HomeMy WebLinkAboutAgenda - Mail Packet - 10/01/2024 - Council Finance Committee Meeting Agenda – October 3, 2024Finance Administration
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AGENDA
Council Finance Committee Hybrid Meeting
October 3, 2024
4:00 - 6:00 pm
CIC Room
Zoom Meeting https://zoom.us/j/8140111859
NOTE: Minutes from the September 5, 2024 meeting will be included in the November meeting packet.
1.Audit Results R. Bailey
Presentation: 20 mins.
Discussion: 25 mins.
2. CCIP Project Options G.Sawyer
Presentation: 20 mins. J. Wimmer
Discussion: 25 mins.
3. Transfort Appropriation M. Martinez
Presentation: 15 mins. K. Zeisel
Discussion: 15 mins.
Page 1 of 56
Council Finance Committee
2024 Agenda Planning Calendar
Revised 9/20/24 ts
October 3rd 2024
2023 Audit Results 45 min R Bailey
CCIP Project Options 45 min
Transfort Appropriation 30 min
November 6th 2024
60 min K. Kleer
Hold: Foothills Metro District 45 min J. Birks
December 5th 2024
SE Community Center 30 min V. Garfield
Financial Policy review, incl. 2050 Tax and General Fund 45 min R. Bailey
Bloom TCEF Reimbursement 20 min M. Virata
Future Topics:
E. Mulberry Threshold Analysis
CCIP: Affordable Housing Revolving Loan Fund
Page 2 of 56
Page 3 of 56
COUNCIL FINANCE COMMITTEE
AGENDA ITEM SUMMARY
Staff: Randy Bailey, Accounting Director
Trevor Nash, CPA, Controller
Josh Yde, CPA, Plante & Moran, PLLC
Timothy St. Andrew, CPA, Plante & Moran, PLLC
Date: October 3, 2024
SUBJECT FOR DISCUSSION
Independent Auditors’ Report on 2023 Financial Statements
Independent Auditors’ Report on Compliance for Major Federal Programs
EXECUTIVE SUMMARY
Plante & Moran will be presenting an overview of the Results of the 2023 Financial Statement
Audit.
This report covers the audit of the basic financial statements and compliance of the City of Fort
Collins for year-end December 31, 2023.
NOTE: The Annual Comprehensive Financial Report is available in print on request, and
accessible online here:
https://www.fcgov.com/finance/files/fy23-acfr-final-web-version.pdf?1724173021
GENERAL DIRECTION SOUGHT AND SPECIFIC QUESTIONS TO BE ANSWERED
Staff seeks input on areas of priority or concern, other than those established in this Report to the
City Council, for matters of recordkeeping and/or the City’s internal control environment.
Otherwise, there are no specific questions to be answered as this is a 2023 year-end report.
BACKGROUND/DISCUSSION
In compliance with Government Auditing Standards, the City undergoes an independent external
audit on an annual basis. Plante & Moran finalized its financial statement audit and compliance
report on June 29, 2024, and the firm is required to report the results of the audit to those charged
with governance.
Attachment 1 to this agenda item contains the full report, findings of note are summarized below:
Identified Deficiencies (Attachment 1, pages 3-5):
Other findings/deficiencies identified by the auditors but not rising to the level of a significant
deficiency can be found in the Report to the City Council. Staff will provide a written response
to the audit findings at a fourth quarter Council Finance Committee meeting.
The final 2023 Single Audit report on Compliance for Major Federal Programs is expected to
complete by the third week of October and will be provided to Council Finance Committee at
that time.
ATTACHMENTS
1. Results of the 2022 Financial Statement Audit
Page 4 of 56
1
June 29, 2024
To the Honorable Mayor and
Members of the City Council
City of Fort Collins, Colorado
We have audited the financial statements of the City of Fort Collins, Colorado (the “City”) as of and for the
year ended December 31, 2023 and have issued our report thereon dated June 29, 2024. Professional
standards require that we provide you with the following information related to our audit, which is divided
into the following sections:
Section I - Required Communications with Those Charged with Governance
Section II - Legislative and Informational Items
Section I communicates significant matters related to the audit that are, in our professional judgment,
relevant to your responsibilities in overseeing the financial reporting process.
Section II presents legislative and other general information. These comments are offered in the interest of
helping the City in its efforts toward continuous improvement.
We would like to take this opportunity to thank the City’s staff for the cooperation and courtesy extended to
us during our audit. Their assistance and professionalism are invaluable.
This report is intended solely for the use of the City Council and management of the City of Fort Collins,
Colorado and is not intended to be and should not be used by anyone other than these specified parties.
We welcome any questions you may have regarding the following communications, and we would be willing
to discuss these or any other questions that you might have at your convenience.
Very truly yours,
Plante & Moran, PLLC
Timothy St. Andrew, CPA
Partner
Joshua L. Yde, CPA
Principal
Page 5 of 56
2
Section I - Required Communications with Those Charged with Governance
Our Responsibility Under U.S. Generally Accepted Auditing Standards
As stated in our engagement letter dated March 22, 2024, our responsibility, as described by professional
standards, is to express an opinion about whether the financial statements prepared by management with
your oversight are fairly presented, in all material respects, in conformity with U.S. generally accepted
accounting principles. Our audit of the financial statements does not relieve you or management of your
responsibilities. Our responsibility is to plan and perform the audit to obtain reasonable, but not absolute,
assurance that the financial statements are free of material misstatement.
As part of our audit, we considered the internal control of the City. Such considerations were solely for the
purpose of determining our audit procedures and not to provide any assurance concerning such internal
control.
We are responsible for communicating significant matters related to the audit that are, in our professional
judgment, relevant to your responsibilities in overseeing the financial reporting process. However, we are
not required to design procedures specifically to identify such matters.
Our audit of the City’s financial statements has also been conducted in accordance with Government
Auditing Standards, issued by the Comptroller General of the United States. Under Government Auditing
Standards, we are obligated to communicate certain matters that come to our attention related to our audit
to those responsible for the governance of the City, including compliance with certain provisions of laws,
regulations, contracts, and grant agreements; certain instances of error or fraud; illegal acts applicable to
government agencies; and significant deficiencies in internal control that we identify during our audit.
