HomeMy WebLinkAbout1994 Resolution No. 070RESOLUTION NO . '1{)
SERIES OF 1994
A RESOLUTION AMENDING THE APPROVED 1994 BUDGET AND APPROPRIATING
MONIES FOR THE CITY OF ENGLEWOOD, COLORADO .
WHEREAS, the City Council of the City of Englewood, Colorado, desires to make certain
changes to the 1994 Annual Budget; and
WHEREAS , Paving District No. 29, of the year 1983 , created addition al costs of
$35,745 .81; and
WHEREAS , Paving District No . 30, of the year 1985, created additional co s of
S 122,883.29; and
WHEREAS, Paving Di s trict No. 31, of th e yenr 1986, created additional costs of
$75 ,229 .09; and
WHEREAS, Paving Di strict No. 32, of the year 1987 , created additional co sts of
S62.092. 78; and
WHEREAS , transferring funds from the Public Im provement and Surplus Fund a s well
as the Deficien cy Fund and a ppropriating them in Paving District Funds 29, 30, 31 and 3~
fo r th e payment of bon d princi;,al and interest is in the best interest of the citizens of
Englewood; and
WHEREAS, these Paving Districts revenue streams were not adequate to make full and
timely bo nd call s and, in order to save the City further interest charges, the bonds are being
ca lled at this time per the Engl ewood Hom e Rule Charter req uirements;
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE Cl OF
ENGLEWOOD, COLO RADO , THAT :
5.el-iil2n.J.. Th e City of Englewood 1994 Budget is hereby amended as follo,.·s:
GENERAL F\lNP
Source of Funds ·
Public Improvement Fund Balanc e
Surplus and Deficiency Fund llalance
Use of Funds ·
Paving Di strict No. 29 , Bonds
Paving District No. 30, Bo nds
Paving District No. 31, Bond s
Paving Di str ict No . 32 , Bond s
Tota l
$24 5 ,950.97
$ 50,000.00
$35,745.81
$122,883.29
$75,229.09
li2.ll9.Ua
$295,950.97
ADOPTED AND APPROVED this 18th day of July, 1994 .
~:tr ~& ---'-::c-"'tl:A=-"'--_
~llis, City Clerk
I, Lo ucriahia A Ellis, City Cl erk fo!Jii!e City of Englewood , Colorado, hereby certi'Y th e
a bove is a true co py of ReS<>lutio n No.:.JQ Series of 19~ [ft.
Loucrishia A Elli s
Date
July 18, 1994
INI11ATfil> BY
STAFF SOURCE
COUNaLGOAL
COUNaL COMMUNICATION
12 e
Subject Operatmil Transfer and
Approprl ~ons : Public
Improver.1~t, Surplus
&I'd Deficiency Fund, and
Deh: Service Funds
Department of Finarc b1 Services
Frank G:-}'glewicz, Acting Director of Financial Services
NIA
-ISSUE/ ACTION PROPOSED
Sta.ff seeks Council support for a n,solution transferring funds from the Public Improvement
and Surplus and Deficiency Funds and appropriating them in Paving District Funds 29, 30,
31 , and 32 for the payment of bond principal and interest.
PREVIOUS COUNCil. ACTION
April 17, 1993
June 7, 1993
June 7, 19!13
Augi·.st 9, i993
September 15, 1993
September 20, 1993
October 1 & 2, 1993
November 1, 1993
BACKGROUND
City Council Budget Planning Workshop
City Council Revenue Study Session
City Council's Public Forum on 1994 Budget
Acting City Manager's Outline of Proposed Budget transmitted to
City Council .
Acting City Manager's Proposed Budget transmitted to City Council
Public Hearing on Proposed Budget
City Council Workshop on Proposed Budget
City Council adopted the 1994 Annual Bu..iget on final reading
Normally, special assessment revenues match bond principal and interest requirements .
• Due to timing and communication problems, these district's revenue streams were not
W, adequate to make full and timely bond calls . In order to save the City further interest
chargi~, the bonds are being called at this time . The City Charter addresses these issues in
Article X, Part I, Section 96, Article X, Part ill, Sections 108 and 109.
STAFF ANALYSIS
Staff recommends approval of this resolution .
PROS AND CONS OF 017ITONS REVIEWED
Pros: Bond s will be called per Charter requirements and interest expenditures saved .
Cons: Funds for projects are reduced .
FINANCIAL IMPACT
Funds transferred from th e Publi c Improvement Fund and Surplus and Deficiency Fund are
$245 ,950 .97 and $50,000 .00 re~pectively for a tota l o f $295,950 .97 . The funds are to be
appropriated as follow s:
Paving District 29
Pavin g District 30
Pa ving Di strict 31
Pa vin g Di strict 32
Total
535,745.8 1
$122,883.29
$75 ,229 .09
5£2,02228
5295,95097