HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 10/15/2002 - FIRST READING OF ORDINANCE NO. 149, 2002, APPROPRI AGENDA ITEM SUMMARY ITEM NUMBER: 13
FORT COLLINS CITY COUNCIL DATE: October 15, 2002
STAFF: Edith Felchle
Alan Krcmarik
SUBJECT:
First Reading of Ordinance No. 149, 2002, Appropriating Unanticipated Revenue in the General
Fund for Property Donated by the Estate of Robert H. Udall.
RECOMMENDATION:
Staff recommends adoption of the Ordinance on First Reading.
FINANCIAL IMPACT:
Property that was donated by the Estate of Robert H. Udall in 2001 for natural area purposes, has
now been appraised at $450,000. In addition, the Estate also made a cash donation of$125,000
to be placed in a perpetual trust for the ongoing maintenance of the site. This ordinance
appropriates 2002 .interest earnings on the cash donation, in the amount of $2,300, for
maintenance and repair expenditures and appropriates the $450,000 appraisal to property
10 account for the donated property value according to fixed asset accounting guidelines.
EXECUTIVE SUMMARY:
On July 17, 2001, the City Council adopted Resolution 2001-95 authorizing the acceptance of a
donation from the Estate of Robert H. Udall. The donation consisted of 20.133 acres of land
located on the south end of Claymore Lake at the west end of Michaud Lane and northeast of the
Reservoir Ridge Natural Area, three buildings located on the land, along with $125,000 in cash
to be placed in a perpetual trust for the ongoing maintenance of the site.
When Council authorized the acceptance of the donation, the value of the property had not been
determined. The property has now been appraised with the 20.133 acres of land valued at
$300,000 and the three buildings on the property valued at $150,000. The total amount of
$450,000 will be appropriated to properly account for the value of the donation according to
fixed asset accounting guidelines.
In January 2002, the City received the cash donation of $125,000. Under the terms of the
donation agreement, the cash donation is to be placed in a perpetual trust and the interest
earnings on the funds "shall be used solely for the maintenance and repair of the property." In
2002, the City will receive approximately $2,300 in interest earnings which is to be used for the
maintenance and repair of the donated property.
. ORDINANCE NO. 149, 2002
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE IN THE GENERAL FUND
FOR PROPERTY DONATED BY THE ESTATE OF ROBERT H. UDALL
WHEREAS, pursuant to Resolution 2001-95 the City Council accepted a donation of
20.133 acres of land with related improvements from the Estate of Robert H.Udall for natural area
purposes (the "Property"); and
WHEREAS,the value of the donated Property had not been determined when the donation
was accepted, but has now been appraised with the 20.133 acres of land valued at $300,000 and
the three buildings on the property valued at $150,000; and
WHEREAS, in addition to the Property, the Estate of Robert H. Udall donated to the City
funds in the amount of$125,000, to be held in a perpetual trust, the income of which should be
used solely for the maintenance and repair of the Property; and
WHEREAS,in 2002 the City will receive approximately$2,300 in interest earnings on the
$125,000 cash donation which is needed for maintenance and repair expenditures for the Property;
and
WHEREAS,Article V,Section 9,of the Charter of the City of Fort Collins permits the City
Council to make supplemental appropriations by ordinance at any time during the fiscal year,
provided that the total amount of such supplemental appropriations, in combination with all
previous appropriations for that fiscal year,does not exceed the then current estimate of actual and
anticipated revenues to be received during the fiscal year; and
WHEREAS, City staff has determined that the appropriation of the interest earnings and
donated Property, as described herein, will not cause the total amount appropriated in the General
Fund to exceed the current estimate of actual and anticipated revenues to be received in that fund
during the fiscal year.
NOW,THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. There is hereby appropriated from unanticipated revenue in the General
Fund the sum of TWO THOUSAND THREE HUNDRED DOLLARS ($2,300) for expenditure
in the General Fund for maintenance and repairs to the donated Property.
Section 2. There is hereby appropriated from unanticipated revenue in the General
Fund the sum of FOUR HUNDRED AND FIFTY THOUSAND DOLLARS ($450,000) for
expenditure in the General Fund for the purpose of recording the donated Property asset.
•
Introduced, considered favorably on first reading, and ordered published this 15th day of
October,A.D.2002,and to be presented for final passage on the 5th day of November;A.D. 2002.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading this 5th day of November, A.D. 2002.
Mayor
ATTEST:
City Clerk