HomeMy WebLinkAbout2015 Resolution No. 058RESOLUTION NO. 5'f'
SERIES OF 2015
A RESOLUTION FOR A SUPPLEMENT AL APPROPRIATION OF FUNDS FOR
ENGLEWOOD'S COMMERCIAL CATALYST GRANT PROGRAM.
WHEREAS, the City of Englewood is required by City Charter to ensure that expenditures do
not exceed legally adopted appropriations; and
WHEREAS, in 2014 City Council authorized program changes, which allow funds to be used
for permanent interior improvements and the maximum grant amount was increased. These
changes coupled with an active real estate market have resulted in strong demand for the program
funds; and
WHEREAS, the Commercial Catalyst Program receives an annual budget allocation of
$100,000 per year, as of June 1, 2015 the program has committed 90% of its funding allocation
and has 2 grant applications pending approval that would take the program over budget; and
WHEREAS, funding is available from the remaining Englewood Small Business Development
Corporation (ESBDC) funds, which were transferred to the City after the ESBDC dissolved; and
WHEREAS, the 2015 Budget was submitted and approved by the Englewood City Council on
November 3, 2014; and
WHEREAS, the passage of this resolution transfers and appropriates $50,000 to support
Englewood's Commercial Catalyst Grant Program; and
WHEREAS, transfers funds to this project originated from the ESBDC funds.
NOW, THEREFORE, BE IT RESOLVED BY TIIE CITY COUNCIL OF THE 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:
DONORS FUND:
SOURCE OF FUNDS:
Unassigned Fund Balance $50,000
USE OF FUNDS:
Transfer Out to General Fund $50,000
GENERAL FUND:
SOURCE OF FUNDS:
Transfer In from Donor's Fund $50,000
USE OF FUNDS:
Community Development Department -Economic Incentives $50,000
Section 2. The City Manager and the City Treasurer are hereby authorized to make the above
changes to the 2015 Budget for the City of Englewood.
ADOPTED AND APPROVED this 15th day of June, 2015.
Linda Olson, Mayor Pro Tem
I, Loucrishia A. Ellis, City Clerk for:S"r~ty of Englewood, Colorado, hereby certify the
above is a true copy of Resolution No. Series of 201 .
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COUNCIL COMMUNICATION
Date: Agenda Item: Subject:
June 15, 2015 11 Ci Resolution for a Supplemental Appropriation of
Funds for Englewood's Commercial Catalyst Grant
Program
Initiated By: Staff Source:
Finance and Administrative Services Department/ Eric Keck, City Manager and Acting
Community Development Department Finance Director
COUNCIL GOAL AND PREVIOUS COUNCIL ACTION
The City of Englewood's Mission is to promote and ensure a high quality of life, economic vitality, and a
uniquely desirable community identity.
Staff discussed the supplemental funding appropriation request for Englewood's Commercial Catalyst Grant
Program with Council at the June 1, 2015 Study Session and Council recommended staff take the necessary
actions to move this effort forward.
RECOMMENDED ACTION
Staff recommends City Council approve a resolution authorizing a transfer and appropriation of $50,000 to
support Englewood's Commercial Catalyst Grant Program. The funds for this project originated from the
unassigned fund balance.
SOURCES AND USES OF FUNDS:
DONORS FUND:
SOURCE OF FUNDS:
Unassigned Fund Balance
USE OF FUNDS:
Transfer Out to General Fund
GENERAL FUNDi
SOURCE OF FUNDS:
Transfer In from Donor's Fund
USE OF FUNDS:
Community Development Department -Economic Incentives
Account Number -02-0801-57301
$50,000
$50,000
$50,000
$50,000
BACKGROUND, ANALYSIS, AND ALTERNATIVES IDENTIFIED
Last year Council authorized program changes, which allow funds to be used for permanent interior
improvements and the maximum grant amount was increased. These changes coupled with an active real
estate market have resulted in strong demand for the program funds. The Commercial Catalyst Program
receives an annual budget allocation of $100,000 per year. As of June 1, the program has committed 90%
of its funding allocation and has 2 grant applications pending approval that would take the program over
budget.
Given the trajectory of the program it is very likely that the program has the capacity to spend over
$100,000 on eligible projects.
FINANCIAL IMPACT
Provide $50,000 in a supplemental appropriation to Englewood's Commercial Catalyst Grant Program; this
will reduce the Donor's Fund reserves by $50,000. Any unused funds remaining in the Commercial
Catalyst Program account at the end of the year will revert to the City's General Fund.
LIST OF ATTACHMENTS
Proposed Resolution
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