HomeMy WebLinkAbout1990 Resolution No. 033RESOLUTION NO . .:iJ,;J
Series of 1990
A RESOLUTION AMENDING THE GENERAL FUND 1989 BUDGET .
WHEREAS, the City Council of the City of Englewood, Colorado, desires
to make certain changes to the 1989 Budget;
WHEREAS, that portion of the 1989 m111 levy dedicated ta payment of
debt service was less than anticipated due to adjustments and rebates granted
to taxpayers; and
WHEREAS, those revenues were insuff1cient to cover 1989 debt service
payments; and
WHEREA S, Colorado budget law requires a balanced municipal budget in
each fund;
NOW, THEREFORE, BE IT RESOLVED, by the City Council of the City of
Englewood, Colorado, as follows:
Section I. The following transfer of funds is hereby made from the
General Fiiiiil"'totlie Debt Service Fund:
Source of Funds
General Fund Fund Balance
Ap~lication of Funds
De t Service Fund
$ 25,000
$ 25,000
Section 2. The City Manager and Director of Finance are herh•
authorizeiitoiiiilie the above changes to the 1989 Budget of the City of
Englewood .
ADOPTED AND APPROVED this 19th day of March, 1990 .
ATTEST :
~v&iL#~r
City Clerk
I, Patricia H. Crow , City Clerk of the City of Englewood, Colorado,
do hereby certify that the above l(lcl, foregoing 1s a true, accurate and
complete copy of Re solution No. ~. Series of 1990.
DATE
March 19 , 1990
COUNCIL COMMUNICATION
AGENDA ITEM
12 (b)
SUBJECT 1989 Budget Adjustment
Debt Service Fund
INITIATED BY Finance Department -Margaret Freeman, Director
ITAFF SOURCE Margaret Freeman
lSSUE/ACTION PROPOSED
Approve a motion to adopt a resolution amending the 1989 budget of General Fund and
Debt Service Fund .
PREVIOUS COUNCIL ACTION
The 1989 budget has been previously amended by Resolution No . 9, Serles 1989 and
Resolution No. 93, Serles 1988. There have been no previous amendments to the 1989
budget of the Debt Service Fund.
STAFF ANALYSIS
The Debt Service Fund Is used to account for tt,e revenues and the payment of
long -term debt principal and Interest, specifically the Recreation Center general
obligation bonds. The total debt payment requirement for 1989 was $539,922. The
total 1989 revenue budget was $544,556 which Included property tax of $538 ,556.
Attached Is the 1989 budget sunrnary for the fund . The 1989 mill levy for debt
service was 1.802 . Actual 1989 property tax collections were $29,000 unoer budget,
a result of property tax abatements and refunds. After the Decer:iber, 19ll9 debt
service payment, the fund had a cash deficit of $18 ,200. In order to ~omply with
State statute requirements of a legal budget, the budget adjustment of $25,000 Is
required to meet the actual 1989 expenditures.
FINANCIAL
The recommended budget adjustment Is a transfer from the General Fund . The Impact
to the General Fund Is as follows :
LESS
LESS
Unaudited 1-1 -90 Fund Balance
Transfer to EURA/Resolution 4, Serles 1990
Proposed Transfer to Debt Service
Ending Fund Balance
$3,079,000
338,000
25,000
$2,716,000
The General Fund would retain a fund balance that would be 14.4" of the total 1990
expenditure budget ($18,834,095).