The URL can be used to link to this page

Home My WebLink AboutCOUNCIL - AGENDA ITEM - 02/01/2005 - FIRST READING OF ORDINANCE NO. 009, 2005, APPROPRI ITEM NUMBER: 12 AGENDA ITEM SUMMARY DATE: February 1, 2005 FORT COLLINS CITY COUNCIL STAFF: John Stokes SUBJECT First Reading of Ordinance No. 009, 2005 Appropriating Prior Year Reserves in the Natural Areas Fund for the Purpose of Providing Natural Areas Programming Not Included in the 2005 Adopted City Budget. RECOMMENDATION Staff recommends adoption of the Ordinance on First Reading. FINANCIAL IMPACT The appropriation of these monies does not affect the projected year-end reserve balances because, for budgetary purposes, all appropriated monies are considered spent when estimating reserves prior to completion of audited numbers. This Ordinance will appropriate prior year reserves in the form of unanticipated revenue received within the Natural Areas Fund including Building Community Choices sales tax revenue and County Open Space revenue. EXECUTIVE SUMMARY In 2004 the Natural Areas Fund was created to comply with accounting standards. Ordinance No. 55, 2004 reallocated funds from the Capital Projects Fund (a non-lapsing fund) into the Natural Areas Fund (a lapsing fund). The purpose of the previously appropriated funds remains the same; land conservation, construction of parking lots, fences and trails, restoration wildlife habitat and other natural areas program needs to benefit the citizens of Fort Collins. BACKGROUND Prior to 2004, the Natural Areas Program was housed within the Capital Projects Fund and therefore did not lapse from year to year. During 2004, in order to comply with the Governmental Accounting Standards Board, all Natural Area appropriations and funding sources were moved into the Natural Area Fund, a lapsing fund. The Natural Areas Fund is funded from several sources of revenue, including Building Community Choices ("BCC") sales tax, Larimer County Open Space and in 2004 the issuance of the Certificate of Participation ("COP")bonds. February 1, 2005 -2- Item No. 12 Prior Year Reserve Appropriations Land Conservation - $7,155,569. The balance of unspent BCC and County Open Space appropriations is to be used for natural area land conservation. The issuance of the 2004 COP bonds reimbursed the Natural Areas fund for the purchase of Soapstone Ranch, therefore reserving BCC and Open Space funding for future land conservation. 2004 COP Bonds - $5,786,165. This amount represents the remaining amount of the 2004 COP bond proceeds as well as the investment earnings to date. Restoration — $274,893. This includes $66,000 to reimburse the County for restoration work at Fossil Creek Regional Open Space ("FCRROS") per the Intergovernmental Agreement ("IGA"); the remaining $208,873 represents the uncxpended amount remaining for the restoration of natural areas to native vegetation that was begun in 2004 and continues into 2005. Public Improvements - $341,256. This includes $90,000 to reimburse the County for public improvements they made at FCRROS and for which the City is share the cost pursuant to the IGA. The remaining $251,256 is the unspent portion of the Natural Areas 2004 contribution to Parks and Recreation for regional paved trails construction. Nix Operations - $129,064. This remaining balance is to complete the equipment shed project started in 2004. Unanticipated Revenue Appropriations Unanticipated Revenue to be appropriated into land conservation: Larimer County Open Space $ 144,040 BCC Sales Tax 122 263 Total $266,303 ORDINANCE NO. 009, 2005 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING PRIOR YEAR RESERVES IN THE NATURAL AREAS FUND FOR THE PURPOSE OF PROVIDING NATURAL AREAS PROGRAMMING NOT INCLUDED IN THE 2005 ADOPTED CITY BUDGET WHEREAS,the City is committed to conserving natural areas in a manner that protects their integrity,while providing educational,interpretive and appropriate recreational opportunities to the public; and WHEREAS, Natural Areas programming implements open land conservation priorities identified in the City's Comprehensive Plan by purchasing fee simple or conservation easement interests in key natural areas,community separators,or other open lands,providing stewardship for lands purchased, and trails and interpretive features for public use; and WHEREAS,the City's Natural Areas program is funded primarily through the collection of Building Community Choices sales and use tax revenue,revenues from the County's Help Reserve Open Spaces Initiative,proceeds from the issuance of Certificates of Participation in 2004,fees from royalties, investment earnings, and other miscellaneous revenues received; and WHEREAS, Natural Areas Fund appropriations totaled $36,169,252, in 2004, with expenditures/encumbrances,totaling$22,482,305,leaving a balance of unspent and unencumbered appropriations, totaling $13,686,947; and WHEREAS, Article V, Section 11, of the Charter of the City of Fort Collins ("Charter") requires that all appropriations unexpended or unencumbered at the end of the fiscal year shall lapse to the applicable general or special revenue fund,except that appropriations for capital projects and federal or state grants shall not lapse until the completion of the capital project or until the expiration of the federal or state grant; and WHEREAS, actual 2004 revenues collected in the Natural Areas Fund, totaling $266,303 and which were not appropriated in 2004, are in prior year reserves of the Natural Areas Fund as of December 31, 2004; and WHEREAS,Article V, Section 9,of the Charter permits the City Council to appropriate by ordinance at any time during the fiscal year such funds for expenditure as may be available from reserves accumulated in prior years, notwithstanding that such reserves were not previously appropriated; and WHEREAS, City staff recommends appropriating from prior year reserves in the Natural Areas Fund the aforementioned unexpended and unencumbered appropriations totaling$13,686,947, and the unappropriated revenues received in 2004 totaling $266,303, to be used for acquisition, construction,enhancement and maintenance of trail systems,wildlife habitat and other natural areas to benefit the citizens of the city; and WHEREAS, it is the desire of the Council to appropriate the aforementioned total of $13,953,250 from prior year reserves in the Natural Areas Fund to be used for acquisition, construction,enhancement and maintenance of trail systems,wildlife habitat and other natural areas to benefit the citizens of the city. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that there is hereby appropriated for expenditure from prior year reserves in the Natural Areas Fund the sum of THIRTEEN MILLION NINE HUNDRED FIFTY-THREE THOUSAND TWO HUNDRED FIFTY DOLLARS ($13,953,250) to be used for acquisition, construction, enhancement and maintenance of trail systems,wildlife habitat and other natural areas to benefit the citizens of the city. Introduced and considered favorably on first reading and ordered published this 1 st day of February,A.D. 2005, and to be presented for final passage on the 15th day of February,A.D. 2005. Mayor ATTEST: City Clerk Passed and adopted on final reading this 15th day of February, A.D. 2005. Mayor ATTEST: City Clerk