Toward this end, we issued a separate letter dated June 29, 2024 regarding our consideration of the City’s
internal control over financial reporting and on our tests of its compliance with certain provisions of laws,
regulations, contracts, and grant agreements.
Planned Scope and Timing of the Audit
We performed the audit according to the planned scope and timing previously communicated to you in our
letter about planning matters dated May 21, 2024.
Significant Audit Findings
Qualitative Aspects of Accounting Practices
Management is responsible for the selection and use of appropriate accounting policies. In accordance with
the terms of our engagement letter, we will advise management about the appropriateness of accounting
policies and their application. The significant accounting policies used by the City are described in Note I
to the financial statements.
As described in Note I, the City changed accounting policies related to the implementation of the following:
GASB Statement No. 96, Subscription-Based Information Technology Arrangements. This statement
provides guidance on accounting and financial reporting for subscription-based information technology
arrangements. Under this statement, the City is required to recognize a right-of-use subscription asset
and corresponding subscription liability. Accordingly, the accounting change has been retrospectively
applied to prior periods presented as if the policy had always been used.
We noted no transactions entered into by the City during the year for which there is a lack of authoritative
guidance or consensus.
There are no significant transactions that have been recognized in the financial statements in a different
period than when the transaction occurred.
Accounting estimates are an integral part of the financial statements prepared by management and are
based on management’s knowledge and experience about past and current events and assumptions about
future events. Certain accounting estimates are particularly sensitive because of their significance to the
financial statements and because of the possibility that future events affecting them may differ significantly
from those expected.
Page 6 of 56
3
Section I - Required Communications with Those Charged with Governance
(Continued)
The most sensitive estimate affecting the financial statements was the net pension liability and associated
balances. Management’s estimate is based on discount rates, rate of return, and other assumptions, which
are used by an actuary to calculate the net pension liability. We evaluated the key factors and assumptions
used to develop the estimate in determining that it is reasonable in relation to the financial statements taken
as a whole.
The disclosures in the financial statements are neutral, consistent, and clear.
Difficulties Encountered in Performing the Audit
We encountered no significant difficulties in performing and completing our audit.
Disagreements with Management
For the purpose of this letter, professional standards define a disagreement with management as a financial
accounting, reporting, or auditing matter, whether or not resolved to our satisfaction, that could be significant
to the financial statements or the auditor’s report.
We are pleased to report that no such disagreements arose during the course of our audit.
Corrected and Uncorrected Misstatements
Professional standards require us to accumulate all known and likely misstatements identified during the
audit, other than those that are trivial, and communicate them to the appropriate level of management.
The following material misstatements detected as a result of audit procedures were corrected by
management.
The City had recorded a right-of-use asset and liability for a software-based information technology
arrangement for which the subscription period had not commenced, rather than recording a prepaid
item until the subscription commences.
The City had recorded unavailable revenue and receivables related to grants for which expenditures
had been incurred but for which the grants had not been formally executed. These unavailable revenue
and receivable have been removed.
The Tourism Improvement District is being included in the City’s financial statements as a discretely
presented component unit.
The attached schedule summarizes uncorrected misstatements of the financial statements. Management
has determined that their effects are immaterial, both individually and in the aggregate, to the financial
statements taken as a whole. However, uncorrected misstatements or matters underlying those
uncorrected misstatements could potentially cause future period financial statements to be materially
misstated.
Significant Findings or Issues
We generally discuss a variety of matters, including the application of accounting principles and auditing
standards, business conditions affecting the City, and business plans and strategies that may affect the
risks of material misstatement, with management each year prior to our retention as the City’s auditors.
However, these discussions occurred in the normal course of our professional relationship, and our
responses were not a condition of our retention.
Management Representations
We have requested certain representations from management that are included in the management
representation letter dated June 29, 2024.
Page 7 of 56
4
Section I - Required Communications with Those Charged with Governance
(Continued)
Management Consultations with Other Independent Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting
matters, similar to obtaining a second opinion on certain situations. If a consultation involves application of
an accounting principle to the City’s financial statements or a determination of the type of auditor’s opinion
that may be expressed on those statements, our professional standards require the consulting accountant
to check with us to determine that the consultant has all the relevant facts.
To our knowledge, there were no such consultations with other accountants.
Other Information Included in Annual Reports
Our responsibility for other information included in annual reports does not extend beyond the financial
statements, and we do not express an opinion or any form of assurance on the other information. However,
we read the introductory section, statistical section, and other schedules of the Annual Comprehensive
Financial Report, and nothing came to our attention that caused us to believe that such information, or its
manner of presentation, is materially misstated or materially inconsistent with the information or manner of
its presentation appearing in the financial statements.
Page 8 of 56
5
Attachments
Client:City of Fort Collins, Colorado
Opinion Unit:Governmental Activities
Y/E:12/31/2023
Ref. #Description of Misstatement
Current
Assets
Long-term
Assets
Deferred
Outflows of
Resources
Current
Liabilities
Long-term
Liabilities
Deferred
Inflows of
Resources Equity Revenue Expenses
Net Income
Statement
Impact
FACTUAL MISSTATEMENTS:
A1
New SBITAs and leases should be booked as
other financing sources on fund statements and
not as revenues on full accrual statements (5,447,261)$ (5,447,261)$ -$
A2 Entry to correct accumulated depreciation for
mechanical equipment purchased but not
entered into fixed asset system (1,127,489)$ 1,127,489 (1,127,489)
-
JUDGMENTAL ADJUSTMENTS:-
B1 None -
-
PROJECTED ADJUSTMENTS:
C1 None -
-$ - -$ -$ -$ -$ -$ - - -
Total -$ (1,127,489)$ -$ -$ -$ -$ -$ (5,447,261)$ (4,319,772)$ (1,127,489)$
D1
The effect of misstatements and classification errors identified would be to increase (decrease) the reported amounts in the financial statement
categories identified below:
SUMMARY OF UNRECORDED POSSIBLE ADJUSTMENTS
PASSED DISCLOSURES AND FINANCIAL STATEMENT PRESENTATION ISSUES:
The financial reporting presentation of the Sales and Use Tax Fund is not consistent with GAAP (GASB 54, para. 30).
