HomeMy WebLinkAbout1998 Resolution No. 049•
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USOLtmOM NO. ~ I
SDIESOFJ.111111
ARBSOLUTION FOR THE TBANSFEll or PU!\) ~ l"llOH THE PROJF-Cl' BUn.D I
FUND, TO THE GENERAL FUND .
\\"HEREAS,. lli>e City Council of the City al Englewood, Colorado, approved Ordinances
No. 84, No. 85 ..cl No. 86, Serial of 1997 whi<h set the mill levy, approved th<, 1998 Budget
and the 1998, "ll!,l'llllliaona on October of 23, 1997; and
WHEREAS, me pusage of this resolution will support economic development by moving
funds from the Project Bw..id Fund to ti'le General Fund for economic enhancemente within
the City;
NOW, THEREFORE , BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
ENGLEWOOD . C OLORADO , THAT :
Sm:r.iaD...1-The of Englewood 1998 Budget is hereby amended as follows :
PROJECI' BU1U) FUND:
Source gjf Funds:
Contrib=ed Capital
.lllluf~
Transfer Out
GENERAL FUND:
Source 9i Fund;·
Tran.cer In
Uses nffwds ·
Fund B ce
(Er,>endm:ires to be appropriated by future
suppleoental a ppropriations for b11S1Dess
incenti-re programs to be determined by the
Departceut of Neighborhood and BU8ines s
Development)
$320,000
$320,000
$320,000
$320,000
~-The C ity Yanager and the Director of Financial Services are hereby
authorized to ID8ll the above changes to the 1998 Budget nf the City of Englewood .
ADOPl"ED A,'fD APPROVED this 2nd of March , 1998 .
ATT E ST : Thomas J. Burns, Mayo r
Loucrishla A. Elli£. City Clerk
,
I, Loucriahia A. Ellis, City Clerk for the City aC Engl--. Colorado, hereby certify the
above is a true copy of r.esolution No.~ Seriee of 1998.
Laacriahia A Ellis
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Date
March 2. 1998
Initiated By
COUNCIL COMIIUNICA110N
IF
Agendaltam
11 ci
Staff Soun:e
Subjed
Transfer funds from the Project
Build Fund to the General Fund
Department of Financial Services Frank Gryglewicz , Director
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
The Council approved Ordinances 84, 85, and 86 , Series of 1997 settlng the mill levy, approving the
1998 Budget, and 1998 Appropriations on final reading October 23, 1997. This action supports
economic development by moving funds from the Project Build Fund to the General for econom :c
enhancements .
A me,: rar.dum was sent to City Council on October 15, 1997 regarding the background of this action .
RECOMMENDED ACTION
Staff ,ecommends the City Council approve the attached resolution transferring funds from U1e Project
Build Fund to U1e General Fund .
The sources and uses of f~nds are:
PROJECT BUILD :
Sou rce of Funds:
Contributed Cap ital
Use of Funds:
Transfers Out
GENERAL FUND:
Sou,·c!: of Funds :
Transfer In
Use of Funds:
1-un d Balance
$320,000
$320,000
$320,000
$32 0,000
(Expend itures to be appropriated by future supplemental appropriations)
The City of Englewood is required by City Charter to transfer un~ncumbered funds from one
department, ottice . or age11cy to another by City Council action . The C ty Council must separately
appropriate the spending ~f ti 1ese funds. The attached resolution ensures compliance with the City
Charter .
BACKGAOUNO, ANALYSIS, NfD M.'IWIIIATIVU loemFIID
This is In reaponN to a comment CGnlll Member Habenicht made at the September 15, 1997 Budget
Re_!r8at regarding the PrQ!ect Buld Fund. Shi! had mentioned that Council had designated a portion of
the funds transferred to Project Bulil liu,,d Ill' economic enhancement programs. Susan Clari<
researched what amount. If any, ol .,. P roject Build funds Ware detilgnateJ for economic
llllhancements. It appean1, from the .June 6. 1994 Coon< :utes, that $320,000 was designated for
t'COllOITlic enhancemenll. Furthar ~ cancluded lhlll, ,o funds have been used for economic
enhancements as designated by Courd.
The 1996 Budget includes various 1xa1-enhancement programs administered l -t-lelghborhoc<I
and Business Development slllff. Stan would like to proceed with actions to transfer $320,000 from
Project Build to the General Fund to help cover the cost of the econotnlc enhancement programs .
City and Englewood Housing AUlhorily staff met on November 3, 1997 to discuss this action .
No alternatives were identified.
FINANCIAL IMPACT
The transfer will reduce the Project Build Fund's Contributed Capital by $320 ,000 and increase the
fund balance of the G&neral Fund by $320,000.
UST OF ATTACHMENTS
Prooosed re solution
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