HomeMy WebLinkAbout2003 Resolution No. 004•
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RESOLUTION NO . _3/_
SE RIES OF 200.1
ii RE OLUTION APP R \/ING TRA NSF E;l. F FUN DS FRO~I Tll f: SU RPLU S AND DEF ICII.:NCY
FU NDTO TII EGENERALFU , D
\V I IERE 1\S. thr.: urp lus and Dcli ci;ncy Fund currentl y has :i ba l:mcc of $..,.'1 ,236; and
\V I ll~REAS, th ese: fu nd s arc hdd as addi ti on al secur it y for special improvement di stri ct bond
issues ; and
\VI-IEREA , Eng lewood ity Charie r S~c1ion 109 all uw s the Fund to be 111:1intai11cd in the
prop orii on that the amou nt on deposit in the pccial Fund bea rs tc the 10 1a l amount of bonds present ly
out st:mdi ng for suc h ity c;pcci:11 Impro veme nt Dist ricts; and
WHEREAS , any am ount not requir ed to be maint ained in the Specia l fund may be tran sfe rred ta
th e Gcncrn l Fund or 10 any th cr fund of th e City as ma y be determin ed by Ci ty Colll 1.:il; and
WHEREAS, maint.1i nin g a proponion of 41.5 perc ent will all ow a transfer of 5144,9 I 6 to the
Ge nera l Fund leav ing u ba lan ce of S86.320 in th ..: Surp lus and Defi c ien cy Fund as addi1ional sccuri1 y for
ou1 s1:1ndin g bond s.
NO W, TI·IEREFORE. BE IT RESOLVED BY THE CITY COUNC IL OF TH E CITY OF
ENGLEWOOD, CO LORADO . THAT :
Scc1io 11 I. Thi: 2003 Dudgc l for thi: Ci 1y of Eng le wood, Co lorado. is IH.·r..:b y amended as foll ows:
SUR PL US AN D DEFIC IENC Y FUND
Sourc..: of Funds :
Unrc scrvcd/U nd c ·1gnat..:d Fund Ua lanc..:
Us..: of Fund s:
Tr:111sfcrs oul to 11: G!!n..:ral Fund
GENERAL FUND
So ur ce nf Fund s:
Tr:msfor s in fr!Jm llll)lu s and D..:fil'iL·nc y Fund
Usi: of Fun ds :
Un r..:sc rvcJ/Und..:s1g na1 c<l Fund Dalancc
S I.J.J .9 16
I.J.J .916
SI .J.J.9 16
S I.J.J .9 16
Section 2. The Cit y Manager and the Dire ct or of Finunc ial Serv ices ;ire hcrl'by auth ori zed 10 make the
nbovc changes 10 the 2003 Bud gc1 of the City of Englcw<J od.
ADOPTED A, D APPROVED thi s 21 " day of Janu ary, WO).
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I, Louc ri shia A. Elli s, City Clerk for th e,Cj tY of Eng lewood, Co
and fo rego ing is a tru e copy of Re so luti on No . .::,:__, Series of 2003 .
Loucri shi a A. Elli s
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CO UNCIL COMMUN ICAT ION
Date Agenda Item Subj ect
Januar 1 2 1, ~003 10 i Transfer Funds from the Surplu , and
D eficien cy Fund to the General Fund
Init ia ted Bv
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S'..i ff Source
D epartm ent of FinJn ce and Ad mini st rative' Se rvices Frank Grygl ewicz, Direc to r
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
Th e Co un ci l has not tak en any pervious ac tion on thi s topi c.
RECOMMENDED ACTION
Staff recommends City Council approve th e atta ched resoluti o n tran sferri ng $144,9 16 from th e Surplus and
• D efici ency Fund to th e G eneral Fund.
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Th e so urces and uses o f th e funds ar e:
SURPLUS AND DEFIC I ENCY FUND
Source of Fund s:
Unr ese rved /Undesigna tecl Fund Ba lan ce
Use of Fund s:
Tra nsiers Out to th e Gen er;:i l Fund
GENERAL FUND
Source of Fund s:
S t-!4,9 16
$144 ,9 16
Tr,\l\sfers in fr om th e Surplus and D efic iencv Fund $ l-l -l ,9 16
Use of Funds :
Unreserved /Und e sig na1 e d Fund Bal.--111<..e $14-1,9 16
Th e Cit y 0 1 Engl ewood is requir ed by Ci ty Cha : ter to ensu re th .1 1 e:i-.pe nditu res ar e not mad e \\ ith out propPr
L1ppropri.1t io11 h\ Ci t} oun ii. Th e atta ched reso luti on L1ppro pr iat es funds to ensur e 1h.1t the Ci ty of
Eng lewood co n1pli es \\ ith leg al restri cti ons governi ng loc al budgeting .
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BACK GROU D, A ALYS IS, AND ALT ERNATIVES ID ENT IFIED
Curren tl y, the Su rplus and Deficiency Fund has a b alan ce of SD 1,23 6. Th ese funds ar e held as add it io nal
sec urit y for specia l irnpro ve ment di stri ct bond iss ues. The only issu e curr entl y out standing is Pa vin g Distri ct
38, w hi ch h as a prin cipa l ba lance of $~08 ,000. Chart er Sec ti on 109 states th at th e Fund "shall co ntinu e to
b e ma in tain ed in th e propo rti o n th at th e amoun t o n dep os it in th e Sp ecia l Fun d as of th e effec tive dat e of
th is Cha rt er A mendment b ears to th e total am o un t of bond s p resen tly outst anding for such Sp ec ial
Im p rovement Di stric ts of th e City. Any am ou nt no t req uired 10 be mai ntain ed in th e Sp ecia l Fu n d, shall b e
tr ansfe rred 10 th e Gen era l Fu n d or l o anv oth er fund of the ity as ma y be determin ed by the Cit y
Counci l." In 1973, th e Surp lus and ~eficienrv Fun d had a cas h ba lance of $357,89 2 and the total
o utstand in g b ond pri ncipa l was $863, 160 maki ng th e pr oporti on 4 1.5 p erce nt. Thi s w ill all ow a 1, ansfer of
$144,9 16 to th e Gen eral Fun d, leav,ng $86,320 in th e Surp lu s an d D eficiency Fun d as add iti onal sec urity
for th e o utstanding bonds.
FI NA NCIAL IMPACT
Th is transfer will redu ce the Surp lu s and D efic iency Fund 's reserves b y $144,9 1 G and in c rease th e General
Fund's unreserved/undes igna l ed fund b alance by th e sa me am ount.
LIST OF ATTACHMENTS
Proposed re,,olu tion
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