HomeMy WebLinkAbout2003 Resolution No. 040• RE SOLU TI ON NO . 0
SER IES OF 200 3
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A RESOL UTI ON TO TRA 1 SFER FUN DS FROM TH E CA PIT AL PROJE CTS AND
C/,PITAL EQU IPME NT REPLA CE ME 1 T FUN DS (CERF) TO TH E GE ERAL FU ND AND
TO RED UC E BUDGETED CO1 T ING EN CY AND CO MM UN ITY DE VEL OP MENT FUNDS .
WHEREAS , the Cit y of Eng lewood is requ ired by City Chane, to ensure th at
expe nditu res are not made wi th out prope r appropriation by City Co un ci l; an d
WHEREAS , Bud ge t Re view Co mmittee met ,md ag reed th at the se one-tim e ac ti ons
should be taken to s1abili zc th e Ge nera l Fund during thi s 1im e of eco nomi c recess ion and
unce rt ainty; and
WHEREAS , th e transfer of fund s from the Publi c Impro vem ent Fund to Ca pit al Project s
Fund is done to maintain co nsisten cy .
NOW , THEREFORE , BE IT RESOLVED BY THE CITY COUNCIL OF TH E CITY
OF ENGLEWOOD , COLORADO , THAT :
Section I . The 2003 Budget fo r the City of Eng lewoo d, Co lora do , is hereb y am ended as
fo ll ows :
CAPITAL PROJE CTS FUND
Source ofFunds :
Unre se rved/Undesignated Fund Ba lanc e
Use of Funds :
Trans fers Ou t to Ge neral Fund
CA PIT AL EQ UIPM EN T REPLA CE MENT FUND
Source of Fund s:
Unrcservcd/Unde signated Fu nd Bal ance
!l,se of Fund s:
Tran sfer Ou t to Genera l Fund
GENERA L FUND
Sou rce of Fund s:
Tran sfe rs in fr om Ca pit al Project s Fund
Transfers in from Capita l Equi pmen t Rep lace men t Fund
Use rf Fund s:
Unre served/Undc signated Fund Balance
SI 75,402
SI 75 ,402
S525 ,000
$525,000
$17 5.402
S525 .000
S700 ,402
GENERAL FUN D
Source of Fu nds:
Reduct ion Comm unity De vcl opmen1 Budget Shutt le
Reduc ti on Co ntin ge ncy Fund s: Perfonna ncc Pay
Use ofFuJ ,_;
Un re served 1J nd cs ignate d Fu nd Ba lance
$50,000
$13 5,000
$185,000
Sect ion 2 The City Manager and th e Direc tor of Financi al Serv ices arc hereby aut hc, ,zed
10 make the abo ve changes to th e 2003 Bud get of th e City of Englewood .
ADOPTED AN D APPROVED th is 17'' day of Ma rch, 2003.
I, Loucri shin A. Ellis , City Clerk for the City of hereby certify th
above and foregoing is a true copy of Reso lution No .
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COUNCIL COMMUNICATION
D at e Age nd a It em Su bject
March I i , 2003 11 c iii Transfer Funds fr om the Ca pital Proj ec ts
and Cap it al Equ ipment Repla ce m ent
(CERF ) Funds. Redu cti o n o f Budgeted
Co nti ng ency and Comm unity
Deve lopment Funds
Ini tiated By I St aff So urce
D epartm ent of Fi nanc e and Administrati ve Servi ce s Frank Gryglewicz, Direc tor
COU NCI L GOAL AND PRE VIOUS COU NC IL ACTIO N
Th e Coun cil has not taken any pervious action on thi s t opic, but th e topics have been discussed at a
previo us st udy sess ion with th e Bu dge t Rev iew Committee (BR C).
RE COMME NDED ACTION
Staff re commen ds Ci ty Cou nci l approve th e atta ched reso luti on :
• Tra nsfe r $175,402 from th e Capita l Proj ec ts Fund to th e G eneral Fund to cover l ease expe nditures
fo r 2002 and 2003.
• Transfer $525,000 fr o m the CERF to th e General Fund .
• Reduce the Contingency budget for perform ance pay by $135,000 .
• Redu ce the Community Deve lopment Budg et $50,000 to reflect the de lay of the shuttle program .
Th e so urces and uses of th e funds are:
CA PITAL PROJ ECTS FUN D
So urce of Fund s:
Unrese rv ecl /l 'nd es ignated Fund Balan ce
Use of Fund s:
Tr ansfers Ou t to th e General Fun ~
CA PITAL EQUIP MENT REP LA CEME NT FUN D
Sou rce of Fund s:
Unreserved/U ndesignated Fund Ba lanc e
Use of Funds :
Tran sfers Ou t to lh e G enera l Fund
GENE RAL FUN D
So urce of Fund s:
Transfers in fro m th e Capi tal Pr ojec ts Fund
Transfers in irom th e Capi tal Equipm ent Rep laceme nt Fund
Use of Fund s:
U nrese rv ed/U nd es igna ted Ft:nd Balance
$1 75,40 2
S 175,402
$525,000
S5 25 ,00
$175,402
S525,000
Si00,402
GENERAL FUND
Source of funds:
Redu c ti on Community Deve lopment Budget: Shuttl e
RedLJC ti on Con tin ge ncy Funds : Performan ce Pay
Use of funds:
Unrese rved/'..J ndesi3na ted Fund Balan ce
$50,000
$13 5,000
$18 5,000
Th e Ci ty of Englewoo ~ is required by Ci ty Char ter to ensure th at exp enditures are not made withou t proper
appropria ti on by City Council. Th e att ac h ed resoluti on appropriates funds to ens ure th at th e Ci ty of
Englewood complie s w ;th legal restric tions gove rnin g loca l budge ti ng.
BACKGROUND , ANALY SIS , AND ALTERNATIVES IDENTIFIED
Th e BR C m ee t and ag reed that these one-t;m e actions should be tak e to shore-up th e Genera l Fund du rin g
thi s tim e of eco nomic recess ion and u nc ertainty. Th e transfer of funds from th e PIF to CPF is done to
maintai n consistency. Th e budge t redu ctions are a res ult of BRC recommendations to redu ce expend itu res
in 2003 .
FINANCIAL IMPACT
Th is transfer will reduce Capital Proje c ts Fund rese rv es by $1 75,402. Th e CER F will see reserves reduce d
by $525 ,000. Th e PI F and CPF w ill esse ntia ll y exc hange fu n ds l o maintain pa yme nt consistency. General
Fund reserves w ill in c rea se a to tal of $8ij5,4(l2 as a res ult of th ese ac ti o ns .
LIST OF ATTAC HMENTS
Pro p ose d resoluti on
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