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Home My WebLink AboutCOUNCIL - AGENDA ITEM - 04/03/2018 - SECOND READING OF ORDINANCE NO. 042, 2018, APPROPRAgenda Item 1 Item # 1 Page 1 AGENDA ITEM SUMMARY April 3, 2018 City Council STAFF Bob Adams, Recreation Director Cyril Vidergar, Legal SUBJECT Second Reading of Ordinance No. 042, 2018, Appropriating Unanticipated Revenue Received From the Estate of Marjorie J. McTaggart in the Recreation Fund to be Paid to the Fort Collins Senior Center Endowment Fund For Use to Benefit the Senior Center. EXECUTIVE SUMMARY This Ordinance, unanimously adopted on First Reading on March 20, 2018, appropriates unanticipated revenue in the amount of $38,581, received from the Estate of Marjorie J. McTaggart, for use by the Fort Collins Senior Center. STAFF RECOMMENDATION Staff recommends adoption of the Ordinance on Second Reading. ATTACHMENTS 1. First Reading Agenda Item Summary, March 20, 2018 (w/o attachments) (PDF) 2. Ordinance No. 042, 2018 (PDF) Agenda Item 6 Item # 6 Page 1 AGENDA ITEM SUMMARY March 20, 2018 City Council STAFF Bob Adams, Recreation Director Cyril Vidergar, Legal SUBJECT First Reading of Ordinance No. 042, 2018, Appropriating Unanticipated Revenue Received From the Estate of Marjorie J. McTaggart in the Recreation Fund to be Paid to the Fort Collins Senior Center Endowment Fund For Use to Benefit the Senior Center. EXECUTIVE SUMMARY The purpose of this item is to recognize receipt of and appropriate a gift from the Estate of Marjorie J. McTaggart for the Fort Collins Senior Center in the amount of $38,581.00. STAFF RECOMMENDATION Staff recommends adoption of the Ordinance on First Reading. BACKGROUND / DISCUSSION Marjorie J. McTaggart, a long-time resident of Fort Collins and author, left several of her written works and a financial portion of her estate to the City of Fort Collins for the benefit of the Senior Center. The financial gift totaled $38,581 from the Estate’s residuary proceeds to be used for senior programs at the Senior Center. In 2016, Fort Collins Museum of Discovery archivists also inspected and preserved in the museum archives two donated copies of Ms. McTaggart’s written works: “Views from the Far Side of the Hill: Wit and Wisdom for the Senior Years” and “Blonde in a Brunette Country”. By adopting this Ordinance, the Council acknowledges and agrees to the conditions of Ms. McTaggart’s financial gift that the funds be appropriated and used for the Senior Center. Upon appropriation, the financial gift from the Estate paid to the Fort Collins Senior Center Endowment Fund, with the Community Foundation of Northern Colorado, and distributed pursuant to the terms of a Designated Endowment Agreement through the Recreation Fund for the benefit of the Senior Center. The City is deeply grateful to Ms. McTaggart for these very generous gifts and will use the proceeds wisely to benefit senior women’s programs at this venerable Fort Collins institution. CITY FINANCIAL IMPACTS The Ordinance appropriates $38,581 for the benefit of the Senior Center. ATTACHMENTS 1. Designated Endowment Agreement Between Fort Collins Senior Center Council and Community Foundation of Northern Colorado (PDF) COPY ATTACHMENT 1 -1- ORDINANCE NO. 042, 2018 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING UNANTICIPATED REVENUE RECEIVED FROM THE ESTATE OF MARJORIE J. MCTAGGART IN THE RECREATION FUND TO BE PAID TO THE FORT COLLINS SENIOR CENTER ENDOWMENT FUND FOR USE TO BENEFIT THE SENIOR CENTER WHEREAS, Marjorie J. McTaggart, a long-time resident of Fort Collins and author left a portion of her estate to the City of Fort Collins for the benefit of the Senior Center; and WHEREAS, Ms. McTaggart’s last will and testament provides that two volumes of her writings be donated to the City: “Views from the Far Side of the Hill: Wit and Wisdom for the Senior Years” and “Blonde in a Brunette Country”, and that $38,581 from her estate is to be donated for the exclusive use of senior programs at the Senior Center; and WHEREAS, the donated copies of Ms. McTaggart’s written works have been preserved in the City’s historic archives at the Fort Collins Museum of Discovery; and WHEREAS, in 1989, the private non-profit Fort Collins Senior Center Council established an endowment fund with the Community Foundation of Northern Colorado (the “Community Foundation”) to specifically benefit Senior Center programming and capital expenses (the “Senior Center Endowment Fund”); and WHEREAS, the Community Foundation holds the Senior Center Endowment Fund, and through an agreement with the Foundation, the Recreation Fund receives a perpetual source of interest income on which the Senior Center may draw to support programs at the facility; and WHEREAS, Recreation staff has deposited a prior will bequest to the Senior Center into the Senior Center Endowment Fund in order to leverage the combined assets of those donations into a perpetual stream of revenue exclusively for the Senior Center; and WHEREAS, funds deposited into the Senior Center Endowment Fund are considered assets of the Community Foundation unless the terms of a deposit provide otherwise and those conditions may include potential return of a gift principle if requested by City Council; and WHEREAS, City staff has recommended the $38,581 financial bequest from the McTaggart Estate be deposited in the Senior Center Endowment Fund administered by the Community Foundation to be drawn on to support Senior Center women’s programming; 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 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, the Financial Officer has determined the appropriation of the revenue as described herein will not cause the total amount appropriated in the Recreation Fund to exceed -2- the current estimate of actual and anticipated revenues to be received in that fund during any fiscal year; and WHEREAS, the City Council hereby finds that the appropriation in the amount of Ms. McTaggart’s financial bequest is necessary for the public’s health, safety and welfare and is in the best interests of the City and its residents, businesses, and public and private organizations. 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 the City Council hereby acknowledges and agrees that Ms. McTaggart’s financial gift to the City under her will is a conditional gift requiring it be appropriated and used exclusively for the benefit of senior programs at the Senior Center. Section 3. That there is hereby appropriated for expenditure from unanticipated revenue in the Recreation Fund the sum of THIRTY-EIGHT THOUSAND FIVE HUNDRED EIGHTY-ONE DOLLARS ($38,581) to be paid to the Community Foundation for deposit in the Senior Center Endowment Fund held and administered by the Community Foundation, to be used for the exclusive benefit of the Senior Center located at 1200 Raintree in Fort Collins. Introduced, considered favorably on first reading, and ordered published this 20th day of March, A.D. 2018, and to be presented for final passage on the 3rd day of April, A.D. 2018. __________________________________ Mayor Pro Tem ATTEST: _______________________________ City Clerk Passed and adopted on final reading on the 3rd day of April, A.D. 2018. __________________________________ Mayor ATTEST: _______________________________ City Clerk