The URL can be used to link to this page

Home My WebLink About1994 Resolution No. 071RESOLUTION NO . 'J/_ SERIES OF 1994 A RESOLUTION AMENDING THE APPROVED 1994 BUDGET AND APPROPRIATING MONIES FOR THE CITY OF &'JGLEWOOD, COLORADO . WHERE.AS, the City Council of the City of Englewood, Colorado, desires to make certain changes to the 1994 Annual Budget; and WHEREAS , the passage of this re!!O l\\tir n by the englo wood C:ity r,0uncil will app topriate the unappropriated fund balance in the Public ,mprovemli!nt Fund a.,d retained e.aratngs in the Go l.Tnnrse and Sewer F\,r11 .,:,~ WHERE.AS , bon i proceeds, inte ••I'-.•· • i-.:aes (SJt-.ings), issuance costs, returned to fund balance/retained earnings, and paym ·r.<. to th, escrow agent will be ~ppropriated as required by good budgeting pracucei; and WHERE.AS, during the year 199-l the City of Englewood comple,..d three bond sales and one bond call ; and WHEREAS, related proceeds, interest expenses (savings), issuance costs, prin pal payments, returns to fund balance/retained earnings, and payments to the escrow agent were not anticipated or budgeted when the 1994 Budget was adopted: NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF E. 'GLEWOOD , COLORADO, THAT : ~-The City of Englewood 1994 Budget is hereby amended u follows : DEBT SERVICE FJINP rJ9 94A REEJ!NDJNG BONDSJ : Soun;e of Fund,· Bond Proceeds Interest Expense (Savings) Use of Funds : Issue Costs Payment to Escrow Agent Return to Fund Balance WATER FtrND {1994B REFUNDING BONDS ): 5il=ui.C..Eww: Bond Proi:eeds Interest Expense (Savings ) Use of Funds : lssu " Costs Payment to Esc· ,·' Agent Return to Fund I \f ce $3,340,000 $ 232,000 $ 9-1,8()'2 $3,396,238 $ 80,960 $1 ,475,000 $ 71,989 $ 17,781 $1,468,208 $ 61,000 !:Kr . CQt!BSE 09ft◄ BEYENJ/E QONQ5 1· Smlm~: Bo, t1 l't oce eds .IL:i~: Issue Costs In te rest Expense Addit i.,,. to Retained Earnings 19.lb 'iliE TAx QONQS · Sr=.~: Golf Courae Retain ed Earnings Sewe r Fu nd Retained Earning, PIF Fi •rd Balance U•e of flmd1 : Golf Cou rse Bond Principa l Sewer Fund Bond Principal PIF Bond Principal $4 ,045,000 $ L'l6,026 $ 160,301 $3,748,673 $ 64,255 S 257,139 $ 38,621 $ 64,255 S 257,139 $ 38,621 5fd.iim..2 . The City Man ager and the Dirert<>r of Financial Services are hereby authorize d to make th e above change to th e 1994 Budget of the City of Englewood . AD OPl'ED AND APPROVED thi s 18th day of July, 1994 . I, Lou crishia A. Ellis , City Clerk "1,r the City of Engle ood , Colorado, hereby certify th e abo ,·e is a true copy of Resolution No ,~. Series ~ // _ /1 . I ~w-/4-.L{,(, ' Loucri shia A. Ell is 2 D;ate July 18, 1994 INITIATED BY STAFF SOURCE COUNClL GOAL CCXJNClL COMMUNICATIQll Agenda Item 12 f Subject Appropriation of Various Bond Pro.;eeds and Calls Department of Financial Services Frank G~yglewicz, Acting Director vl Financial Services N /A ISISUFJ ACTION PROPOSED -Staff seeks Council support for a resolution appropriail.Ttg the unappopriated fund balance in the Public Improvement Fund and retained earnings in the Golf Cowse and Sewer Funds. Also , bond proceeds, interest expenses (savings), issuance costs, returns to fund balance/retained earnings, a.'ld payments to the refunded escrow agent will be appropriated as required by good budgeting practices. PREVlOUS COUNOL ACilON April 17, 1993 June 7, 1993 June 7, 199:J August 9, 1993 September 15, 1993 September 20, 1993 October 1 & 2, 1993 November 1, 1993 April 1&, 1994 May 16, 1994 -June 6, 1994 July 5, 1994 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 Cit! ..:\'.'\11\Cil Workshop on Proposed Budget City Council 1,dopted the 1994 Annual Budget on final reading City Council approved Resolution 45 Series of 1994 approving supplemental expendil:ures City Council approved Resolution 49 Series of 1994 approving supplemental expenditures City Council approved Resolution 52 Series of 1994 approving supplemental expenditures City Council approved motion changes in contracts with COOT crncerninr, "matching fund " requuements BACKGROUND During 1994 the City completed three bond sales and one bond call . The related proceeds, interest ex penses (savings), iss uance costs, principal payments, returns to fund balance/retained earnings, and payments to the refunded es<.Tow agent were not anticipate d or budgeted when th e 1994 Budget was adopted . The following funds were impacted: DEBT SERVICE FUND (19'J4A REFUNDING BONDS): SOURCE& Bond Proceed s Interest Expense (Sa ving~) USES: Issue Costs Payment To Escrow Agent Return To Fund Balance WATER FUND (1994B REFUNDING BONDS): SOURCE& Bond Proceeds lnteres• Expense (:,avings) USES: Issu e Costs Payment To Escrow Agen t Re turn To Fund Balan ce GOLF COURSE (1994 REVENUE BONDS): SOURCE& Bond Proceed s USE& Issue Costs Interest Expense Addition To Reta ined Earnings 1986 USE TAX BOND& SOURCE& Golf Course Retai ned Earnings Sewe r Fund Retained Earnings PCF Fund Balance USES: Golf Course Bond Principa l Sewer fond Bond Principal PIF Bond Principal $3,340 ,000 $232,000 $94,802 $3,396,238 $80,960 $1,475,000 $71,989 $17,781 51 ,468,208 $61,000 $4 ,045,000 $136,026 $160 ,301 $3,748 ,673 $64,255 $257 ,139 $38 ,621 $64 ,255 $257,139 $38 ,621 STAFF ANALYSIS Staff recommends approval of this resolution . PROS AND CONS t 'f DmONS REVIEWED Pros: All th e C ity 's bond proceeds, interest expenses (savings), issuance costs, returns to fund balance, and payments to the refunded escrow agent will be appropriated as required by good budgeting practices . Cons: None . FINANOAL Il',,1PA(.-; None .