HomeMy WebLinkAbout084 - 07/16/2019 - APPROPRIATING UNANTICIPATED GRANT REVENUES FROM BLOOMBERG , PHILANTHROPIES AND AUTHORIZING TRANSFERSORDINANCE NO. 084, 2019
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED GRANT REVENUES FROM BLOOMBERG
PHILANTHROPIES AND AUTHORIZING TRANSFERS OF APPROPRIATIONS IN THE
LIGHT AND POWER FUND FOR RESIDENTIAL EFFICIENCY PROJECT LOANS
WHEREAS, under Ordinance No. 033, 2012, the City established a Home Efficiency
Loan Program, also known as On-Bi11 Utility Financing (OBF), which enabled Fort Collins
Utilities to offer financing and on-bill servicing of customer loans for energy efficiency, water
efficiency and renewable energy upgrade projects; and
WHEREAS, during 2013 through 2016, OBF provided low-cost financing for energy
efficiency, solar photovoltaic, and water conservation improvements, in support of Utilities'
efficiency and conservation efforts, and policy goals from Plan Fort Collins, the Climate Action
Plan and the Energy Policy and Water Conservation Plan;and
WHEREAS, in early 2017, outstanding OBF loan balances reached the $1.6M limit set
by City Council in Ordinance No. 035, 2016, and the City began looking to third-party capital to
fund the program; and
WHEREAS, in February 2018, the City was selected as a Champion City as part of the
2018 Bloomberg Philanthropies U.S. Mayors Challenge competition; and
WHEREAS,in conjunction with selection as a Champion City,Bloomberg Philanthropies
awarded the City a $1M grant over three years to further develop a program to improve energy
efficiency of low-to moderate-income rental households, and
WHEREAS, on March 3, 2019, the City Manager executed a grant agreement on behalf
of the City with Bloomberg Philanthropies, in acceptance of the grant award; and
WHEREAS, on March 19, 2019, City Council adopted Ordinance No. 046, 2019,
appropriating the first tranche of the Bloomberg grant award in the amount of$100,000, directing
the funds be used for enhanced OBF loan program capital for residential energy efficiency and
renewable energy upgrades, to be administered as the"EPIC Loan Program"; and
WHEREAS, the City recently received the second tranche of the Bloomberg grant award
in the amount of$682,000, which is available for appropriation from the Fort Collins Utilities'
Light and Power Fund to support the EPIC Loan Program; and
WHEREAS,EPIC Program loans incentivize rental and owner-occupied property owners
to invest in energy-efficient improvements,advancing public benefits to health, safety and welfare
by supporting the City's progress toward 2030 community energy and climate objectives;,,and
WHEREAS, City staff and the City Manager recommend appropriating $193,650 from
the second tranche of Bloomberg Philanthropies grant award funds to increase participation by
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low- and moderate-income households in the EPIC Program, including transferring $14;520 of
appropriated funds to the Economic Health Office for EPIC Program loan management; and
WHEREAS, staff and the City Manager will bring recommendations for appropriating the
remaining $488,350 of the second tranche with other third-party capital in a separate ordinance at
a later date; and
WHEREAS, City Council determines it is desirable to continue enhancement of program
incentives and financing options for EPIC/OBF loans and to provide flexibility in the
administration of loans for rental and owner-occupied properties, in furtherance of conservation
benefits available to ratepayers through City Utility energy efficiency and renewable energy
upgrade programs; and
WHEREAS,City Council further deternnes improving motivations and financing options
for EPIC/OBF loans for rental and owner-occupied properties will benefit utility rate payers by
incenfivizing conservation energy efficiency and renewable energy upgrades in an additional
segment of local housing stock, reducing overall utility consumption across rate classes, as
required by Article XII, Section 6, of the City Charter; 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, the City Manager has confirmed the appropriation of the Bloomberg
Philanthropies grant award as described herein will not cause the total amount appropriated in the
Light and Power Fund to exceed the current estimate of actual and anticipated revenues to be
received in that fund during the fiscal year; and
WHEREAS, the City Manager has confirmed that the appropriation of the Bloomberg
Philanthropies grant award 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; and
WHEREAS, Article V, Section 10, of the City Charter authorizes the City Council to
transfer by ordinance any unexpended and unencumbered appropriated amount or portion thereof
from one fund or capital project to another fund or capital projects provided that the purpose for
which the transferred funds are to be expended remains unchanged; the purpose for which the
funds were initially appropriated no longer exists;or the proposed transfer is from a fund or capital
project in which the amount appropriated exceeds the amount needed to accomplish the purpose
specified in the appropriation ordinance.
NOW,THEREFORE,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
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Section 1. That the City Council hereby makes and adopts the determinations and
findings contained in the recitals set forth above.
Section 2. That there is Hereby appropriated from unanticipated grant revenue received
from Bloomberg Philanthropies in the Light and Power Fund the sum of ONE HUNDRED
NINETY-THREE THOUSAND SIX HUNDRED FIFTY DOLLARS ($193,650) for expenditure
in the Light and Power Fund for the EPIC residential efficiency project loan program.
Section 3. That the unexpended appropriated amount of FOURTEEN THOUSAND
FIVE HUNDRED TWENTY DOLLARS ($14,520) in the Light & Power Fund is authorized for
transfer to the General Fund and appropriated therein for the Economic Health Office for project
management of the EPIC residential efficiency project loan program.
Section 4. That the remaining sum of FOUR HUNDRED EIGHTY-EIGHT
THOUSAND THREE HUNDRED FIFTY DOLLARS ($488,350)of unanticipated grant revenue
received from Bloomberg.Philanthropies shall be held in the Light and Power Fund for subsequent
appropriation for the EPIC residential efficiency project loan program.
Introduced, considered favorably on first reading, and ordered published this 2nd day of
July, A.D. 2019, and to be presented for final passage on the 16th da of July, A.D. 2019.
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ATTEST:
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Passed and adopted on final.reading on the 16th day of July, A.D. 2019.
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ATTEST:
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