HomeMy WebLinkAbout2003 Resolution No. 044•
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RE OLL:T IO'i '10 .!:ld-
SERJES OF ,or:
A RfiO LCTIO'i .-ll'PROIT,G THE TR.\'iSFER OF FC'IDS FRO~I THE GOLF CO L:RSE
[:,.iTER PRI E FL.'ID ro n IE GE'IER.-IL FL:'ID .
\\'II ERE.-\S, thi: C11 y o l Engh:wooli prov 1Jl!s \'anuus scrvici:s !O 11s i:ntapnsc fund s.
so 111t.: tJ f \d11d1 an: p.1:.rn ll pn:p.1rat1on. bcni:1!1 JnJ i.:rsmmd jJm111i !'l 1ra111:m . :i.ccou nt s pa~abk.
li:::;al n:p rt:s..:n1 :1tio n .• md ti:d1111ca l suppo rt ; anJ
WIIER E.-\S . tht." .1p1m munmcnt ll f th r:sc c.:os1s arc ..:alcu b1 cd and bi ll c:d to 1hc cntc.rpnsi.:
fu nds: and
WH EREA S. lhis tr:rn sfi.:r fr om th e.: Go lf Cours e Emc:rp risc Fund repn.:sc nt s a parua l
return fo r thc si: services.
WI-IER E.-\S. th..: Ci ty o f En g lewood is req uired by Ci1y Chart er 10 i:n su rc tll :11 ci:n ain
•11s l'i::rs art! not mad\! wi th out pro pe r au thoriza tion by City Co un ci l.
, OW . TH ERE FORE. BE IT RESO LVED BY TH E CIT Y COU~C IL OF TH E CI TY
r E'IGL EWOO D. COLOll \DO. T HAT:
Sct:ti on I, The City Coun ci l o lthc City a l Engh!w ood. Colorado, hereby app roves 1hc
fo ll ow in g tran s fe r:
GO L f COU RSE fl':'<D
Source or Fu nds :
Rcmi ni:d Earn in gs
Us e nr Fun ds :
Tran s fe rs Out to thl: Gcni:rJ I Fund
G E:"IER.-I L FUi\'D
Sou rce or F und s :
Tr ansfer s in fr om Gv . ."C..:,u rsc Ent erpri se Fun d
Us e or Fund s:
Cnn.:scr\'ed 'Cn dcsignated Fund Balanc e
S100 .000
S 100,000
$100 ,000
S 100.000
Sectio n ~-Thc Ci ty ~b.n agc r .md the Di recto r o ( Fi n~mcc and Admmistr:.iti \c Sc r :1c es
are hereby .1 u1hurizcd tu mak e thc Jbc ~•e changes 10 the budget.
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I. Loucri shia A. Ell is. City Cle rk for the
foregoing is a true co py of Reso luti on N
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COUNCI L COMM UNICAT IO N
Date Age nd a It em Subj ect
,\ l'1\ 5, ~003 It c 1i Transfer Fund:i irom the Ga li
Cu ,irse Enterp ri se Fund to th e
General Fu nd
Initi ated By I Slaff Source
Deoa rtm~n t o i Fi nance and Adm in is tr ati ve Serv ices Frank Grv~lewicz . Direc tor
COUNCIL GOAL AND PREVIOUS COUNCIL ACT ION
The Council has not tak e n any pr ev ious ac ti on on this to pic.
RE COMMENDED ACTION
Staff recomm ends City Cou ncil approv e die atta ched reso luti on tran sfe rrin g SI 00,000 fr om th e Golf
Cour se Ent erpri se (und to I 1e aneral Fund .
Th e sources Jnd uses o f the fu n:i ,re
GOLF COURS E FUND
Sou rce of Fu11d s:
Re tain e d Earni ng s
Use of Funds:
Transiers Out to th e General Fund
GENERAL FUND
Source of Funds:
$1 0(,,000
S t00,0W
Tr ansiers in i,om the Go lf Cours e Ent erpr ise Fund S I C,J,0 00
Use of Funds:
U nr ese rve d1Undesig nat ed Fund Bal ance S100,000
Th e City o i Englewood is req uired by City Chart er to ens ur e that certain transfers ar e not ma c!e with ou t
pr o per auth o rization by City Coun ci l. Th e att ached reso luti on tra nsfers funds to ensu,., th at the City o i
Er glewood compl ie s with legal restricti ons gov ernin g lac e! budge tin g.
BACKG RO UND, ANALYS IS, AND ALTERNATI VES IDE NTIFIED
The Ci rv of Englewoo d pr ov id es vari ous servic es to its en terpr ise funds. Examp les oi the se service s in clu de
pa\ roll preparation , b eneii t and pers onnel administ rat ion. ac coun ts pa vab le, legal re pr esentati on. and
te chnical sup por t. The appo rt io nm ent oi these co sts ar e calcula ted and bill ed to th e enterprise iunds. ThlS
transfer ir om the Golf Cour se En terprise Fu nd rep resents a part ial retu rn ior th ese services.
FI N ANCIAL IMPACT
Th IS trans ie r ·.v iii red uce the Golf Course Funo 's retained ea rnin gs bv SI 00 .000 and increase the General
Fun d's unr e ser. ed . undes1g nat d ,un d bala nc~ bv the same Jm ount.
LI ST O F ->.TTAC HME ,'ffS
Pro pcsed re:>V ltJU o n