HomeMy WebLinkAbout057 - 04/21/1998 - APPROPRIATING PRIOR YEAR RESERVES IN THE TRANSPORTATION SERVICES FUND TO BE USED FOR THE TRAFFIC SIG ORDINANCE NO. 57, 1998
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE
TRANSPORTATION SERVICES FUND TO BE USED
FOR THE TRAFFIC SIGNAL TIMING PROJECT
WHEREAS, in 1992, voters of the State of Colorado approved an amendment to the State
Constitution which imposed growth limits on the rate at which City revenues and expenditures may
increase; and
WHEREAS, said amendment, enacted as Article X, Section 20 of the State Constitution,
went into effect on January 1, 1993; and
WHEREAS, since approval of Article X, Section 20, City revenues have exceeded the
growth limits imposed in 1994, 1995, and 1996; and
WHEREAS, Subsection 7(d) of Article X, Section 20 requires that any revenue collected in
excess of the growth limit imposed by that Section be refunded in the next fiscal year unless voters
approve a revenue change as an offset; and
WHEREAS, in 1995, the City refunded $12,871 resulting from excess 1994 revenue over
the constitutional growth limit, by crediting customer's utility accounts; and
WHEREAS, in November 1996, City voters approved a ballot measure allowing the City to
retain revenues collected in 1995 that exceeded the constitutional growth limit, totaling $764,000,
to be used for transportation services, including constructing and repairing streets, removing snow
and de-icing streets, and constructing sidewalks to promote pedestrian safety; and
WHEREAS,the City's 1996 revenues exceeded the constitutional growth limit by$952,295;
and
WHEREAS, in November 1997, City voters approved a ballot measure allowing the City to
retain revenues in 1996 and in subsequent year, that exceed the constitutional growth limit (the
"Retained Revenues"), provided that any such revenue be used for public health and safety
(including, but not limited to, environmental monitoring and mitigation), growth management,
transportation services, and maintenance and repair of public facilities; and
WHEREAS, City staff has developed a list of projects and uses for the 1996 revenue that
exceeded the growth limit; and
WHEREAS, on April 7, 1998, City Council passed Resolution 98-60 approving the
aforementioned projects and uses to be funded from revenues exceeding the 1996 growth limits
imposed by Article X, Section 20 of the State Constitution; and
WHEREAS, portions of the 1996 Retained Revenues were either held in reserve fund
balances at the end of 1996 or appropriated for expenditure as part of the 1998 and 1999 Biennial
Budget; and
WHEREAS, staff is recommending that $60,000 of the Retained Revenues in the
Transportation Services Fund be used for the proposed traffic signal timing project; and
WHEREAS, said funds are available in the Transportation Services Fund prior year reserves;
and
WHEREAS, Article V, Section 9, of the Charter of the City of Fort Collins permits the City
Council to appropriate 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; and
WHEREAS, it is the desire of the City Council to appropriate $60,000 from prior year
reserves in the Transportation Services Fund to be used for the traffic signal timing project.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from prior year reserves in the
Transportation Services Fund the sum of SIXTY THOUSAND DOLLARS ($60,000)to be used for
the traffic signal timing project.
Introduced and considered favorably on first reading and ordered published this 7th day of
April, A.D. 1998, and to be presented for final passage on the 21 )f April, P98.
f.
or
ATTEST:
City Clerk
Passed and adopted on final reading this 21st day of Ap ' , A.D.., 998.
f �
ayor
ATTEST-
City Clerk