Client:City of Fort Collins, Colorado
Opinion Unit:General Fund
Y/E:12/31/2023
Ref. # Description of Misstatement Current Assets
Long-term
Assets
Deferred
Outflows of
Resources
Current
Liabilities
Long-term
Liabilities
Deferred
Inflows of
Resources Equity Revenue Expenses
Net Income
Statement
Impact
FACTUAL MISSTATEMENTS:
A1 New SBITAs and leases should be booked as
other financing sources and capital outlay on
fund statements 584,781$ 584,781$ -$
-
JUDGMENTAL ADJUSTMENTS:-
B1 None -
-
PROJECTED ADJUSTMENTS:
C1 None -
-$ -$ -$ -$ -$ -$ -$ - - -
Total -$ -$ -$ -$ -$ -$ -$ 584,781$ 584,781$ -$
D1
SUMMARY OF UNRECORDED POSSIBLE ADJUSTMENTS
The effect of misstatements and classification errors identified would be to increase (decrease) the reported amounts in the financial statement
categories identified below:
PASSED DISCLOSURES AND FINANCIAL STATEMENT PRESENTATION ISSUES:
The financial reporting presentation of the Sales and Use Tax Fund is not consistent with GAAP (GASB 54, para. 30).
Client:City of Fort Collins, Colorado
Opinion Unit:Aggregate Remaining Fund Info
Y/E:12/31/2023
Ref. #Description of Misstatement Current Assets
Long-term
Assets
Deferred
Outflows of
Resources
Current
Liabilities
Long-term
Liabilities
Deferred
Inflows of
Resources Equity Revenue Expenses
Net Income
Statement
Impact
FACTUAL MISSTATEMENTS:
A1 New SBITAs and leases should be booked as
other financing sources on fund statements and
not as revenues on full accrual statements
(4,038,720)$ (4,038,720)$ -$
-
JUDGMENTAL ADJUSTMENTS:-
B1 None -
-
PROJECTED ADJUSTMENTS:
C1 None -
-$ -$ -$ -$ -$ -$ -$ - - -
Total -$ -$ -$ -$ -$ -$ -$ (4,038,720)$ (4,038,720)$ -$
D1
SUMMARY OF UNRECORDED POSSIBLE ADJUSTMENTS
The effect of misstatements and classification errors identified would be to increase (decrease) the reported amounts in the financial statement categories
identified below:
PASSED DISCLOSURES AND FINANCIAL STATEMENT PRESENTATION ISSUES:
None
Page 9 of 56
6
Section II - Legislative and Informational Items
Monitoring Lease, SBITA, and PPP Activity
GASB Statements No. 87, Leases; No. 96, Subscription-Based Information Technology Arrangements
(SBITAs); and No. 94, Public-Private and Public-Public Partnerships (PPP) and Availability Payment
Arrangements, were effective in fiscal years 2022 and 2023. Although significant analyses were performed
to determine the applicability of the new standards and record any necessary adjustments, we want to
stress the importance of implementing ongoing monitoring procedures over lease, SBITA, and PPP activity.
When the City enters into new leases, SBITAs, or PPPs; existing agreements are modified; or other facts
and circumstances change, consideration must be given to the impact those changes will have on lease,
SBITA, and PPP accounting. In order to do so, the City must ensure there is a process in place to identify
and appropriately account for new leases, SBITAs, or PPPs or changes to existing agreements on an
ongoing basis or at least at the end of each year.
Cybersecurity and Information Technology Controls
Cyberattacks are on the rise across the globe, and the cost of these attacks is ever increasing. Because of
these attacks, municipalities stand to lose their reputation, the ability to operate efficiently, and proprietary
information or assets. Communities potentially can also be subject to financial and legal liabilities. Managing
this issue is especially challenging because even a municipality with a highly mature cybersecurity risk
management program still has a residual risk that a material cybersecurity breach could occur and not be
detected in a timely manner. We understand that the technology department continues to monitor and
evaluate this risk, which are critical best practices. Additionally, periodic assessment of the system in order
to verify that the control environment is working as intended is a key part of measuring associated business
risk. We encourage administration and those charged with governance to work with the technology team
on this very important topic. If we can be of assistance in the process, we would be happy to do so.
OMB Proposed Revisions to the Uniform Guidance
In October 2023, the Office of Management and Budget (OMB) posted proposed revisions for the Uniform
Guidance for federal grants and agreements. The proposed guidance clarifies the applicability of
requirements and terminology and includes some relaxation and clarification of certain requirements that
required prior approval from federal regulators. A few key proposed changes include the following:
Increase the audit threshold to $1 million from $750,000
Increase the de minimis indirect cost rate from 10 percent to 15 percent
Require the schedule of expenditures of federal awards (SEFA) to identify recipient of federal award
for audits that cover multiple recipients
The proposed changes are included in more detail within the federal register at https://www.federalregister
.gov/documents/2023/10/05/2023-21078/guidance-for-grants-and-agreements.
Plante & Moran, PLLC will continue to monitor any changes to the Uniform Guidance, and we encourage
the City to monitor developments in this area.
Other New Guidance
Upcoming Accounting Standards Requiring Preparation
We actively monitor new Governmental Accounting Standards Board (GASB) standards and due process
documents and provide periodic updates to help you understand how the latest financial reporting
developments will impact the City. In addition to the summaries below and to stay up to date, Plante &
Moran, PLLC issues a biannual GASB accounting standard update. The most recent update and a link to
previous fall and spring updates are available here.
Page 10 of 56
7
Section II - Legislative and Informational Items
(Continued)
GASB Statement No. 99 - Omnibus 2022
This new accounting pronouncement has various effective dates. This statement addresses accounting
and financial reporting requirements for specific issues related to financial guarantees, derivative
instruments, leases, public-public and public-private partnerships (PPPs), subscription-based information
technology arrangements (SBITAs), the transition from the London Interbank Offered Rate (LIBOR), the
Supplemental Nutrition Assistance Program (SNAP), nonmonetary transactions, pledges of future revenue,
the focus of government-wide financial statements, and terminology.
