HomeMy WebLinkAbout1993 Resolution No. 035RESOL1Jl'ION NO . ._½
SERIES OF 1993
A RESOLlJl10N APPROPRIATING FUNDS FROM niE CnY OF ENGLEWOOD GENERAL
FUND. FOR PAYMENT OF TiiE INSTALLATION AND CONSTRUCTION OF
IMPROVEMENTS WITHIN SPECIAL IMPROVEMENT DISTRICT NO . 37.
WHEREAS. the City Council will by Ordinance cn,ate a Spcctal Improvement Di strict
XO . 37 and will order the eonstrucUon and tnstallaUon of certain Improvements
within that District, and:
WHEREAS, the total cost for said Improvements ts estimated at $357,000: and
WHEREAS, $ I 28.000 maybe assessable to adjacent properues and the remainder of
S229.000 maybe paid for by the City: and
WHEREAS. the property within the Special Improvement District shall be assessed
for prope rty owners costs of those Improvements: and
WHEREAS . It Is necessary to allocate funds to pay for said assessable Improvements
subject to re•,nbursement by assessment of the property within the District:
XOW, 11-IEREFORE, BE IT RESOLVED BY 11-iE CTIY COUNCIL OF 11-iE CTIY OF
EXGLEWOOD, COLORADO . AS FOLLOWS :
~-The total estimated cost of the Improvements within Special Improvement
Distric t No. 37, shall be appropriated fro m the City's General Fund and shall be placed
Imo a fund designated "Spectal Improvement Dtstrtct No . 37."
~-The property specially benefitted within the Special Improvement District
shall be assessed for the lmpro\•ements accordLng to an assessment ordlnance . upon
completion of part or all of the Improvements within the Dlstrtct. or whenever, the
total cost can be re liably ascertained .
~ The followtng change In appropnauon ts hereby made to the 1993 Bu dgets
of the foll0\,1ng funds of the City of Englewood:
Scurcc of Funds
Fund Balance
Use of Fund~~
Transfer to Pa,1ng District No . 37
Construe' ton Fund
PAVIN G DISTRICT NO 37 CQNSIBUCTION FUND ·
Source ofFun<is:
Transfer from General Fund
Special Improvement District No . 3 7
$357.000
$357.000
$357,000
$357,000
March 15 . 1993
NTIATED BY
STAFF~
CO<l'KlL CX>M¥il'IICATION
Agenda ltmt
12 e
Subject Supplemental Budget
Appropriations
Department of Financial Servi ce s
Lorraine Hayes , Director of Financial Servi ces
ISS(EJACTION PROPOSED
Staff re commends that City Counci l approve the attached resolution amending the 1993 Annual
Budget if fo rmation of Speci al Improve ment District No. 37 is approved (Item 12 d).
PREVIOUS COCNClL ACTION
Nove mber I 6, I 992:
STAFF ANALYSIS
Counci l adopted the 1993 Annual Budget and Appropriations
o rdinan ces on final read ing.
When the 1993 proposed budget was dev eloped during the summer of I 992. the expenses fo r
Special Improve ment Di stri ct No . 37 were not antic ipated fo r, 1993 . It is necessary to make the
budget amendments shown o n the attac hed res olution in order to proc eed with the district.
FlNANOAI..
These ame ndments will reduce the general fund balance by $357 ,000. Only $128 ,000 is
anticipated to be assessed to the adjac ent properti es and repaid to the General Fund . The
repayment .-111 be spread over the asses sment period. which is ten years .
\
Th~ City Manager and the Director of Financial Services arc hereby a 1l honzcd lo
make lhc above changes to lhc 1993 Budget of the Clly of Englewood .
ADOPTI:D AND APPROVED !his 15th day of March, 1993.
ZZJ' 'ya,uq)(/~
Patri cia H. CrolV, City Cl erk
().,b f '£'.~-.'.. 1 Clyde E. W ~ayor
I. Pa 1r1c 1a H. Cr ow, Clly Clerk for Ujj,J:)ly of Englewood , Colorado. hereby certify 1h e
abo\'C 1s a true copy of R=lutlon No . ____;;/;;,_. Se ri es of J 9~L . . • },
2
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Pall'1cia H . Crow