HomeMy WebLinkAbout006 - 02/06/2024 - AUTHORIZING TRANSFERS AND APPROPRIATING RELATED FUNDS FOR THE OAK STREET STORMWATER IMPROVEMENTS PROORDINANCE NO.006,2024
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING TRANSFERS AND APPROPRIATING
RELATED FUNDS FOR THE OAK STREET
STORMWATER IMPROVEMENTS PROJECT
A.On October 3,2023,the Stormwater Utility Enterprise Board adopted
Ordinance No.11,2023 authorizing the issuance of bonds in the Stormwater Fund for the
construction of the Oak Street Stormwater Improvements Project (the “Project”).
B.The Project is a priority project among several the City has developed as
part of the Downtown Stom~water Improvement Program,which is a basin-wide
evaluation of existing stormwater systems and the development of a comprehensive
strategy to mitigate flood risk and damages in the Old Town Basin.
C.The City closed on the bonds on October31,2023,and the gross proceeds
of approximately $40.4 million have been deposited in the Stormwater Fund.
D.This requested appropriation of $39,962,815 will allow the City to pay the
costs of construction of the Project,including but not limited to the construction contract
price,construction support (resident engineering,construction management,permitting,
and internal support),a contingency amount,and costs for the City’s Art in Public Places
program.
E.This appropriation benefits the public health,safety and welfare of the
residents and Stormwater Utility ratepayers of Fort Collins and serves the public purpose
of the City paying the necessary expenses to construct the Project,which will mitigate
flood risk and damages in the Old Town Basin.
F.Article V,Section 9 of the City Charter permits the City Council,upon the
recommendation of the City Manager,to make supplemental appropriations by ordinance
at any time during the fiscal year such funds for expenditure as may be available from
reserves accumulated in prior years,notwithstanding that such reserves were not
previously appropriated.
G.The City Manager has recommended the appropriation described herein
and determined that this appropriation is available and previously unappropriated the
Stormwater Fund and will not cause the total amount appropriated in the Stormwater
Fund,as applicable,to exceed the current estimate of actual and anticipated revenues
and all other funds to be received in these funds during this fiscal year.
H.This Project involves construction estimated to cost more than $250,000
and,as such,City Code Section 23-304 requires a portion of these appropriations to be
transferred to the Cultural Services and Facilities Fund for a contribution to the Art in
Public Places program (“APP Program”).
Contributions to the APP Program by each City utility for art projects is kept
and spent in such utihty’s own fund,and the utility contributes its share of the APP
Program’s costs for maintenance,administration,repair,and display to the Cultural
Services and Facilities Fund as provided in City Code Section 23-303(c).
J.In accordance with Article V,Section 10 of the City Charter,the
appropriation for the Oak Street Stormwater Improvement Project from the Stormwater
Fund and thetransferofa portion of those unexpended and unencumbered appropriated
funds to the APP Program as provided in City Code Section 23-304(c)will be used for
Stormwater Fund purposes and improvements in connection with the Project that provide
a betterment to the Utility.
K.A portion of the funds appropriated in this Ordinance for the Project are
ineligible for use in the APP Program due to restrictions placed on them by 0.5%
Contribution Cap based on the year’s revenue in the Stormwater Fund.
L.The amount to be contributed in this Ordinance to the APP Program will be
$47,800 with $10,516 to be transferred to the Cultural Services and Facilities Fund.
M.Article V,Section 11 of the City Charter authorizes the City Council to
designate in the ordinance when appropriating funds for a capital project,that such
appropriation shall not lapse at the end of the fiscal year in which the appropriation is
made but continue until the completion of the project.
N.The City Council wishes to designate the appropriation herein for the Oak
Street Stormwater Improvement Project as an appropriation that shall not lapse until the
completion of the project.
In light of the foregoing recitals,which the Council hereby makes and adopts as
determinations and findings,BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS as follows:
Section 1.There is hereby appropriated from new revenue or other funds in the
Stormwater Fund the sum of THIRTY-NINE MILLION NINE HUNDRED SIXTY-TWO
THOUSAND EIGHT HUNDRED FIFTEEN DOLLARS ($39,962,815)to be expended in
the Stormwater Fund for the Oak Street Stormwater Improvements Project.
Section 2.The unexpended and unencumbered appropriated amount of NINE
THOUSAND FIVE HUNDRED SIXTY DOLLARS ($9,560)in the Stormwater Fund is
hereby authorized for transfer to the Cultural Services and Facilities Fund and
appropriated and expended therein for the operation costs of the APP Program.
Section 3.The unexpended and unencumbered appropriated amount of NINE
HUNDRED FIFTY-SIX DOLLARS ($956)in the Stormwater Fund is hereby authorized
for transfer to the Cultural Services and Facilities Fund and appropriated and expended
therein for the maintenance costs of the APP Program.
Section 4.The appropriation herein for the replacement of the Oak Street
Stormwater Improvements Project is hereby designated,as authorized in Article V,
Section 11 of the City Charter,as an appropriation that shall not lapse at the end of this
fiscal year but continue until the completion of the project.
Introduced,considered favorably on first reading on January 16,2024,and
approved on second reading for final passage on February 6,2024.
__Cr
Effective Date:February 16,2024
Approving Attorney:Ryan Malarky
ATTEST:
I
-I—&
Interim City Clerk