HomeMy WebLinkAbout021 - 02/18/1997 - APPROPRIATING PRIOR YEAR USE TAX CARRYOVER RESERVES AND AUTHORIZING TRANSFER OF APPROPRIATIONS FOR S ORDINANCE NO. 21, 1997
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR USE TAX CARRYOVER RESERVES
AND AUTHORIZING THE TRANSFER OF APPROPRIATED AMOUNTS
BETWEEN FUNDS FOR THE PURPOSE OF PROVIDING STREET
IMPROVEMENTS, SNOW REMOVAL AND DE-ICING OF STREETS,
AND CONSTRUCTION OF SIDEWALK IMPROVEMENTS
WHEREAS, in 1992, voters of the State of Colorado approved an amendment to the State
Constitution which imposes growth limits on the rate at which City revenues and expenditures grow;
and
WHEREAS, the growth limits are based on the growth in the Denver-Boulder Consumer
Price Index (the inflation component) and increases in the actual value of property within the
corporate limits due to annexation and new construction (the local growth component); and
WHEREAS, said amendment, enacted as Article X, Section 20 of the State Constitution,
went into effect on January 1, 1993; and
WHEREAS, Subsection 7(d) of Article X, Section 20 requires that any revenue collected in
excess of the growth limits imposed, be refunded in the next fiscal year unless voters approve a
revenue change as an offset; and
WHEREAS, in 1995, the City's growth limit was 7.3%, which equates to a revenue limit of
$87,171,191; and
WHEREAS,actual revenues received by the City in 1995,subject to the growth limit,totaled
$87,935,012, exceeding the limit imposed by Article X. Section 20 by $763,821; and
WHEREAS, the City's Finance Committee reviewed the refund situation in the context of
the many service demands placed upon the City and recommended that City Council place the
question of retaining the excess revenues from 1995 before the voters of the City at the November
1996 election; and
WHEREAS, the City Council passed Resolution 96-74 on June 18, 1996, expressing
Council's intent to place a ballot measure authorizing the retention of 1995 revenues received in
excess of the constitutional growth limits on a special municipal election to be held in conjunction
with the General Election on November 5, 1996; and
WHEREAS, on August 20, 1996, City Council adopted Ordinance No. 108, 1996, calling
a special election on November 5, 1996, and approving ballot language asking the voters approval
to retain excess revenues collected in 1995, totaling $764,000, to be used for constructing and
repairing streets, removing snow and de-icing streets, and constructing sidewalks to promote
pedestrian safety; and
WHEREAS, at the November 5 election,the voters of the City approved the City's retention
the excess revenues for the purposes stated above; and
WHEREAS, Article V, Section 7, of the Charter of the City of Fort Collins authorizes the
City Council to provide by ordinance for payment of any expense from reserves accumulated in prior
year reserves notwithstanding that such reserves were not appropriated for expenditure in the Annual
Appropriation Ordinance; and
WHEREAS, excess revenues collected in 1995 above the growth limit imposed by Article
X, Section 20 of the State Constitution are available in the Sales and Use Tax Fund Use Tax
Carryover Reserve.
NOW,THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT
COLLINS that there is hereby appropriated for expenditure from the Sales and Use Tax Fund Use
Tax Carryover Reserve the sum of SEVEN HUNDRED SIXTY-FOUR THOUSAND DOLLARS
($764,000), which amount is authorized for transfer to the following funds and appropriated therein:
Capital Projects Fund - 1/4 Cent Street Maintenance
For the Pavement Management Program $500,000
Transportation Services Fund - Streets Department
For Snow Removal and Street De-icing 132,500
Capital Projects Fund - Pedestrian Accessibility Project
For Construction Sidewalk Improvements 13L500
Total $764,000
Introduced, considered favorably on first reading, and ordered published this 4th day of
February, A.D. 1997, and to be presented for final passage on the 1$th day of February, A.D. 1997.
f,
ayor
ATTEST:
City Clerk
Passed and adopted on final reading this 18th day of February, A.D. 1997.
ayor -�
ATTEST:
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City Clerk