HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 12/17/2002 - SECOND READING OF ORDINANCE NO. 173, 2002, APPROPR AGENDA ITEM SUMMARY ITEM NUMBER: 10
DATE: December 17, 2002
FORT COLLINS CITY COUNCIL FROM:
Alan Krcmarik
SUBJECT:
Second Reading of Ordinance No. 173, 2002, Appropriating Unanticipated Revenue in the Sales
and Use Tax Fund for a Change in Accounting Practices.
RECOMMENDATION:
Staff recommends adoption of the Ordinance on Second Reading.
EXECUTIVE SUMMARY:
Each year the City prepares an annual financial report that is audited by an independent firm. In
the 2001 Management Report from Bondi & Co LLP, the auditors recommended that collection
fees be included in the gross revenue of the City. Staff has made adjustments to account for the
collection fees that the Larimer County Treasurer retains in the collection of property taxes. In
further discussions with the auditors, the principle applies to other revenue sources. Businesses
retain a portion of sales taxes and the County Treasurer retains a portion of use taxes paid when
vehicles are registered. This Ordinance, which was unanimously adopted on First Reading on
November 19, 2002, appropriates unanticipated revenue for a change in accounting practices.
AGENDA ITEM SUMMARY ITEM NUMBER: 16
FORT COLLINS CITY COUNCIL DATE: November 19, 2002
STAFF:
Alan Krcmarik
SUBJECT:
First Reading of Ordinance No. 173, 2002, Appropriating Unanticipated Revenue in the Sales
and Use Tax Fund for a Change in Accounting Practices.
RECOMMENDATION:
Staff recommends adoption o e Ordi ce o i t Reading
FINANCIAL IMPACT:
There is no financial impact to the City by adoption of this Ordinance. The Ordinance proposes
a change in accounting practic r m n d b e alditors. While appropriations
and corresponding expendit s will -creas o the o 4ttere will be no "real" money
10 collected or distributed by the ity.
4
EXECUTIVE SUMMARY:
Each year the City prepares an annual financial report that is audited by an independent firm. In
the 2001 Management Report from Bondi & Co LLP, the auditors recommended that collection
fees be included in the gross r venue fhe to yincollection
adjustments to account for the
collection fees that the Lari Count teas r t s of property taxes. In
OM
further discussions with the a tors; rin le pplie revenue sources. Businesses
retain a portion of sales taxes an the Court y Treasurer retains a portion of use taxes paid when
vehicles are registered. This Ordinance estimates the amount of these fees and appropriates
them to properly account for the transaction.