GASB Statement No. 100 - Accounting Changes and Error Corrections
This new accounting pronouncement will be effective for fiscal years ending June 30, 2024 and after. This
statement enhances the accounting and financial reporting requirements for accounting changes and error
corrections.
GASB Statement No. 101 - Compensated Absences
This new accounting pronouncement will be effective for fiscal years ending December 31, 2024 and after.
The statement requires all compensated absences be reported under a new unified model that provides
recognition and measurement guidance for all compensated absences that meet certain criteria. This is a
major shift from the prior standards that provided different recognition and measurement guidance for
vacation leave versus sick leave. Under the new standard, all compensated absences (with some
exceptions like parental leave and military leave) that meet three criteria are to be recognized (accrued).
The three criteria are (1) the absence accumulates, (2) the absence is attributed to services already
performed, and (3) the absence is more likely than not to be either paid or settled through other means.
A few of the more significant changes from prior guidance include the elimination of specific recognition
criteria for sick leave (GASB 16’s termination payment method and vesting method) in lieu of standard
recognition criteria for all types of compensated absences that meet the criteria. In addition, the prior
standards used the “probable criteria” as a measurement stick for recognition; GASB 101 lowers that
threshold to more likely than not. More likely than not means a likelihood of more than 50 percent. Because
GASB 101 does not prescribe the manner in which these leave liabilities are estimated once the criteria are
met, organizations will have significant latitude in how these estimates are determined. Because of this,
there may be additional reporting and additional disaggregation of historical employee leave usage
information that may be required in order to come up with an accurate estimate of these liabilities. We
strongly suggest organizations start thinking about these changes now, brainstorm estimation
methodologies, and begin gathering the necessary information in order to successfully adopt this new
standard.
GASB Statement No. 102 - Certain Risk Disclosures
This new accounting pronouncement will be effective for fiscal years ending June 30, 2025 and after. This
statement requires a government to assess whether a concentration or constraint makes the primary
government or other reporting units that report a liability for revenue debt vulnerable to the risk of a
substantial impact. It also requires a government to assess whether an event or events associated with a
concentration or constraint that could cause the substantial impact have occurred, have begun to occur, or
are more likely than not to begin to occur within 12 months of the date of the financial statements are issued.
If certain criteria are met for a concentration or constraint, disclosures are required in the notes to the
financial statements.
GASB Statement No. 103 - Financial Reporting Model Improvements
This new accounting pronouncement will be effective for fiscal years ending June 30, 2026 and after. This
statement establishes new accounting and financial reporting requirements, or modifies existing
requirements, related to the following: management’s discussion and analysis; unusual or infrequent items;
presentation of the proprietary fund statement of revenue, expenses, and changes in fund net position;
information about major component units in basic financial statements; budgetary comparison information;
and financial trends information in the statistical section.
Page 11 of 56
8
Section II - Legislative and Informational Items
(Continued)
Significant GASB Proposals Worth Watching
The Revenue and Expense Recognition project aims to develop a comprehensive accounting and financial
reporting model for transactions that result in revenue and expenses. The GASB has issued a preliminary
views document that proposes a new categorization framework that replaces the exchange/nonexchange
transaction notion with a four-step categorization process for classifying a transaction. In addition to this
new framework, the proposal also addresses recognition and measurement of revenue and expense
transactions. The exposure draft for this project is expected sometime in 2025.
Plante & Moran, PLLC has spent significant time digesting this new proposed standard and recently testified
to the GASB about our feedback. We strongly encourage the City to monitor developments with this
standard, as the potential impact is quite broad.
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Page 12 of 56
City of Fort CollinsDecember 31, 2023Audit Presentation to City Council Finance Committee
1Page 13 of 56
Agenda
Financial Statement Audit
Required Post-Audit Communications
Federal Single Audit
2Page 14 of 56
Financial Statement Audit
•Unmodified opinion
•New accounting standard implemented – GASB 96: Subscription-Based Information Technology Arrangements
•Audit results
3Page 15 of 56
Required Post-Audit Communications
•Significant Audit Findings
•No transactions entered into by the City lacking authoritative guidance
•No significant transactions that have been recognized in a different period than when the transaction occurred
•No difficulties encountered in performing the audit
•No disagreements with management
•Summary of Unrecorded Possible Adjustments includes adjustments related to subscription-based IT arrangements, accumulated depreciation, and year-end activity related to the Tourism Improvement District
4Page 16 of 56
Required Post-Audit Communications
•Significant Audit Findings
•Material Weaknesses
The City reported deferred inflows of resources and a receivable for several Federal Transit Authority (FTA) grants under which pre-award spending had begun prior to the end of the reporting period but grant agreements had not been executed
The Tourism Improvement District had been improperly excluded from the financial statements
5Page 17 of 56
Federal Single Audit
6
•Federal expenditures of $29.4 million
•Three major programs tested in 2023
o ALN 14.218 – Community Development Block Grants
o ALN 20.205 – Highway Planning and Construction
o ALN 21.027 – Coronavirus State and Local Fiscal Recovery Funds
•Unmodified opinions expected
•Federal award findings – material weakness related to reporting of expenditures on the SEFA prior to executed grant agreements
Page 18 of 56
Thank you
Timothy.StAndrew@plantemoran.com - 313.496.8542
Josh.Yde@plantemoran.com - 734.302.6921
7Page 19 of 56
Page 20 of 56
COUNCIL FINANCE COMMITTEE
AGENDA ITEM SUMMARY
Staff:
Travis Storin, Chief Financial Officer
Ginny Sawyer, Project Manager
Joe Wimmer, Financial Analyst
Date: October 3, 2024
SUBJECT FOR DISCUSSION
Capital Improvement Quarter-Cent Tax Renewal
EXECUTIVE SUMMARY
The purpose of this item is to update the Council Finance Committee (CFC) on continued
development into building a package of projects for the capital tax renewal. This renewal is
targeting the November 2025 election.
GENERAL DIRECTION SOUGHT AND SPECIFIC QUESTIONS TO BE ANSWERED
1. What questions do committee members have regarding the current projects and/or
timeline?
