HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 06/02/2015 - FIRST READING OF ORDINANCE NO. 062, 2015, APPROPRIAgenda Item 5
Item # 5 Page 1
AGENDA ITEM SUMMARY June 2, 2015
City Council
STAFF
Marty Heffernan, Director of CPRE
SUBJECT
First Reading of Ordinance No. 062, 2015, Appropriating Unanticipated Revenue Received from the Estate of
Paul W. Gwyn in the Recreation Fund for the Senior Center and in the General Fund for the Poudre River
Public Library District.
EXECUTIVE SUMMARY
The purpose of this item is to appropriate a gift from the Estate of Paul N. Gwyn for the Fort Collins Senior
Center in the amount of $398,233 and for the Poudre River Library District (Library) also in the amount of
$398,233.
STAFF RECOMMENDATION
Staff recommends adoption of the Ordinance on First Reading.
BACKGROUND / DISCUSSION
Paul N. Gwyn, a resident of Fort Collins since 1988, left a portion of his estate to the City of Fort Collins for the
benefit of the Senior Center and the Library, in equal amounts. The gift provides $398,233.47 for the benefit of
the Senior Center and $398,233 for the benefit of the Library. By adopting this Ordinance, the Council
acknowledges and agrees to the conditions of Mr. Gwyn’s gifts that they be appropriated and used for the
Senior Center and the Library. Upon appropriation, $398,233 will be distributed to the Senior Center to be
used only for the benefit of the Senior Center and $398,233 will be distributed to the District to be used only for
the benefit of the Library. The City and the Library are deeply grateful to Mr. Gwyn for this very generous gift
and will use the proceeds wisely to benefit these two wonderful Fort Collins institutions.
CITY FINANCIAL IMPACTS
The Ordinance provides $398,233 for the benefit of the Senior Center
- 1 -
ORDINANCE NO. 062, 2015
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE RECEIVED FROM THE ESTATE OF
PAUL W. GWYN IN THE RECREATION FUND FOR THE SENIOR CENTER AND IN THE
GENERAL FUND FOR THE POUDRE RIVER PUBLIC LIBRARY DISTRICT
WHEREAS, Paul N. Gwyn, a resident of Fort Collins since 1988, left a portion of his
estate to the City of Fort Collins for the benefit of the Senior Center and for the benefit of Poudre
River Public Library District; and
WHEREAS, the gift provides $398,233 for the benefit of the Senior Center and $398,233
and for the Poudre River Public Library District (the “Library District”); and
WHEREAS, $50,000 will be used for the Community Gardens and other facility
upgrades at the Senior Center and the remaining $348,233 will be transferred to the Community
Foundation of Northern Colorado (“Community Foundation”); and
WHEREAS, the Community Foundation of Northern Colorado holds an endowment fund
for the Senior Center and, through an agreement with the Foundation, the Recreation Fund will
receive a perpetual source of interest income that the Senior Center may draw on to support
programs at the facility; and
WHEREAS, $348,233 will be paid to the Library District; and
WHEREAS, Article V, Section 9, of the City Charter 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 current estimate of actual and anticipated
revenues to be received during the fiscal year; and
WHEREAS, City staff have determined that the appropriation of the revenue as
described herein will not cause the total amount appropriated in the Recreation Fund to exceed
the current estimate of actual and anticipated revenues to be received in that fund during any
fiscal year; and
WHEREAS, City staff have determined that the appropriation of the revenue 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 any 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 acknowledges and agrees that Mr. Gwyn’s
gifts to the City and the Library District are conditional gifts requiring that they be appropriated
and used for the benefit of the Senior Center and the Library District.
- 2 -
Section 2. That it is hereby appropriated for expenditure from unanticipated revenue
in the Recreation Fund the sum of THREE HUNDRED NINETY-EIGHT THOUSAND TWO
HUNDRED AND THIRTY-THREE ($398,233) for the Community Gardens and other facility
upgrades at the Senior Center and for distribution to the Community Foundation to be deposited
in the City’s endowment fund held and administered by the Community Foundation for the
benefit of Senior Center.
Section 3. That it is hereby appropriated for expenditure from unanticipated revenue
in the General Fund the sum of THREE HUNDRED NINETY-EIGHT THOUSAND TWO
HUNDRED AND THIRTY-THREE ($398,233) for the Library District.
Introduced, considered favorably on first reading, and ordered published this 2nd day of
June, A.D. 2015, and to be presented for final passage on the 7th day of July, A.D. 2015.
__________________________________
Mayor
ATTEST:
_____________________________
City Clerk
Passed and adopted on final reading on this 7th day of July, A.D. 2015.
__________________________________
Mayor
ATTEST:
_____________________________
City Clerk