HomeMy WebLinkAbout1992 Resolution No. 074RESOLUTION NO . 'J/_
SERIES OF 19!/2
A RESOLU1'l0N AMENDING THE APPROVED 1992 BUDGET AND
APPROPRIA',ING MONIES FOR THE CITY OF ENGLEWO OD.
WHEREAS, Concrete Replacement District No . 1992 was created by the
passage of Ordinance No . 21 , Series of 1992 ; and
WHEREAS, the Englewood City Council of the City of Englewood,
Colorado , desires to make certain changes to the 1992 Annual Budget by
appropriating $107 ,600 for the Concrete Replacement District No . 1992,
which will r epay the General Fund with interest through assessments
collected over ten years; and
WHEREAS, the Euglewolld City Council adopted Resolution No . 61,
Series of 1992, requiring the City to fund the administrative cos ta of Paving
District no . 34/Concrete Re placement District 1991 and Concrete
Replacement District No. 1992; and
WHEREAS , the Englewood City Council of the City of Englewood ,
Colorado, desires to make certain changes to the 1992 Annual Budget by
appropriating $61,000 for the administrative costs for Concrete District 1992
; and
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CJTY OF ENGLEWOOD , COLORADO, THAT:
Swiml. The City ofEnglewood 1992 Budget is hereby amended as
follow s:
GENERAL FUND
Source of Funds:
General Fund Balan ce $107,600
Use of Funds
Loan to Special Assessment Con struction Fund $107,600
:Ll.L
~urc e of Funds·
P .l.F. Fund Bal an ce $61 ,000
Use of Funds:
1992 Co n crete Replace m ent Proj ec t $61,000
ADOPTED AND APPROVED this 6th day of July, 1992.
ATI'EST:
~m.i,Alll},Aef
Patricia H . Crow, City Clerk
I, Patricia H. Crow, City Clerk for the C:ty ofEnglewJ,wf, Colorado,
hereby certify the above is a true copy of Resolution No.:.q.., Series of 1992.
~#.fk/
' I'°';..i cia H. Crow
e
Date
July 6, 1992
INlnAffDBY
STAFF SOURCE
COUNCD. COMMUNICAnON
Agendalten
11 d
Subject Supplemental
Appropr1atlons •
Concrete Repllacement
Department of Public Works
Charles Esterly, Dtrec~or of Public Works
ISSUE/ AC'nON PROPOSED
Staff recommends that City Council approve the attached resolution amending the
1992 Annual Budget and appropriating funds from the Public Improvement Fund
-and General Fund fund balances.
PREVIOUS COUNCD. AC'nON -
November 18, 1991:
February 18, 1992:
Aprtl 20, 1992:
STAFF ANALYSIS
Council adopted 1992 Annual Budget on ftnal reading.
Council amended 1992 Annual Budget by rt'SOlutlon.
Council amended 1992 Annual Budget by resolu'1on.
On May 18, 1£92, Council adopted Resolution No . 61, Serles of 1992, reqUirlng the
<:tty to fund the adm.tn1strat!ve costs of Pavtng Dtstrlct No. 34/Concrete Replacement
Ulstrlct 1991 and Concrete Replacement District No . 1992. Due to changes In the
final scop~ of the 1991 dtstrlct, no additional appropriation of City funds Is
necessary to absorb those adm.tn1strat!ve costs. The adm.tn1stratlvc costs for
Concrete District 1982 are estimated at $61,000. This amount must be appropriated
from the P .I.F. fund balance .
The property owners' portion of Concrete Replacement District 1992 has diminished
In size substantially through the permit process . Many residents chose to have the
work done on their own rather than be Included In the dtstrlct. Therefore, It Is no
longer sensible fur the City to Issue bonds to finance their portion, wWch now totals
&only $107,600 . Instead, staff proposes that the General Fund finance this amount
.through a loan to the Special Assessment Constructions Fund. That fund will repay
th,. Gen eral Fund with Interest through assessments collected over ten years .
Fll'fAlll CIAL
The coi · to the P.I.F. fund will be 861 ,000. The cost to the General Fund will be
8107,600, to be repaid over ten years .
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