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HomeMy WebLinkAbout1994 Resolution No. 052RESOL UTION NO. 5'J._ SERIES OF 1994 A RESOLUTION AMEN DING THE 199,, BUDGET OF THE CITY OF ENGLEWOOD, COLORADO . WHEREAS, there is a need to transfer funds from the Public Improvement Fund to the Con servation Trust Fund for the construction •nd/or acquisition of L.,ttery funded projects: and WHEREA , the Co nserntion Trust Fund currently accounts for iu own constn.etion and/or acquisitions ; and WHEREAS , some resid ual lottery funds from completed project., •Lill remain in the Public Improve ment Fund; and WHERJ:;.\S , the remaining fund s should be transferred back to the Conservation Trust Fund, beca u1,e they can only be used for parks and recreation projects that fit the lottery guideli nes : and WHEREAS, the Englewood City Council pa ssed Ordinance 14 , Series of 1994 wh ich app ro,•ed construction improvements to the Fl oy d and Broadway parking lot and a corresponding lease agreeme11t with B & B Conoco wh ich provides for B & B Conoco reimbursing the City for the full costs of the con struction improvements; and 111-!EREAS , the budget for t"e costs of improvements estimated at $35,7 33 .42 needs to be appropriated ; and WH ER EAS , the hudget for the expenditures will be com ~letely offset with revenues from th e B & B Co n oco ; NOW , THEREFOR£. BE IT RESOLVED BY THE CITY COUNCiL OF THE CITY OF E NG LEWOOD , COLOF:ADO , THAT : ~-The City of Englewood 1994 Budget is h ereby amended as foll ows : CONSE RVATION TRUST FUND Source of Fu nds · Transfe r from Public Improvement Fund Balance Recreation Cen te r Offi ce Malley Cen ter Concrete Design • Cushing Park Restroom . Jason/Cen tenn ial Parks Pl ay groun d Equipment Total ~fllwls; $10,470 .70 $ 1,270.00 S 2,145.18 $ 60'l .38 $ 6,370~ _J!2.l!.2 $10,470.70 In crease Co nservati on Trust Fund Un a ppropriated Fund Balan ce $10,470.70 PllBLJC IMPROVEMENT F)JND Souttc of Funds : Payment from Tenant Unappropriated Fund Balance Total Use of Funds : Fl oyd & Br oadway Park ing Lot construction improvements Transfer to Con1ervation Trust Fund T otal $36,000.00 ~ $46,470.70 136,000.00 ~ $46,470.70 ~-Th e City Man ager and the Director of Financial Services are hereby authorized to make th e above chang•• to the t994 Budget of the City of Englewood. ADOPTED AND APPROVED th is 6th day of ,lune, 1994 . ~· ~ti.~ Lourrish ia A. El li s, City Clerk I, Loucri shia A Ellis , City Clerk for.,.tj,e City of Englewood, Colorado, hereby certify the ~"'' ;, , ,ro, ~, """'"'"" N,.§.1.s.o .. ,, •~~~ G.t· Loucrishia A Ellis Date June 6, 1994 INITIAlcDBY STAFF SOURCE COUNCIL GOAL COUNCIL COMMUNICATION Agenda Item 12 d Subject Resolutic:i • Operating Transfer and Appropriations: PIF and Conservation Trust Fund Department of Financial Services Lorraine Hayes, Director of Financial Services NIA ISSUE/ ACTION PROPOSED -Staff requests council approval of the attached resolution amending the 1994 Budget to (1) transfer fund s from the Public Improvement Fund to the Conservation Trust Fund, and (2) appropriate funds for the cost of improvements to the Floyd and Broadway parking lot. PREVIOUS COUNCIL ACTION Ordinanc 14 , Series of 1994 approving the lease agreement with B cit B Conoco passed 'Jn final reading . BACKGROUND and STAFF ANALYSIS (1) In the past, th~ Conservation Trust Fund transferred lottery monies to the Public Improvement Fund to account for the constr>Jction and/or acquisition of Lottery funded projects . The Conservation Trust Fund now accounts for its own construction and/or acquisi tions . Some residual lottery funds from completed projects, however, still remain in the Public Improve ment Fund . These funds should be transferred back to the Conservation Trust Fw;,d , since they can only be us,,d for parks and recreation projects that fit the lottery guidelines . (2) On April 18, 1994, City Council adopted Ordinance 14, Series of 1994 which approved construction improvements to the Floyd cit Broadway parking lot and a corresponding lease greement with B cit B Conoco . Under the terms of the lease, B cit B Conoco will pay the .:ity for the full costs of the construction improvements. A budget for the costs of the improve ments must be appropriated. The costs are estimated at$ 35,733.42, and will be completel y offset with revenues from the tenant . FINANCIAL IMPACT (1) Lottery proa-eds transferred from the Public lmprov.~ment Fund to the Conservation A Trust Fund will total $10,470 .70 . They are comprised of the re idual budgets from the W' following cc,mpleted projects . Recreation Center Office Malley Center Concrete Design -Cushing Park Restroom -Jason/Centennial Parks Pl aygroun d Equipment Total $1 ,270 .00 2,145 .18 602.38 6,370 .22 ---112.92 This will decrease the PIF fund balance by $10,470 .70 and increase the Conservation Trust Fund fund balance by the same amount. ~ (2) The Pu bli c Im prov emen t fund will increase both its ~udget~d revenues and its budgeted exp en ditures by ~36 ,000 . The fund balance, therefore , will not change .