Engl ewood's Capital Improvement Budget to the Arts in Public Places Program. ADOPTED AND APPROVED this 2nd day of February, 1998. ~W!¼~~· I , Loucris hia A. Ellis, Ci ty Clerk fa, ,t~h e City of Englewoo d , a bo ve is a true co py of Resolution No.:z2;-seri es of 1998. • • COUNCIL COMMUNICATION Dal e Agenda llem Subject March 1 5, 7004 1 1 Ci Transfe r and Su pplem ental Aooroorialions of Funds Initiated By I Slaff Source D epartm ent of Fi nanc e and A dministrative Services Frank Grv~lewicz, Director COUNCIL GOAL AND PREVIOUS COUNCIL ACTION TI1 e Counci l approved the 2004 Budget approve d a t ra nsfer o f $144,9 16 in exc taken any action on th is topic in 2004. Repl acem ent Fund (CE RF ) t o th e G enero disc usse d th e appropri atio n of fu nds for A rt . RECOMMENDED ACTION 1pro priati on o n fina l readi n g N ovember 3, 2003. Coun cil co m thi s fund to th e General Fund in 2003, but has not 1 dis cuss ed th e transfe r from th e Ca pital Equipm ent e Feb ru ary 23, 2004 st udy session. Cou nci l has not 111c Pl aces. Staff recomm ends City Counc il approve th e atta c h ed reso lution appro pri ating and transfe rring funds as list ed below. TI,e so urces and uses of fun ds are as follows: SURPLUS AND DEFICIENCY FUND Source of Funds: Unreserved/Undesig nated Fund Balance Use of Funds: Transfers O ut to th e General Fund CAPITAL EQUIPMENT REP LA CEMENT FUND Source of Funds : U nreserved/Undesi gn ated Fund Balance Use of Funds: r ransfers Out to th e Gen era l Fund GENERAL FUND Source of Funds : $20,86 2 $20,86 2 $12,0C0 $12,000 Transfers in from th e Surplus and Deficiency & CERF $32,862 Use of Funds : Library D ep artm ent Staffi ng/Vehicle Maint enance Unrese rved/Undesignated Fun d Ba lance Total Use of Funds $12,000 ~ $32,862 CAPITA L PROJECTS FUND Source of Funds : Unrese rve d/Undesigna ted Fund Balan ce Use of Funds : Ari in Publi c Pl aces (One-Percent For Aris) $5 ,525 $5 ,5 25 The City of Englewood is required by City Charier lo ensure lhal expen ditures are not made wil houl proper ap propriati on by City Cou ncil. The allached resoluti on approp ri ates funds lo ensure that th e City of Eng lewood co mp li es wi th lega l res tri cti ons governing loc al budgeting . BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED Cu rr entl y, th e Surplu s and Defi ciency Fund has a balance of $88,922.21 . Th es e funds are held as additiona l security for spec;a l improvement distric t bond issues. The onl y issu e cu rrentl y outs tanding is Pavin g Distri ct 38, which has a principa l ba lance of $164 ,0 00. Charter Secti on 109 states that the Fund "sha ll continu e lo be maintain ed in th e proportion that th e amount on deposit in the Specia l Fund as of th e effective date of th is Charter Amendment bears to the total amount of bonds presently ou tstanding for suc h Special Improve ment Distri cts of the City . Any amoun t not required to be main tained in the Special Fund, shall be transferred to th e General Fund or to any oth er fund of the City as may be determined by the City Council." In 1973, the Surplus and Deficiency Fund had a cash ba lance of $357,892 and the total outs tanding bond prin cipa l was $863, 160 making th e proportion 41 .5 percent. This wi ll all ow a transfer of $20,862 to the General Fund , leaving $68,060 in the Surp lus and Deficiency Fund as additional security for the outstanding bonds . • City Counci l discussed ,nd approved adding $12,000 to the Library Servi ces Depa rtm ent budget to pay for • add itional staff hou rs. Res olution 42, Series of 1998 (attached), "recommends that all future Council budge ts contain annu ·,t funding for an Art s in Public Plac es Pro gram by all oca ti on 1 % of th e City of Englewood's Capita l Imp rovement Bud~~; to the Arts in Publi c Places Program." FINANCIAL IMPAG The transfers will reduce the Surplus and Defici ency Fund and th e CERF reserves by $20,862 and $12,000 res pective ly. The General Fund 's unr eserved/undesignal ed fund balance will in crease a nel $20,862 and th e Capital Projects Fund's reserves will be redu ced by $5,525. LIST OF ATTACHMENTS Pr oposed reso lution and copy of Resolution 42 , Se ri es of 1998 •