HomeMy WebLinkAbout2015 Resolution No. 043•
RESOLUTION NO.~
SERIES OF 2015
A RESOLUTION TRANSFERR1NG FUNDS FROM THE GENERAL FUND TO TIIE
PUBLIC IMPROVEMENT FUND FOR THE DARTMOUTII BRIDGE PROJECT AND THE
RECREATION CENTER HV AC.
WHEREAS, the City of Englewood is required by City Charter to ensure that expenditures do
not exceed legally adopted appropriations; and
WHEREAS, the 2015 Budget was submitted and approved by the Englewood City Council on
November 3, 2014; and
WHEREAS, the Englewood City Council at the February 2, 2015 Study Session discussed the
need to repair/replace the Dartmouth Bridge and the Recreation Center's roof and HV AC
systems; and
WHEREAS, the Englewood City Council directed staff to transfer $1,826,00 from the
General Fund to the Public Improvement Fund; and
WHEREAS, transfer of Appropriations requires Council Resolution per City Charter §92; and
WHEREAS, $326,000 would be used to repair/replace the Recreation Center HV AC System
in2015; and
WHEREAS, $1 ,500,000 would be used to repair/replace the Dartmouth Bridge; and
WHEREAS, although Dartmouth Bridge project repair/replace most likely will not start until
2016, it is a critical project that requires current funding to obtain Grant Funds.
NOW, THEREFORE, BE IT RESOLVED BY TIIE CITY COUNCll, OF TifE CITY OF
ENGLEWOOD, COLORADO, AS FOLLOWS:
Section 1. The Budget for the General Fund of the City of Englewood, Colorado, is hereby
amended for the year 2015, as follows:
GENERAL FUND :
SOURCE OF FUNDS:
Unassigned Fund Balance $1,826,000
USE OF FUNDS:
Transfer Out to the Public Improvement Fund $1,826,000
PUBLIC IMPROVEMENT FUND:
SOURCE OF FUNDS
Transfer In from the General Fund $1,826,000
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USE OF FUNDS
Recreation Center HV AC Repair/Replacement
Dartmouth Bridge Repair/Replacement
Total Uses of Funds
$326,000
$1,500,000
$1,826,000
Section 2. The City Manager and the Director of Finance and Administrative Services are
hereby authorized to make the above changes to the 2015 Budget for the City of Englewood.
ADOPTED AND APPROVED this 2nd day of March, 2015.
AITEST:
I, Loucrishia A Ellis, City Clerk for ~J;~ty of Englewood, Colorado, hereby certify the
above is a true copy of Resolution No. S Series of2015 ·
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COUNCIL COMMUNICATION
Date: Agenda Item: Subject:
March 2, 2015 11 C ii Resolution for a transfer of funds from the General
Fund to the Public Improvement Fund for the
Dartmouth Bridge Project ($1.5 million) and the
Recreation Center HVAC ($326,000}
Initiated By: Staff Source:
Finance and Administrative Services Department Frank Gryglewicz, Director
COUNCIL GOAL ANO PREVIOUS CQUNCIL ACTION
City Council discussed the need to repair/replace the Dartmouth Bridge and the replacement of the
Recreartion Center's roof and HVAC systems at the February 2, 2015 Study Session. Council requested
staff prepare a resolution to move funds from the General Fund to the Public Improvement Fund (PIF) to
fund these projects.
RECOMMENDED ACTION
Staff recommends City Council approve the attached transfer from the General Fund to the Public
-Improvement Fund for the Dartmouth Bridge and the Recreation Center HVAC as follows:
. SOURCES AND USES OF FUNDS:
GENERAL FUND:
SOURCE OF FUNDS:
Unassigned Fund Balance
USE OF FUNDS:
Transfer Out lo the Public Improvement Fund
PUBLIC IMPROVEMENT FUND:
SOURCE OF FUNDS:
Transfer In from the General Fund
USE OF FUNDS:
Recreation Center HVAC Repair/Replacement
Dartmount Bridge Repair/Replacement
Total Uses of Funds
$1,826,000
$1,826,000
$1,826,000
$326,000
$1.500.000
$1,826,000
BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED
Council discussed and determined the Dartmouth Bridge and Recreation Center HVAC projects are critical
and need to be funded. The Recreation Center HVAC project will be started and complted prior to the
summer of 2015. The Dartmouth Bridge Project most likely will not be started until 2016 but is a critical
project that requires current funding to obtain grant funds.
FINANCIAL IMPACT
The Unassigned Fund Balance in the General Fund will be reduced $1,826,000 but due to better than
expected financial results in 2013 and 2014 the General Fund has enough reserves to fund these critical
investments.
UST OF ATTACHMENTS
Proposed Resolution
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