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HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 04/19/2022 - SECOND READING OF ORDINANCE NO. 036, 2022, APPROPR Agenda Item 3 Item # 3 Page 1 AGENDA ITEM SUMMARY April 19, 2022 Finance Administration STAFF Nina Bodenhamer, City Give Director Ted Hewitt, Legal SUBJECT Second Reading of Ordinance No. 036, 2022, Appropriating Philanthropic Revenue Received Through City Give for the Fort Collins Senior Center. EXECUTIVE SUMMARY This Ordinance, unanimously adopted on First Reading on April 5, 2022, appropriates $50,672 in philanthropic revenue received through City Give for the Senior Center, Recreation. The charitable re venue is a distribution from an endowed fund held by the Community Foundation of Northern Colorado for the sole benefit of the Senior Center, City of Fort Collins. The current value of the endowment is $718,970. The fund’s earnings are distributed at the City’s request per the terms of the fund’s governance. STAFF RECOMMENDATION Staff recommends adoption of the Ordinance on Second Reading. ATTACHMENTS 1. First Reading Agenda Item Summary, April 5, 2022 (w/o attachments) (PDF) 2. Ordinance No. 036, 2022 (PDF) Agenda Item 7 Item # 7 Page 1 AGENDA ITEM SUMMARY April 5, 2022 Finance Administration STAFF Nina Bodenhamer, City Give Director Ted Hewitt, Legal SUBJECT First Reading of Ordinance No. 036, 2022, Appropriating Philanthropic Revenue Received Through City Give for the Fort Collins Senior Center. EXECUTIVE SUMMARY The purpose of this item is to appropriate $50,672 in philanthropic revenue received through City Give for the Senior Center, Recreation. The charitable revenue is a distribution from an endowed fund held by the Community Foundation of Northern Colorado for the sole benefit of the Senior Center, City of Fort Collins. The current value of the endowment is $718,970. The fund’s earnings are distributed at the City’s request per the terms of the fund’s governance. STAFF RECOMMENDATION Staff recommends adoption of the Ordinance on First Reading. BACKGROUND / DISCUSSION The Designated Fund was established in 1989 by passionate residents to provide ongoing, lasting support for the Senior Center, City of Fort Collins. The endowment is held, managed, and invested by the Community Foundation of Northern Colorado. Per typical endowment structure, the principal remains intact while investment income is available for disbursements. The current value of the designated endowment is $718,970. The fund’s earnings are distributed at the City’s request per the terms of the fund’s governance. The Senior Center will use the $50,672 in philanthropic revenue to purchase portable folding tables and wheeled table carts in order to host community events. The Senior Center is the largest source of rental revenue within the City’s Recreation facilities. The replacement purchase of portable, lightweight event tables is an investment in this valuable revenue stream and will help maintain the safety and stamina of staff who set up and tear down events. Community organizations that rent space at the Senior Center, monthly or even weekly, include Kiwanis Club, Vita Tax, Volunteers of America, the Audubon Society, Poudre Education Association, Alcoholics Anonymous, and Temple Of Hadash. In addition to regularly scheduled rentals, spaces within the Senior Center are also rented for baby showers, birthday parties, weddings, Homeowner Association (HOA) meetings, and large dinners/fundraisers for organizations such as the Fort Collins Softball Club and the Boy Scouts. CITY FINANCIAL IMPACTS This Ordinance will appropriate $50,672 of unanticipated philanthropic revenue for the Senior Center, Recreation Fund. The funds have been received and accepted per City Give Administrative and Financial Policy. ATTACHMENT 1 COPY -1- ORDINANCE NO. 036, 2022 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING PHILANTHROPIC REVENUE RECEIVED THROUGH CITY GIVE FOR THE FORT COLLINS SENIOR CENTER WHEREAS, the Fort Collins Senior Center (the “Senior Center”) provides rental space to community organizations and individuals to host regular and special events; and WHEREAS, in 1989 a Designated Endowment Fund was established at the Community Foundation of Northern Colorado (the “Endowed Fund”) to provide funds for the benefit of the Senior Center; and WHEREAS, City Give has received a disbursement of $50,672 in revenue from the Endowed Fund, and City staff is asking the City Council to appropriate such revenue to be spent on the purchase of portable folding tables and wheeled table carts to facilitate the hosting of community events at the Senior Center; and WHEREAS, this appropriation benefits public health, safety and welfare of the citizens of Fort Collins and serves the public purpose of providing equipment for a public recreation facility; and WHEREAS, Article V, Section 9 of the City Charter permits the City Council, upon recommendation of the City Manager, to make a supplemental appropriation by ordinance at any time during the fiscal year, provided that the total amount of such supplemental appropriation, in combination with all previous appropriations for that fiscal year, do not exceed the current estimate of actual and anticipated revenues and all other funds to be received during the fiscal year; and WHEREAS, the Interim City Manager has recommended the appropriation described herein and determined that this appropriation is available and previously unappropriated from the Recreation Fund and will not cause the total amount appropriated in the Recreation Fund to exceed the current estimate of actual and anticipated revenues and all other funds to be received in this Fund during this fiscal year. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That the City Council hereby makes and adopts the determinations and findings contained in the recitals set forth above. Section 2. That there is hereby appropriated from new philanthropic revenue in the Recreation Fund the sum of FIFTY THOUSAND SIX HUNDRED SEVENTY-TWO DOLLARS ($50,672) for expenditure in the Recreation Fund for the purchase of portable folding tables and wheeled table carts for use at the Senior Center. -2- Introduced, considered favorably on first reading, and ordered published this 5th day of April, A.D. 2022, and to be presented for final passage on the 19th day of April, A.D. 2022. __________________________________ Mayor ATTEST: _______________________________ City Clerk Passed and adopted on final reading on the 19th day of April, A.D. 2022. __________________________________ Mayor ATTEST: _______________________________ City Clerk