HomeMy WebLinkAbout2002 Resolution No. 096•
•
.-
RE~OLUTION NO.~
SERIES OF 2002
' "'°'"''" -·-"' '"""' """ "" =~"-''"-'""'"""'· PUBLIC IMPROVEMENT ANO (: 1PITAL PROJECTS FUNos TQ THE GENERAL FUND .
""""'·"'0••& .. ,_ .... _, ____ ,~ ....... ~ .. __ ,
downrum ~ulting in a r<duc uon of undcsignaledlutuescrv<d fund balance ; and
WHEREAS. 10 increase the General Fund reserves. srnrr ond Ciry Council ogn,ed ro rro,,s fc, .......... ,~~-""" ""'"'••~-,,~~,. . .,,,,..,,..,, ""~ ,..,,,,,,, ,. ~-. ·-~-, , ..... ~--,_,,., .. , ~ .•. , . .,_,_ funding for so111e projccrs. •nd other projecrs were fund<d using bond Proceeds.
NOW. THEREFORE. BE IT Rf:SOL VEO BY THE CITY COUNCIL OF THE CITY OF ENGLEWooo, COLORAoQ, THAT:
~. The Ciry of EnglewoOd 2002 Budger is hen,by •mended ns follows :
C~ENT REPLACEMENT FUND:
Unrcscrvcd/Undesignorcd Fund Bolance S 41.152
~
Trnnsfers Our to Gener.iJ Fund
S 41.152
~
Tr:insfel'3 Ou r to General Fund
SJ00.00()
~~CTSFUND:
Unrcse,vedllJndesigno1«1 Fund Bolance
~
Transfer, Our ro Gcnero1 Fund
$300,00()
5425 ,00()
G~
Transfers In From CERF
5425,00()
Transfers In From Pu blic lmprove111e111 Fund
Transfers In From CapiraJ Projects Fund
~.J.:
Un~ :n·cdltJndesignafe(J Fund Balance
S 41.152
SJ00.00()
5425 ,00()
S766,IS2
~ The Cit y Ma11ngcr and the Director of Finan ce and Admini strative Services arc hereby
authori zed 10 mnkc the above changes in 1hc 2002 Budg et of the City of Engle wood .
ADOPT ED AND APPROVED this 4'" dny of Nov ember, 2002 .
•
•
•
COUN CIL COMMUN ICATI ON
D,te Ag enda It em Subj ect
N ovember I, 2002 10 c i Reso luti on Transferri n g Funds
from th e Capital Equipm en t
Rep lace ment, Public Improve-
ment and Capi tal Pr ojects Fu n ds
to th e G eneral Fund
Initiate d By I Staff Source
D epa ,tmer ,t O f h na nce and Administrative Services Frank Grvolewicz, Director
COU NCIL GOA L AND PR EV IO US COU NCIL ACTI ON
Ci ty Coun cil and staff held a 2002 Bud get ar.d Goals se llin g m ee ting on Jun e i, 2002. A preli minary
review of th e b udget was done on Sep tember 9, 2002. City staff submitted 'ih e budget to th e City Council
on Sep tember 13, 2002. A public hea rin g re ga rding th e Proposed 2003 Budget was held on Sep tember
16, 2002 and continu ed to October 7, 2002 . Th e operati ng b udgets and Multiple Yea r Capital Plan fo r all
Ci ty departm ents and fun ds w a, re viewed at a b udget retr ea t held on Sep tember 28, 2002, and fo ll ow-up
of cha nges and o th er propos;Js w as done at a study sessio n o n O c tober 7, 2002.
REC OMMEN DED ACTIO N
Staff reco mmends Council approve the allached resol uti on transferri ng funds fr om P,,~!ic lmprovem~nt
Fund (PIF ) and CJpital Pro jects Fund (CPF ) to th e General Fund
BAC KGROUND , ANA LYSI S, AN D ALTERN ATI VE S ID ENTIFIED
Th e City of Eng lewood has experienced a reducti o n in reve nu es during th e c urrent econ omic downturn
res ulting in a red ucti on of undesignated/unreserved fu nd balance, To in crease th e Genera l Fund reserves,
staff an d Ci ty Counci l ag reed to transfe r unreserver 'Jnd es ignated fu nds from th e PIF and CPF in 2002.
Th e PIF funds were •11 ade available by reducing or eliminati ng fun ding for some p rojects, and oth er projects
were funded using bond proceeds,
Sources and Uses of Funds:
CAPITAL EQUIPMENT REPLACEMENT FUND :
Source of Fund s:
Unreserved/U ndesigna ted Fu nd Ba lance
Us e of Fund s:
Trans fers O ut to General Fun d
PUBLIC IMPROVEMENT FUND :
Source of Funds:
Unreserved/Undesignated Fund Balance
Us e of Funds :
Tran sfe rs Out to General Fund
CAPITAL PROJECTS FUND :
Source of Funds :
Unreserved/U nd esignated Fu n d Bal ance
Use of Funds :
Tran sfe rs Out to Gen ral Fun d
GENERAL FUND :
Source of Funds :
T.-ansiers in Fro m CERF
Tran sf~rs In Fr om Publi c Improvement Fund
Tran sfe rs In Fr om Ca pi tal Proj ec ts Fund
Use of Fund s:
Unreserved/U ndes i;:nated Fu n d Ba lance
FINANCIAL IMPACT
$4 1,152
$4 1,152
$300,000
$300,000
S4 25,000
$4 25,000
$4 1,152
$300,000
$425 ,000
$766,152
Th e Capital Equipm ent Rep lac em ent Fund reserv es will b e reduce d S4 1, 152 . Th e Pub li c Im p rovement
Fund reserves w ill be redu ced $300,000. Th e Capital Proj ec ts Fu nd res erv es will be reduce d $4 25,000.
Th e General Fund reserves are in crea;e d $i66,450.
LIST OF ATTACH · ,ENTS
Pro posed reso luti o n
•
•
•