HomeMy WebLinkAbout210 - 12/01/1998 - APPROPRIATING PRIOR YEAR RESERVES IN THE TRANSPORTATION FUND FOR TRANSFER TO THE CAPITAL PROJECTS FU ORDINANCE NO. 210, 1998
OF THE COUNCIL OF THE CLfY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES AND UNANTICIPATED REVENUE
IN THE TRANSPORTATION SERVICES FUND FOR TRANSFER TO THE
CAPITAL PROJECTS FUND AND APPROPRIATING SAME FOR
THE DE-ICING MATERIALS STORAGE PROJECT
WHEREAS, the building that is currently used to store de-icing materials, at the present
location of the Streets Facility,is an historic structure,and the materials stored therein are dissolving
the masonry that holds the brick in place; and
WHEREAS, staff has identified the need to construct a new facility,better suited to for the
storage of the City's de-icing materials; and
WHEREAS, the City Council adopted Resolution 98-60, on April 7, 1998, approving
proposed uses (the "Revenue Retention Projects") for the 1996 revenue in excess of the
constitutional growth limits, and allowed to be retained by the City with voter approval, provided
that the revenues are used for public health and safety, growth management,transportation services,
and maintenance and repair of public facilities; and
WHEREAS,the construction of a de-icing materials storage facility was one of the Revenue
Retention Projects approved by Council, providing $98,830 in retained revenues in the
Transportation Services Fund prior year reserves,to be used along with savings from the refunding
of the Transportation Fund's 1992 Highway User Tax Revenue Bonds; and
WHEREAS, the City recently refunded its 1992 Highway Users Tax Revenue Bonds by
adoption of Ordinance No. 186, 1998, to effect annual debt service savings in 1998 and 1999; and
WHEREAS, the Transportation Fund has prior years reserves in the form of previously
designated debt service reserves in the amount of$386.055 and unanticipated revenue, in the form
of additional interest earnings on the reserves, in the amount of $21,000; and
WHEREAS, an additional $120,870 has been identified in the prior year reserves of the
Transportation Services Fund and is available for use in constructing a de-icing materials storage
facility; and
WHEREAS, the refunding of the 1992 Highway Users Tax Revenue Bonds will provide
reductions in the annual debt service payments of $9,023 in 1998 and$111,847 in 1999,which can
be used to replenish the reserves in 1998 and 1999, and
WHEREAS, the total amount available for construction of a de-icing materials storage
facility is $626,755; and
WHEREAS, Article V, Section 9, of the Charter of the City of Fort Collins (the "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, Article V, Section 9, of the Charter also permits the City Council to make
supplemental appropriations by ordinance at any time during the fiscal year,provided that the total
amount of such supplemental appropriations,in conjunction with all previous appropriations for that
fiscal year,does not exceed the then current estimate of actual and anticipated revenue to be received
during the fiscal year; and
WHEREAS, Article V, Section 10, of the Charter the permits the Council to transfer any
unexpended and unencumbered appropriated amount from one fund to another fund or capital project
account provided the proposed transfer is from a fund or capital project account in which the amount
appropriated exceeds the amount needed to accomplish the purpose specified in the appropriation
ordinance purpose.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That there is hereby appropriated from prior year reserves in the Transportation
Services Fund, the sum of SIX HUNDRED FIVE THOUSAND SEVEN HUNDRED FIFTY-
FIVE DOLLARS ($605,755 )for transfer to the Capital Projects Fund, De-icing Materials Storage
Project and appropriated therein in the Capital Projects Fund for the construction of the de-icing
materials storage facility.
Section 2. That there is hereby appropriated from unanticipated revenue in the
Transportation Services Fund the sum of TWENTY-ONE THOUSAND DOLLARS ($21,000) for
transfer to the Capital Projects Fund, De-icing Materials Storage Project, which is hereby
appropriated therein for the construction of the de-icing materials storage facility.
Introduced and considered favorably on first reading and ord published this 17th day of
November,A.D. 1998,and to be presented for final passage o e 1 st3 0� ber, 1998,A.D.
.— avor
ATTEST:
P
City Clerk
Passed and adopted on final reading the 1 st day of December, A.D. 1998.
Mayor Pro Tern
ATTEST:
City Clerk