2. Are there projects the committee would recommend to remove or add?
BACKGROUND/DISCUSSION
The current Community Capital Improvement Program (CCIP) tax will expire on December 31,
2025. Staff is currently working to create a package to offer voters as a renewal in November
2025 for a tax that would run from January 1, 2026, to December 31, 2035.
To date staff has:
• Demonstrated the traditional use of this tax being implemented at approximately 50%
transportation-related projects and 50% identified capital projects.
• Shared lessons learned from previous tax measures.
• Confirmed the desire that package projects serve a diversity of needs throughout the
community and focus on projects identified and vetted by the public through planning
processes.
• Compiled and vetted potential projects submitted by departments.
Timeline to date has included Council touch points at a February 2024 work session, March
2024 CFC, April 2024 work session, and July 2024 CFC.
Page 21 of 56
Proposed Council timeline going forward includes:
- October 3, 2024 CFC (scheduled)
- November 12, 2024 Council work session (scheduled)
- January/February 2025 CFC (to be scheduled)
- May work session (to be scheduled)
- July work session (to be scheduled)
- July/August 2025 ballot referral (to be scheduled)
This schedule also anticipates public outreach and engagement starting in early 2025.
Potential Projects
The proposed project list to date is attached. The list represents project costs far over what the
quarter-cent tax would collect. Continued refinement on the list will include prioritization of
projects through Council direction and public input, identifying scalable projects, and cost
refinement. This list includes transportation-related projects and newly identified projects.
A few specific projects and details of note:
Following the last CFC meeting, staff took feedback to look at which funding sources and
which projects truly align in the parks and recreation area. Council also recently had a work
session specifically focused on the use of 2050 tax. Based on these discussions, the
Mulberry pool project remains in the 2026-35 capital sales tax list ($10M) with an
understanding that multiple funding sources will ultimately be needed.
Staff has continued to vet the potential use of a $10M Affordable Housing Fund as the seed
money for an on-going revolving loan fund. The overarching goal would be to create
sustainable affordable housing funding and provide an ability to go “narrow and deep” with
funding as opposed to “wide and shallow.” There are still many details to be determined and
based on work and conversations to date it seems feasible to:
- Issue a sales tax revenue bond against the $10M affordable housing fund dedication.
- Bond proceeds of approximately $7.5M would be available in year one to loan to an
affordable housing developer(s) at a favorable below-the-market interest rate.
- Developer would pay back loan creating money for future loans and projects.
Further discussions with Operation Services, Culture Services, and the Museum of
Discovery have potentially narrowed the scope of the downtown trolley building
improvements into two specific activities:
1. Identify and complete necessary improvements to make the downtown trolley building
“ready” and feasible for a yet to be determined use; and
2. Find temporary storage for the Museum artifacts to allow for downtown trolley barn
improvements and the inventory and auditing of the objects.
There is still work and refinement to be done on this project.
Page 22 of 56
Additional project list changes since July CFC:
o The following projects are no longer listed:
- Lincoln Center Kitchen Renovation
- Community Shared Commercial Kitchen
- LaPorte Avenue Re-design
o The following projects have been added
- Timberline Recycling Center Improvements
Naming
Having common nomenclature on tax measures can be beneficial during public outreach and
throughout the term of the tax when describing funding sources. Previous programs have
included:
Designing Tomorrow Today
Project RECAP
Choices 95
Building Community Choice
Building on Basics
And the current program: Community Capital Improvement Program (CCIP)
Considerations for the renewal are listed below.
Capital by Design
Capital Improvement Tax
Quarter Cent Capital
ATTACHMENTS
1. Draft 2026-2035 Capital Tax Project List
2. 2016-2025 CCIP Tax Project Map
Page 23 of 56
Headline Copy Goes Here
Travis Storin -Chief Financial Officer
Ginny Sawyer -Lead Policy and Project Manager
Joe Wimmer –Senior Financial Analyst
Capital Sales Tax ¼-cent
Renewal
Council Finance Committee
Oct 3, 2024
Page 24 of 56
Headline Copy Goes Here
EPIC, Natural Areas, & Choices 95Project RECAPDesigning Tomorrow Today
Capital Quarter-Cent History
2
1973-1980
•Lincoln Center
•Mulberry Pool
•Fire Station #4
•City Hall Building
•Main Library
•Parks Acquisition
•Sewer to Andersonville/Alta
Vista
•Street Improvements
1985-1997
•Choices 95
•Senior Center
•Eastside Neighborhood Park
•Southwest Community Park
Land Acquisition
•Indoor Pool Renovations
•Fire Station #10 Land
Acquisition
1984-1989
•Major Street Improvements
•Sidewalk Pedestrian Access
Ramps
•Indoor Pool Renovations
•Open Space and Trails
Acquisitions & Construction
•Bikeways on College, Timberline,
and Horsetooth
•PFA Equipment Replacement &
Land Acquisition
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Building on BasicsBuilding Community Choice
Capital Quarter-Cent History
3
1997-2005
•Police Building Land
•EPIC Second Ice Sheet
•Northside Aztlan Community
Center
•Pavement Management
Program
•Gardens on Spring Creek
•Fossil Creek Community Park
2016-2025
•Poudre River Whitewater Park
•Willow Street Improvements
•Carnegie Building Renovation
•Nature in the City Projects
•Lincoln Avenue Bridge
•Gardens on Spring Creek
Visitor's Center Expansion
•Affordable Housing Fund
2006-2015
•Fort Collins Museum of
Discovery
•Senior Center Expansion
•Bicycle Program Plan
Implementation
•North College Avenue
Improvements
•Pedestrian Plan and ADA
Improvements
CCIP
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4
Renewal Timeline
2024 Q1 2025 Q2-Q3 2025 Q4 2025
›On November ballot›Begin Public Outreach
and Engagement
›Refinement of all
projects and Programs
›To-be-scheduled:
›February CFC
›April Work
Session
›Start to finalize total
package
›Continue outreach
›Ballot Referral in late
July/early August
›To-be-scheduled:
›June Work
Session
›July regular
meeting
›Begin package
Development
›February Work
Session
›March CFC
›April Work Session
›July CFC
›October CFC
›November Work
Session
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5
Capital Tax – Lessons Learned
Helpful to…
-Advance projects from Master Plans that
have been informed by community input.
