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HomeMy WebLinkAbout073 - 07/05/2022 - MAKING SUPPLEMENTAL APPROPRIATIONS FROM ANTICIPATED LEASE FINANCING PROCEEDS AND PRIOR YEAR RESERVESORDINANCE NO. 073, 2022 OF THE COUNCIL OF THE CITY OF FORT COLLINS MAKING SUPPLEMENTAL APPROPRIATIONS FROM ANTICIPATED LEASE FINANCING PROCEEDS AND PRIOR YEAR RESERVES IN THE EQUIPMENT FUND AND AUTHORIZING TRANSFERS FROM THE EQUIPMENT FUND FOR THE FLEET SHOP EXPANSION PROJECT AND RELATED ART IN PUBLIC PLACES WHEREAS, on June 7, 2022, the City Council adopted Ordinance No. 062, 2022, to authorize and approve the issuance of certificates of participation in a lease -lease back transaction for the funding of certain City capital projects ("2022 COPS"); and WHEREAS, one of the City capital projects designated to be funded with some of the proceeds from the 2022 COPS is the construction of two garage bays to maintain the City's fleet vehicles that use compressed natural gas (the "Project"); and WHEREAS, the purpose of these appropriations and transfers of funds is to authorize the use of a portion of the proceeds the City will be receiving from the issuance of the 2022 COPS to fund the Project, as well as prior year reserves in the Equipment Fund, to fund the Project and the related expenditures under the City's Art in Public Places program ("APP Program"); and WHEREAS, these appropriations and transfers benefit the public health, safety and welfare of the citizens of Fort Collins and serve the public purpose of funding the Project and providing public art under the APP Program; and WHEREAS, since this Project involves construction estimated to cost more than $250,000, Section 23-304 of the City Code requires one percent of these qualified appropriations to be transferred to the Cultural Services and Facilities Fund for use in the APP Program; and WI IEREAS, the total project cost of $4,618,746 includes a prior appropriation of $431,000 completed in the City's 2022 annual appropriation and the total project cost, excluding the closing costs of $106,746, has been used to calculate a $45,120 contribution to the APP Program; and WHEREAS, Article V, Section 9 of the City Charter permits the City Council, upon recommendation of the City Manager, to make a supplemental appropriation by ordinance at any time during the fiscal year, provided that the total amount of such supplemental appropriation, in combination with all previous appropriations for that fiscal year, do not exceed the current estimate of actual and anticipated revenues and all other funds to be received during the fiscal year; and WHEREAS, the Interim City Manager has recommended the appropriation from the anticipated proceeds of the issuance of the 2022 COPs described herein and determined that this appropriation is available and previously unappropriated from the Equipment Fund and will not cause the total amount appropriated in the Equipment Fund to exceed the current estimate of actual and anticipated revenues and all other funds to be received in this Fund during this fiscal year; and WHEREAS, 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; and WHEREAS, the Interim City Manager has recommended the appropriation from prior year reserves in the Equipment Fund described herein and determined that this appropriation is available and previously unappropriated from the Equipment Fund and will not cause the total amount appropriated in the Equipment Fund to exceed the current estimate of actual and anticipated revenues and all other funds to be received in this Fund during this fiscal year; and WHEREAS, Article V, Section 10 of the City Charter authorizes the City Council, upon recommendation by the City Manager, to transfer by ordinance any unexpended and unencumbered appropriated amount or portion thereof from one fund or capital project to another fund or capital project, 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; and WHEREAS, the Interim City Manager has recommended the transfer of $45,120 from the Equipment Fund to the Cultural Service & Facilities Fund and determined that the purpose for which the transferred funds are to be expended remains unchanged; and WHEREAS, 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 capital project; and WHEREAS, the City Council wishes to designate the appropriation herein for the Project as an appropriation that shall not lapse until the completion of the Project. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: 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 new revenue or prior year reserves in the Equipment Fund the sum of FOUR MILLION ONE HUNDRED EIGHTY-SEVEN THOUSAND SEVEN HUNDRED FORTY-SIX DOLLARS ($4,187,746) to be expended in the Equipment Fund for the Project. Section 3. That the unexpended and unencumbered appropriated amount of THIRTY- FIVE THOUSAND ONE HUNDRED NINETY-FOUR DOLLARS ($35,194) in the Equipment Fund is hereby authorized for transfer to the Cultural Services and Facilities Fund and appropriated therein for the APP Program art projects. -2- Section 4. That the unexpended and unencumbered appropriated amount of NINE THOUSAND TWENTY-FOUR DOLLARS ($9,024) in the Equipment Fund is authorized for transfer to the Cultural Services and Facilities Fund and appropriated therein for the APP Program operation costs. Section 5. That the unexpended and unencumbered appropriated amount of NINE HUNDRED TWO DOLLARS ($902) in the Equipment Fund is authorized for transfer to the Cultural Services and Facilities Fund and appropriated therein for the APP Program maintenance costs. Section 6. That the appropriation herein for the Project is hereby designated, as authorized in Article V, Section l I 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, and ordered pub ' ed this 21 st day of June, A.D. 2022, and to be presented for final passage on thth day of ly A.D.022. ATTEST: &t&.y �� SEAL City Clerk ' Passed and adopted on final reading this 5th day of July, A.D. 2022. 51