HomeMy WebLinkAbout062 - 06/07/2011 - APPROPRIATING PRIOR YEAR RESERVES IN THE CAPITAL PROJECTS FUND FOR THE BUILDING ON BASICS LINCOLN CE J
ORDINANCE NO. 062, 2011
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE CAPITAL PROJECTS FUND
FOR THE BUILDING ON BASICS LINCOLN CENTER RENOVATION PROJECT
WHEREAS,on November 1,2005,Fort Collins voters passed a ballot measure establishing
a one-quarter cent sales tax to fund the capital projects in the "Building on Basics" ("BOB")
program, which program includes the Lincoln Center Renovation Project(the "Project"); and
WHEREAS, the total cost of the Project was estimated to be $7.3 million and construction
began in July 2010; and
WHEREAS, during construction of the Project, an unanticipated structural issue was
uncovered in the performance hall walls and it was determined that structural reinforcement would
be necessary; and
WHEREAS,the original estimate for the additional structural improvements was$460,000
and the City Council previously appropriated that amount; and
WHEREAS,as the work progressed,some additional issues were discovered in the walls and
it has been determined that an additional $135,000 is needed to complete the structural
improvements; and
WHEREAS, City staff recommends that the City Council appropriate $135,000 from
reserves in the Capital Projects Fund,Building Community Choices residual balance for the Project;
and I
WHEREAS,Article V,Section 9 of the City Charter 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, City staff has determined that the appropriation of the revenue as described
herein will not cause the total amount appropriated in the Capital Projects Fund to exceed the current
estimate of actual and anticipated revenues to be received in that fund during any fiscal year.
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 Capital
Projects Fund Building Community Choices reserve the sum of ONE HUNDRED THIRTY-FIVE
THOUSAND DOLLARS ($135,000) for the Project.
Introduced, considered favorably on first reading, and ordered published this 17th day of
May, A.D. 2011, and to be presented for final passage on the 7th day of June, A.D. 2011.
OF
or
ATTEST:
c°<oRAr,a
City Clerk
Passed and adopted on final reading on the 7th day of June, A.D. 2011.
M14or
ATTEST: �FORT CO•
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,lam
SEAL
City Clerk
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