-Ensure items put forth represent community
desires and priorities across broad
geography, types of services, and personal
passions.
-Utilize community engagement to help
prioritize projects and programming.
Have learned to…
-Adjust for inflation and add on years of
operation and maintenance.
-Balance flexibility and specificity to ensure
voters get what the ballot promised while
allowing flexibility to take advantage of
unforeseen opportunities (grants, development,
etc.)
-Avoid singular projects that would absorb a
majority of the funding.
-Solidify a plan far enough in advance of referral
to ensure adequate budgeting analysis and
community awareness.
The last two measures passed with 80% voter approval
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6
Capital Tax – Successful Project Package
Asset Management & Master Plans
Council Priorities
Community Appeal
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8
Totals & Summary
¼ Cent Tax Revenue
•$11M annual revenue (2024)
•$110M total revenue 2026-2035
Proposed Projects
•$166M total project proposals to-date (2024)
Culture
7%
Parks &
Recreation
30%
Public Safety
1%
Transportation/
Active Modes
52%
Environment
4%
Housing
6%
Chart includes all proposed projects ($166M)
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Projects of Note
Mulberry Pool
o Remaining in package at $10M for capital tax share
o Recognize pool replacement will require multiple funding sources
Housing
o Continuing to explore revolving loan fund (RLF) specifics
o Stakeholders support $10M as RLF or as standard program
Downtown Trolley Building & Museum
o Building has been identified in the Downtown Masterplan as asset for community
centered use
o Currently houses object artifact collection and other storage
o Need both storage and renovation funding
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10
Projects In Progress
Dog Parks
o Highly rated in Recreation Masterplan
o Need to determine best funding/timing/and locations
Bike Park (Early Phase)
o Bike Park feasibility study to be completed in April/May 2025 timeframe
o $5M not likely to cover full cost
River Projects
o Looking at Lee Martinez and Legacy Park area to College
o Focus on bank stabilization and access for neighborhoods north of the river
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11
Additions and Removals
Additions:
Timberline Recycling Center Improvements
Removed:
Lincoln Center Kitchen
Shared Community Kitchen
LaPorte Avenue Redesign
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12
Capital Tax 2025-2026 Naming - Brainstorm
Capital By Design
Capital Improvement Tax
Quarter Cent Capital
Current:
Community Capital Improvement Program
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Headline Copy Goes HereNext Steps
13
•November 12 Work Session
•Continue to refine projects
and programs including:
•Identifying scalability and
impacts
•Determine final
recommended streetscape
projects
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14
What questions do committee members have
regarding current proposed projects and/or
timeline?
01
Are there projects the committee recommends
to remove or add?02
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1
Draft 2026-2035 ¼-cent Capital Tax Project List
Council Finance Committee
October 3rd, 2024
Arterial Intersection Improvement Program: $10M
Vision Zero Plan
This program provides an annual fund for improvements to arterial intersections with safety
improvements for all travel modes. This funding has allowed City staff to provide needed
design, local match for grants, and construction funding, for previous major arterial intersection
improvements. From the 10-year Transportation Capital Improvement Program (TCIP), notable
planned projects include:
- Shields and Prospect Intersection Improvements
- Shields and Horsetooth Intersection Improvements
- Drake and Lemay Intersection Improvements
- College and Drake Intersection Improvements
Bicycle Infrastructure and Overpass/Underpass Program: $20M
Active Modes Plan
This program provides an annual fund to construct bicycle infrastructure as recommended in
the Active Modes Plan (AMP). This includes linear facility improvements such as buffered and
separated bike lanes as well as spot treatments or crossing improvements such as bike/ped
signals and protected intersections. Projects have been prioritized using the outcomes-based
evaluation measures of network connectivity, access to transit, safety and comfort, and health
and equity, with an emphasis on Safe Routes to Schools. This fund will combine the previous
CCIP Bicycle Infrastructure Improvements and CCIP Bike/Ped Grade Separated Crossing
Funds so will also fund pedestrian underpass projects that align with the AMP and the Strategic
Trails Master Plan, as well as aligns with our Vision Zero action plan.
Pedestrian Sidewalk Program: $16M
Active Modes Plan
This program provides an annual fund for construction of missing and ADA deficient sidewalks
to complete the build out of the City network as well as pedestrian crossing improvements
recommended in the Active Modes Plan. This funding provides approximately 1.5 to 2 miles of
new sidewalk per year. Priority is given to areas near schools to advance the Safe Routes to
School Program, as well as along arterial roads. Fund can also provide for local grant match.
Willow Street Streetscape (Linden to Lincoln): $5.2M
This project would create a better urban design corridor along Willow Street from Linden to
Lincoln extending the previous work done on Willow Street west of Linden. The project
assumes two travel lanes, two parking lanes, two bike lanes with 3-foot buffers and two 8-foot
wide sidewalks and could be well timed to leverage with redevelopment in the area.
Jefferson Street (College to Linden): $6.8M
Creating a corridor similar to the recently completed Linden Street project on Jefferson from
College Ave to Linden Street. Two drive lanes with a two-way center left turn lane through the
corridor. The sidewalks would be improved to be 22' wide similar to Linden Street.
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Jefferson Street (Linden to Mountain): $7.3M
Creating a corridor similar to the recently completed Linden Street project on Jefferson from
College Ave to Linden Street. Two drive lanes with a two-way center left turn lane through the
corridor. The sidewalks would be improved to be 22' wide similar to Linden Street.
Transfort Bus Stop Upgrades and Bus Replacement: $6M
Transfort has utilized dedicated funding from this program to improve over 80 bus stops and to
leverage grant funding that will allow improvements at more than 100 additional stops and
shelters. Improvements include ensuring ADA accessibility and amenities such as benches
and trash cans. To date, 220 stops have seen ADA upgrades as a result of CCIP funding.
Transfort also leverages program dollars for bus replacement. In the next 10 years, 30 buses
reach the end of their useful life including eight (8) 60FT articulated MAX buses. Replacing
buses at the end of their useful life is pivotal to maintaining the fleet in a state of good repair,
minimizing mechanical breakdowns and maximizing on time route performance, while also
leading to lower lifetime maintenance costs.
