HomeMy WebLinkAbout2001 Resolution No. 065•
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RESOLUTION NO.~
SERIES OF 2001
A RESOLUTION FOR THE APPROPRIATION AND TRANSFER OF FUNDS FOR THE
CENTENNIAL BALLPARK PROJECT .
WHEREAS , the City of Englewood and the Colorado Rockies have worked to~ther to
develop this proper',y for baaoball field o; and
Wii!lREAS, the Englewood City Council baa appropriated funds for this project in i.lw
2001 Five Year Capital Plan; and
WHEREAS, City Council was updated on July 16, 2001 regarding the progreu of this
Project; and
WHEREAS, the update included a discussion of the funding shortfall which :.he paBBB f;e
of this Resolution remedies; and
WHEREAS, this Resolution appropriates $10,000 contributed from All Soula and
$55 ,000 from the Brent Mayne/McCormick Foundation; and
WHEREAS , an additional $113 ,255 ia required to be transferred from the General Fund
to the Capital Projects Fund for the Centennial Park property acquiaition ; and
WHEREAS , the funds transferred from the General Fund will reduce the
undesignated/unreserved fund balance by $476,478; and
WHEREAS, an additional $469,000 is required to be transferred from the Conserva tion
Tr tat Fund; and
WHEREAS , the transfer from the Conservation Trust Fund will eliminate funding for
projects previously planned and alao reduce reserves of the Conservation Trust Fund;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD, COLORADO, THAT:
lw:lilm..l. Th e Englewood City Council hereb• amends the 2001 Budget as follows :
CONSERVATION TRUST EllNll
Source of Funde:
Unreserved/Undesignated Fund Balance
Shoreline Stabilization
Tennis/Basketball Courts Renovations
Parka Infrastructure Study
CTF Contingency
JJse of Funds·
Transfer out to PIF
$200,000
$ 95,000
$ 24,000
$ 75,000
S 75,000
$469,000
GENERAL FUND
Soura, of Funds·
Unroaerved/Undeeignated Fund Balance
Uae of Funde
Tranafere Out of PIF
Trenefere Out to Capital Projects Fund
l!J.lBLlll IMPRO\IEMENT FUND
Source of Fund&·
Tranafer in Crom General Fund
All Soula Contribution
Mayne/McCormick Foundation Contribution
Oralabe Landscape Depoait
Tranafer in Crom Conee,vation Trust Fund
Total Sourees of Funds
Ue of Fund,·
Centennial Park Expaneion Project
CAPITAL PROJECTS FUND
Source of Funds;
Transfer in Crom General Fund
u,e of Funda :
Centennial Park Property Acquisition
OH
$476,478
$363,223
$113 ,255
$363,223
$ 10,000
$ (,&,000
S 2,346
WllJlllQ
$899 ,569
$899,569
$113,255
$113,255
~-Tbe City Manager and the Director of Financial Services are hereby
authorized to make the above changes to the 2001 Budget of the City of Englewood.
ADOPTED AND APPROVED thie 6'" of August, 2001.
I, Loucriehla A. Ellis, City Clerk fo½~ity ofEnglew
.J..,.ve is a true copy of Resolu tio n No~ Series of 200
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COUNCIL COMMUNICATION '"-•t,Hnl)
to,.,,
Date Agenda Item Subject
August 6, 2001 11 c I Proposed resolution to tran,fer and
appropriate funds for the Centennial
Ballpark Projec t and additional funds for
the Centennial orooertv.
Initiated By
I
Sl.aff Source
Department of Financial Services fr.1nk Gryglewicz, Director
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
City Council has appropriated funds for this project in the 2001 Fiv e Year Capital Plan. City staff (Rick
Kahm and Jerrell Black) updated Council on July 16, 2001 regarding the progress of this project. The
update included a discussion of the funding shortfall, which this resolution, if Council approves, rep,edies.
This resolution appropriates $10,000 contributed from All Souls and $55,000 from the Brent
Mayne/McCormick Fo1 ·ndation .
Also, an additional $113,255 is required to be transferred from the General Fund to the Capital Projects
Fund for the Centennial Park property acquisition. The additional funds are required because of add itional
acquisition costs (witness fees, environment assessmen~ and appraisals).
RECOMMENDED ACTION
Staff recommends Council approve the attached resolution transferring $363,223 from the General Fund,
and $4 71,346 from the Conservation Trust Fund to the Public Im provement Fund (for the Ballpark Proje ct).
The $113 ,2 55 from the General Fund for the Centennial property wi ll be transferred to the Capital Projects
Fund.
BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED
The City of Englewood and the Col or, o Rockies have worke d together to de velo p this property for
baseball fields .
The funds transferred from the General Fund will reduce the undesignated/unrese rved fund balance by
54 76,478. The transfer from the Conservation Trus t Fund will eliminate funding for projects pre •;iously
planned and also reduce reserves . The sources and uses of funds are as follows:
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Conservation Trust Fund: l)J )1 ' Source of Funds;
Unreserved/Undesignated Fund Balance $200,000
Shorelios Stabilization $95,000 f Tennis1,1asketball Courts Renovations $24,0UO
.,,
Parks Infrastructure Study $75,000
CTF Contingency $75,000
Use of Funds:
Transfers Out to PIF $469,000
General Fund ;
Source of r ,,.,,fs:
Unreserved/Undesignated Fund Balance $476,478
Use of Funds: t l
Transfers Out to PIF $363,22 3
Transfers Out to Capital Projects Fund $113,255
PUBLIC IMPROVEMENT FUND:
Source of Funds:
Transfer in from General Fund $363,223
All Souls Contribution $10,000
Mayne/McCormick Foundation Contribution $55,000
Oralabs Landscape Deposit $2,346
Transfer in from Conservation Trust Fund .lli.2.Q!!Q
Total Sources of Funds $899,569
Use of Funds: Jl ,, f I )
Centennial Park Expansion Project $899,569
CAPITAL PROJECTS FUND:
Source of Funds:
Transfer in from General Fund $113,255
Use of Funds:
Cen te nnial Park Property Acquisition $113,255
No alternatives have been identified that would lea d tc the timely completion of the project
FINANCIAL IMPACT
Th e transfer and appropriation of $476,478 will reduce the e<timated General Fund reserves at year-end to
$6,993,809 or 19.3 percent of estimated total revenues. The Conservation Trust Fund will reduce its
reserves by $200,000 and the appropriations for shoreline stabilization, contingency, tennis/basketball
court ren ov ations, and the infrastructure study will be reduced $269,000 this will leave approximately
$2 8,000 in reserves. Funds from the Oralabs payment for not meeting landscape standards of $2,346 will
be used fo r this project. The Brent Mayne/McCormick Foundation's contribution of $55,000 is being used
for the project as well.
LIST OF ATTACHMENTS
Proposed resolution
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