HomeMy WebLinkAbout2003 Resolution No. 047•
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RE OLU TI ON :,;o !l!l-
SER I ES OF 2003
A RESOLUT IO~ APPROV l~G Tl-I E Tlv\~S FER OF FUND FRO~I Tl-IE SER\'ICE~TER
FUND TO TH E GE:-IERA L FL' '11 .
WHEREAS . the Scn·1Ce1 11\. Fund co ll ec ts charges fo r work done fo r thi: Gc ni:ra l Fund
dc panm ems ; and
WH EREAS, O\'cr th e yea rs the Scn1iCe n1 cr Fund has bu ilt up its cas h :md in\'CS tmcnt
assets; and
WHEREAS. with th e ongoi ng decline in reve nue co llc c1ions and a requ ired in crease in
deferred re ve nu es has fo rced s1afTto loo k fo r all fundin g sources to in crease Genera l Fund
reserves and
Wl-l EREAS eta ff re,~..; .. • ~IS J. tr:1 11 :,,fc.:r o f funds from 1he Serv iCer,ter F1.1 nd 10 the Ge ncrnl
Fund ; and
WH EI! )' '· , , ', • C1 ly 01 Eng le wood is required by City Chan erto ensure 1hat ce rta i".
trans fer s art"~ 1.. l 11H1ri: \ · '..,,u1 pro per auth oril.ltion by Cny Council.
NOW, Tl-l • .. RI . )RE BE IT RES OLVED BY THE CITY COUNCIL OF THE CITY
OF ENGLEWOOD , CO LOR, DO , THAT :
Section I. Th e City Counci l of the City of Engl ewood, Co lora do , hereby appro ves the
fo ll owin g trans fer :
SE RVICE!'iTER F'Ul'iD
Source of Funds:
Retained Ea rn ings
Use or Funds:
Tran s fer s Out to the General Fund
GENERAL FU 'D
Source of Funds:
Tran sfe rs in fr om the ScrviCi:nt er Fund
Use of Funds :
Unr csc r"ecL'L'ndesig nated Fund Ba lance
$775,00 0
S775 ,000
S775 ,000
S775,000
Se u ion 2. The City Manager and the Direc tor uf Fi nan ce and Adm inis trati ve Se rvic es
are he reby auth ori ze d to make the above ch anges 10 the tiu dge1.
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ADOPTED thi s 19~ day of Ma y, 2003 .
I, Loucrishia A. Elli-, City Clerk for L~e Ciry
foregoing is a true cop y of Reso lutio n No .
COUNCIL COMMUNIC ATIO N
• ,------D-a_t_e ------,.-----A-g_e_n_d_a_l_te-m-----,.------S-u-b-je_c_t ____ _
May 19, 2003 11 c ii Tran sfe r Funds fr o m th e Servi-
Ce nt er Fund to th e General Fund
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Initiat ed By I
Deoa rlm ent of Finance and Administra tive Servi ces
Slaff Source
Fra nk Grya lewicz, Direc tor
COUNCIL GO AL AND PREVIOU S COUNCIL ACTION
The Council has no t tak en ilny prev ious action on this topic .
RECOMMENDED ACTION
Staff rec ommends City Council app rove th e alla ched resolution transferring $775,000 from th e ServiCent er
Fund to th e General Fun d.
Th e so urces and uses of the funds are:
SERVICENTER FUND
Source of Fund s:
Re tained Earnings
Use of Funds:
Transfers Out to the Genera l Fund
GENERAL FUND
Source of Fund s:
Tra nsfers in fr o m th e ServiC enter Fu nd
Use of Funds:
Unreserve d/Un~esignated Fund Balan ce
$17 5,000
$775,000
$775,000
$77 5,000
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TI1e City of Englewoo d is requi red by City Charte r to ensure that certain transfers are not made wi thout proper
authorization by City Cou nci l. The alt ached resoluti o n tr ansfers funds to e ns ure that th e City of Englewood
co mpli es wi th lega l res tri ction s gove rn ing loca l budgeting.
BACKGROUND , ANALYSIS, AND ALTERNATIVES IDENTIFIED
The ServiCen le r provi des serv ices to th e City of Engl e\\ood 's General Fund departrr enls (e.g. poli ce, fire, p ublic
works, etc.). Fo r th ese services, a fee is paid. Over th e years, the ServiCente r Fund nas built up ,. c-d 1 and
inves tm ent ass ets. TI1e ongoing decline in revenue co ll ec ti ons and a req uired increase in deferred re ve nues
ha ve fo rce d staff to look fo r any and all fund ing sources to increa~e Genera l Fund res erves. For this rea so n, staff
is requesting the City Counci l trans fer 5 775,000 to the Genera l Fund.
FINANCI AL IMPACT
Th is transfer wi ll reduce the ServiCen ter Fund's retained ea rnin gs b y 5775 ,000 and increase the General Fund 's
unreserved/undesignated fund balance by the sa me amount.
LIST OF ATTACHMENTS
Pr oposed resol ut io n