Transfort Maintenance Facility: $16M
This funding request would be leveraged with federal grant dollars at a match rate of 80%
federal funds and 20% local match and would be used toward the design and expansion of the
existing facility, and/or design and construction of a new facility. The vision for an expanded or
new facility includes sufficient office space, training facilities, maintenance bays, and bus
parking facilities to house the additional buses needed for expanded service. A new facility
includes the potential for mixed use commercial space, and a new publicly accessible transit
station. Current estimate for a new facility is approximately $80M.
Nature in the City (NIC): $1.5M
NIC projects provide opportunities for people to interact with and become stewards of their
surrounding environment. These projects increase wildlife values by creating stronger
connectivity between larger patches of urban habitat, such as natural areas and City parks. By
funding both internal City efforts and public/private partnerships, the community integrates
diverse, native landscapes from the center of Fort Collins to the edges of the Growth
Management Area.
Housing Fund: $10M
Staff is researching potential new use of housing fund dollars including bonding against the
amount to create a revolving loan fund. We have also confirmed with local housing providers
that any amount of gap funding is a value.
Lee Martinez Farm Renovation and Facility Expansion: $2.6M
This project funds enhancements at the Farm at Lee Martinez Park by expanding inclusive
outdoor recreation opportunities including a shelter space and additional education features.
Mulberry Pool Replacement and Expansion: $10M
Mulberry Pool will reach end of life in the next 10-years. This funding will help with a future
replacement. Currently, Mulberry is the only pool in Fort Collins that provides a small year-
round leisure pool that serves families. Mulberry also provides lap lanes for both the
community, Poudre School District swim teams and club teams along with swim lessons for
swimmers of all abilities. A new modern facility would better serve the growing needs of Fort
Collins.
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3
Pickleball Complex: $4M
This funding will be utilized and leveraged to provide additional pickleball courts. A pickleball
complex feasibility study is underway to determine if an existing community park site can offer
additional courts to close the gap in the short-term while waiting for future community parks to
be built. Building a new 12-court complex would cost approximately $4M.
Strategic Trails Implementation: $10M
The Strategic Trail Plan will be completed in 2024 and early 2025. Additional annual funding
will support the current Conservation Trust funding and expedite project delivery as developed
by the plan.
Dog Parks: $2.5M
Funding would implement two new dog parks and improve existing dog parks. There is a
current deficit in the central west and central east sections of town. The 2021 Parks &
Recreation Master Plan calls for four additional dog parks by 2040.
Bike Park (Early Phase): $5M
This funding would be used to implement first phase of a bike park based on feedback
gathered in a future bike park feasibility study.
Children’s Garden and Infrastructure Upgrades: $5.5M
This funding would allow for a major update of the Children's Garden which was the first garden
to open to the public 20 years ago. The full scope of the Children's Garden construction project
includes the garden itself, entry and access modifications for families and school groups, event
support infrastructure, drainage issues, art elements, and interpretive signage.
Police Renovation for Mental Health Response Team: $450K
The current detention area is underutilized due to regulatory restrictions and with renovation
could provide much needed office and meeting space for the Mental Health Response Team.
Downtown Trolley Building Renovation $6.8M
This funding would be utilized to stabilize the historic downtown trolley building. This building
currently houses the Museum object artifacts and other miscellaneous storage. Stabilizing the
building for future use is a first step towards maintaining and opening the space for greater
public use. Funding in this offer includes temporary storage of the artifacts. In 2017, the
Downtown Master Plan identified the historic Downtown Trolley Building as high potential for a
community-centered use.
Downtown River Projects – Legacy Park to River’s Edge Natural Area: $8M
Improvements to the downtown reaches of The Cache la Poudre River – the sections from
Shields Street to Mulberry ‐were planned in the 2014 Downtown River Plan. This funding is
proposed to improve access to the Poudre River for neighborhoods north of the river. Improved
connectivity could include Salyer Natural Area, Legacy Park, and River’s Edge Natural Area.
Construction Waste Diversion Equipment Replacement: $2.2M
Five pieces of heavy machinery are included in this offer. The Crushing and Recycling Facility
is a significant contributor to waste diversion and provides recycled materials to the public. In
2023, this facility processed approximately 138,000 tons of concrete and asphalt for reuse and
diverting this material from the landfill.
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4
Timberline Recycle Center (TRC): $2.2M
CCIP funding is also requested to implement identified site improvements to make the TRC
more accessible to all, to improve safety for visitors and staff, and to meet the increased
demand for recycling services in our community. Elements included in this project:
• ADA accessibility through ramps and walkways as well as decreased distance from bins
to vehicles.
• Expanded access to recycling bins to meet the increasing number of customers and
amount of material recycled at the site.
Downtown Parks Shop: $7.9M
This funding allows for early work towards implementing the Civic Center Master plan. The
current downtown Parks Shop site is located in a refurbished commercial warehouse which is
near the end of its useful life and will be displaced as part of the Civic Center Master Plan. A
new facility in the downtown area will house not only the local support staff but also the
crews which support the horticultural areas around our facilities and throughout the public areas
and trail systems. Two districts will work out of this facility providing efficient operations in a
timely manner to the public.
