HomeMy WebLinkAbout074 - 07/15/2008 - APPROPRIATING PRIOR YEAR RESERVES IN THE LIGHT AND POWER FUND FOR CAPITAL EXPANSION AT THE PORTNER S ORDINANCE NO. 074, 2008
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE
LIGHT AND POWER FUND FOR CAPITAL
EXPANSION AT THE PORTNER SUBSTATION AND
CAPITAL ADDITIONS TO THE TIMBERLINE SUBSTATION
WHEREAS, the staff of the Light and Power Utility has identified a need to build a
substation at Portner Road and Trilby Road as part of the 1984 Master Plan Study; and
WHEREAS, due to anticipated long range growth in the area and the annexation of the
Southwest Enclave, the Portner Substation is planned for construction in 2008; and
WHEREAS, City staff budgeted the cost of two transformers and associated equipment for
the Portner Substation at$3.9 million,but unusual increases in copper and core steel costs resulted
in a bid that was $1,072,918 more than the amount budgeted; and
WHEREAS,new load additions are also anticipated in the area of the Timberline Substation
located near Timberline and Prospect Roads which necessitate the purchase and installation of two
additional transformers at an estimated cost of$2,944,686; and
WHEREAS, staff anticipates beginning construction of the capital additions to the
Timberline Substation in 2010 but has decided that, due to the escalating cost of transformers, the
transformers for the 2010 addition should be purchased this year and stored at the Timberline
Substation site until needed; and
WHEREAS,there are adequate prior year reserves in the Light and Power Fund to cover the
total appropriation for both substations of$4,017,604; 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.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from the Light and Power Fund Reserves
the sum of FOUR MILLION SEVENTEEN THOUSAND SIX HUNDRED FOUR DOLLARS
($4,017,604) for the purchase and installation of Portner and Timberline Substation equipment.
Introduced,considered favorably on first reading, r ered published this I st da of July,
A.D. 2008, and to be presented for final passage on t hday o uly, 2008.
at
Mayo
ATTEST:
City Clerk
Passed and adopted on final reading this4daJu A.D. 2008. ��/
ATTEST:
City Clerk