HomeMy WebLinkAbout077 - 08/04/1992 - APPROPRIATING PRIOR YEAR RESERVES IN THE LIGHT AND POWER FUND ORDINANCE NO. 77, 1992
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES
IN THE LIGHT AND POWER FUND
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 years, notwithstanding that such reserves were
not appropriated for expenditure in the annual appropriation ordinance; and
WHEREAS, an unanticipated purchase power rate increase, effective April 1 ,
1992, has created a deficiency in the Light and Power 1992 budget appropriation;
and
WHEREAS, a Purchase Power Reserve has previously been authorized and
created by Council to "partially off-set, defer, or mitigate the impact of
purchase power cost increases due to factors such as federal power issues" ;
and
WHEREAS, sufficient funds are available in the Purchase Power Reserve to
off-set and mitigate the impact of said rate increase for the year 1992; and
WHEREAS, the City Council has determined that it is in the best interest
of the City that the sum of $500,000 be appropriated from the Purchase Power
Reserves to mitigate the impact of the purchase power cost increase of April 1 ,
1992.
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
Light and Power Fund the sum of Five Hundred Thousand Dollars ($500,000) to off-
set and mitigate unanticipated purchase power cost increases which occurred on
April 1, 1992.
Introduced, considered favorably on first reading, and ordered published
this 21st day of July, A.D. 1992, and to be presented for final passage on the
4th day of August, A.D. 1992.
A/1 kA
ayor
ATTEST:
Put
City C1
Passed and adopted on. final reading this clay of August,, iP. 1992.
Mayor pro,te& /
ATTEST:
City Clerk