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CCIP-FUNDED CAPITAL PROJECTS ACROSS FORT COLLINS
2016-2025
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Timberline and Mail Creek Ditch underpass
Vine and Lemay underpass
Siphon overpass (construction in 2024)
Harmony and Power Trail underpass (construction in 2025)
BIKE/PED GRADE-SEPARATED CROSSINGS:
CAPITAL PROJECTS:
Carnegie Building Renovation
Club Tico Renovation
Downtown Poudre River Enhancements Whitewater Park
Gardens on Spring Creek Visitors Center
Lincoln Avenue Bridge
Lincoln Center Upgrades
Linden Street Renovation
Lee Martinez Park Improvements
Southeast Community Center
Willow Street Improvements
Growth Management Area
Columbia & Lemay bike/ped crossing (half signal)
Elizabeth & Ponderosa bike/ped crossing (rectangular rapid flashing beacons)
Magnolia & Shields bike/ped crossing (half signal)
City Park & Mulberry intersection (full signal and two-way raised separated bike lanes)
Laporte Ave. raised separated bike lanes (Fishback to Sunset)
BICYCLE INFRASTRUCTURE IMPROVEMENTS:
PEDESTRIAN PROGRAM IMPROVEMENTS:
Drake Road – Harvard to Stover (north and south sides)
Prospect Road – Remington to Stover (north and south sides)
Prospect Road – Taft Hill to Overland (north side; with final gap to be completed in 2024)
Harmony Road – various north and south gaps between College and Strauss Cabin
College and Prospect
College and Horsetooth
College and Trilby
ARTERIAL INTERSECTION IMPROVEMENTS:
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COUNCIL FINANCE COMMITTEE
AGENDA ITEM SUMMARY
Staff: Monica Martinez
Date: October 3rd, 2024
SUBJECT FOR DISCUSSION
Transfort Supplemental Appropriation
EXECUTIVE SUMMARY
This supplemental appropriation request addresses a clean-up of grant budget projections to align
with confirmed award amounts as well as an anticipated need for additional budget in order to
continue current Transfort service levels through year end.
GENERAL DIRECTION SOUGHT AND SPECIFIC QUESTIONS TO BE ANSWERED
• Does Council Finance Committee support an off-cycle appropriation of federal grant
revenue?
BACKGROUND/DISCUSSION
Yearly Transfort Reconciliation Process
The BFO cycle requires that revenue be projected up to three years in advance of actual receipt
of revenue. For Transfort, this means that yearly FTA grants such as the main 5307 operational
grant and the paratransit 5310 grant, are projected using estimates based on prior year amounts,
anticipated trends, or anticipated changes to the federal funding bill. Confirmed award amounts
for each grant then typically become available in the spring of the award year. Due to this timing,
Transfort will require a yearly reconciliation process that appropriates confirmed award amounts
for grants used to reimburse that City fiscal year’s expenses. This supplemental appropriation
will update award amounts for 5307 and 5310 grant amounts. Notably, the amount to be
appropriated for the FTA’s FY23 5307 represents the entirety of the grant. This grant had
previously been anticipated for use during the 2025/2026 BFO cycle but will now be used for the
2024 City fiscal year. This places Transfort on a healthy reimbursement track wherein one 5307
operational grant is used per year and that FTA grant year is lagged one year behind the City
fiscal year requesting reimbursement.
Transfort Budget Update
Transfort’s 2024 operational budget is currently appropriated to $22.3M. This includes the
$1.2M in 2050 Tax that was approved during the 2024 Mini-BFO process. At this time, it is
anticipated that to end the year at current service levels Transfort will need an additional
appropriation of $1.3M. This additional appropriation will be funded by approximately $900k in
grant revenue that is available due to award amounts increasing significantly since initial budget
estimates. The remaining $400k will be funded by unanticipated grant revenue from prior year
reimbursements. The main drivers in expense increases are listed below:
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1) $250k: 2023 hourly bus operator conversions and the addition of a transit supervisor
position. These increases were made once staff identified the availability of grant funding
in both 2023 and 2024 due to low budget projections.
2) $350k: increases to vehicle repair services costs including and $85k repair on a bus
damaged three years ago
3) $200k: snow removal costs due to the loss of the advertising contract
4) $400k: bus-stop-to-bus-stop due to continued discontinued service on routes 11 and 12
5) $100k: contingency
It is anticipated that the 2050 tax portion of Transfort’s budget will see savings of approximately
$.6M. This is because the appropriated budgets represented a full year of expense while the
necessary updates to salaries were not effective until July of 2024. As the mini-BFO offers
outlined specific costs intended for the 2050 tax, staff intends for unused funds to drop back into
2050 reserves instead of allowing them to fund other Transfort operational expenses.
ATTACHMENTS
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PDT FP&A Manager
Monica Martinez
Transfort
Supplemental
Appropriation
09/15/2024
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2
Direction Sought
Does Council Finance Committee support the off-cycle supplemental
appropriation of Transfort grant revenue?
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3
Transfort’s 2024 Budget
This
supplemental
appropriation
will
Appropriate FTA FY23 5307 grant revenue
Increase Transfort’s 2024 operational budget by ~$1.3M
Appropriate updated award amounts for discretionary FTA grants
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4
Yearly FTA Grant Alignment – Updated Process
•BFO: projects grant revenue amounts out by two years
City
•Spring of the award year releases final award amounts
FTA •Appropriates final award amount the year the grant is used
City
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5
Transfort’s 2024 Budget
Revised Forecast
FY22 5307 Operational
•Used for 2023 expenses
FY21 ARPA 5307
•Used for 2022 Expenses
FY24 5307 Paratransit Capital
•2025 Expenses
FY23 5307 Operational
•2025 Operational Expenses
FY22 5307 Operational
•$3.1M
FY21 ARPA 5307
•$9k
FY24 5307 Paratransit Capital
•$400k
Original Budget
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Transfort 2024 Operational Expenses
Expense Type Projected Overage
2023 Hourly Operator Conversions & TS Addition*$250k
Vehicle Repair Svcs $350k
Snow Removal $200k
Bus stop to bus stop $400k
Contingency $100k
*In 2023 staff identified that grant revenue had been under-projected for 2023 & 2024. A portion of
the resulting available funds was then used to support critical changes to Transfort’s operational
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7
Transfort Finance System
FTA Operational Grants – City Fiscal Year 2024
Updated Available Grant Amount: $4,432,091
Current Appropriated Grant Budget Amount: $3,513,723
Additional Available Grant Amount:$909,368
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Supplemental Appropriation Funding
Total Supplemental Appropriation Request: $1.3M
•$909k from under-projected grant fund amounts
•$400k from unanticipated grant revenue (reserves, prior year grant revenue)
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9
Transfort’s 2024 Budget
This
supplemental
appropriation
will
Appropriate all FTA FY23 5307
Increase Transfort’s 2024 operational budget by ~$1.3M
Appropriate updated award amounts for discretionary FTA grants
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10
Direction Sought
Does Council Finance Committee support the off-cycle supplemental
appropriation of Transfort grant revenue?
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