HomeMy WebLinkAbout126 - 10/03/2023 - APPROPRIATING PRIOR YEAR RESERVES AND MAKING SUPPLEMENTAL APPROPRIATION FOR THE CITY OF FORT COLLINSORDINANCE NO.126,2023
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES AND MAKING
SUPPLEMENTAL APPROPRIATION FOR THE CITY OF FORT COLLINS
REVOLVING LOAN FUND PROGRAM
WHEREAS,in 2019,the City created a revolving loan fund to provide a source of capital
for small businesses and start-up companies in Fort Collins,including those that have historically
not had access to financial capital markets,such as those owned by women and minorities,(the
“RLF Program”)after the City Council adopted Ordinance No.120,2019,making certain
appropriations and the transfer of funds;and
WHEREAS,the RLF Program funding was later repurposed to create a Larimer County
Small Business Loan Fund to rapidly provide low-cost debt capital to such underserved businesses
during the COVID-lO pandemic;and
WHEREAS,the purpose of this Ordinance is to appropriate funds to be used to reestablish
the RLF Program for the purpose of providing economic assistance to small businesses,including
traditionally under-represented and underserved small businesses,such as BIPOC-,LGBTQA÷,
low-income-,and women-owned small businesses;and
WHEREAS,the RLF Program is intended to provide an “evergreen”source of funding,
meaning it will be a self-replenishing fund to be annually appropriated from the principal and
interest payments received from earlier loans to be used to fund new loans;and
WHEREAS,this appropriation benefits the public health,safety and welfare of the
residents of Fort Collins and serves the public purposes of improving the community’s economic
health and making capital available to underserved and disadvantages small businesses and start
up companies in Fort Collins;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,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 City Manager has recommended the appropriations described herein and
determined that these appropriations are available and previously unappropriated from the General
Fund and will not cause the total amount appropriated in the General 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.
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 prior year reserves from the Platte
River Power Authority’s (PRPA)contribution in the General Fund the sum of ONE HUNDRED
EIGHT THOUSAND ONE HUNDRED ONE DOLLARS ($108,101)to be expended in the
General Fund for the RLF Program.
Section 3.That there is hereby appropriated from new revenue or other funds from the
PRPA contribution in the General Fund the sum of THIRTY-FIVE THOUSAND SEVEN
HUNDRED EIGHTY THREE DOLLARS ($35,783)to be expended in the General Fund for the
RLF Program.
Introduced,considered favorably on first reading and ordered published this 19th day of
3rd day of ober,2023.
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assage on the 3rd
1/U
September,2023,and to be prese ~edeMFT
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ATtEST:
City Clerk
dayofO ber,2023.
Passed and adop -9I1~adiU~his
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