HomeMy WebLinkAbout2004 Resolution No. 087•
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RESOLUT ION NO. f.2
SERIES OF 2004
A RESOLUTI ON APPR OV ING THE TRA NS FER OF FUNDS TCI THE 2004 BUDGET FOR
BROWNFIELDS LOAN DEBT SERVI CE.
WH EREAS , the Cit y of En gle woo d is required by Cit y Charter 10 en sure that expenditure s arc
not made with out proper appropriation by City Council ; and
WHEREAS , the City Council approved the 2004 Budget and Appropriation Ordinances on
1 ovember 3, 2003 ; and
WHEREAS , the transfer of these funds from the Publi c Im provement Fund to the Gen eral
Fund is nece ssary 10 cover the cost of debt service for th e Brownfields loan paid out of the
General Fund ;
WHERE AS, NOW, THEREFORE, BE IT RESOLVED BY THE en y COUNCIL OF THE
CITY OF ENGLEWO OD, COLORADO, THAT :
Section.L The City Co uncil of the City of Englewood , Co lorado, hereby approves the
following transfers and appropriations :
PUBLIC IMPRO VEM ENT FUND
Source of Fundi:
Un re servecVUndesig nated Fund Balance
Use or Funds:
Transfers Out to th e Genera l Fund
GEM,RAL FUN D
Source of Funds :
Tra nsfe rs in from the Public Impro vemen t Fund
Use or Funds:
Brownft cld s Loan Pa yment
SI C0.06 3
SI00 .063
SI00 ,06 3
$100,063
Si:ction 2. Thi: Cit y Ma na ger and 1h e Direc tor of Fi nance and Admini strati ve Services arc
hereby au1hon t cd 10 make the above changes to the budget.
ADOPTED AND APPRO VED thi s 20th da y of September , 2004 .
I, Loucri shia A. Elli s, City Cle!$,)o/ the City of Englewood .
above is a true copy ofResolution No . ~. Series of 2004 .
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CO UNCIL COM MUN ICATI ON
Da le: Age nd a Item : Subje ct:
Se p tembe r :?0, :?00 4 11 C i Transfe r o f Funds from 1he
Public lmprovemen l Fu nd 10 the
General Fu nd fo r Brownfi elds
Lo an Debt Se rvic e
Initiat ed By: Sta ff Sour ce :
D epar1m en1 o f Finan ce an d Frank Cryglewicz, D irec l o r
Admini str ati ve Serv ices
COU NCIL GOA L A ND PREVIOUS COUNCIL ACTION
Th e Council discussed th is al l he Ap ril I 0, 2004, Fi nancia l Pl anning Stu dy Sess io n . This
l ransfe r is periorm ed 10 cover the cos t o f d ebl se rv ic e fo r l h e Brownfi elds loa n pai d o ul o i
1h e General Fun d.
RECOMMENDED ACTION
Srafi reco m mends City Co un ci l app rov e lhe allac he d Reso lulio n tra nsierr ing S 100,063 fro m
th e Publi c 1mprove mell[ Fu nd to th e Ge neral Fu nd.
Th~ sources and uses ot th e fun ds are:
PUBLIC IMPROVEMENT FU :~D
So urce of Fund s:
U nrese rved/Undesig nated Fund Ba lance $100,063
Use of Fund s:
Transiers Ou t to th e Ge ne ral Fu nd S I00,063
GE NER AL FUND
Source o f Fund s:
TrLrns ier:, 111 fr om th e Public lmprmement Fund $100,063
Use of Fund s:
Br mv niields l.o<m PJ \ ment S 100,063
Th e Cit\ oi En glewood ls required by Ci tv ha ner to ensure th at ex pendi tur es ar e not r:1Jd e
wit hout pro per .:tpprop rb ll on hv Ci :y Co unci l. The atta che d rt:!so lu ti on appropria tes 1und s
to en:,ur e 1hL1 t the Ci t, o i Englewoo d complie s wi 1h lega l res tr icti ons gove rn in g lac.i i
budge tin g.
BACKGROUND, ANALYSIS, AND ALTERNATIVE S IDENTIFIED
All deb t service pa ymen ts are pai d by th e Ge neral ~und . The underl yi ng debt was incurred
in co nne cti on with a co mpl eted capita l pro jec t.
FINANCIAL IMPACT
This transfe r w ill reduce th e Public Improvement Fur,I , reserves by S 100,063 and increase
th e Gene ral Fund 's unr eserved/unde signa ted fund bal .,nce by the same amo un t.
UST OF ATTAC HMENTS
Propos ed Resolution
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