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HomeMy WebLinkAbout034 - 04/01/2008 - APPROPRIATING UNANTICIPATED REVENUE AND PRIOR YEAR RESERVES IN THE STREET OVERSIZING FUND FOR TRANSF ORDINANCE NO. 034, 2008 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING UNANTICIPATED REVENUE AND PRIOR YEAR RESERVES IN THE STREET OVERSIZING FUND FOR TRANSFER TO THE CAPITAL PROJECTS FUND -- DRAKE AND ZIEGLER ROAD IMPROVEMENTS PROJECT, PHASE III FOR CONSTRUCTION OF ROAD IMPROVEMENTS WHEREAS, Phase I of the Drake and Ziegler Road Improvements Project resulted in the construction of improvements to Drake Road from Timberline Road east to Environmental Drive, including the widening of Drake Road to minor arterial street standards and the construction of the Environmental Drive connection; and WHEREAS, the Phase I improvements, constructed in 2005, also included the installation of curb-and-gutter, sidewalks, asphalt paving, bike lanes, and storm sewers; and WHEREAS, Phase II of the Drake to Ziegler Road Improvements Project resulted in the relocation of a portion of the Fossil Creek Reservoir Inlet Ditch ("FCRID") to accommodate the arterial roadway, the construction of a bridge over the FCRID, and the construction of an outfall channel from the existing Rigden Pond to the Poudre River; and WHEREAS, Phase III(the final phase)of the Drake to Ziegler Road Improvements Project will include the realignment of Ziegler Road to the west side of the FCRID and will replace the existing substandard one lane bridge on Ziegler Road; and WHEREAS, the estimated cost of the Phase III improvements is $2,340,847; and WHEREAS, to complete construction of Phase III appropriations totaling $2,340,847 are available in the form of developer contributions, totaling $516,384, and prior year reserves in the Street Oversizing Fund, totaling $1,824,463; and WHEREAS, Article V, Section 9, of the Charter of the City of Fort Collins(the "Charter") 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 combination with all previous appropriations for that fiscal year, does not exceed the current estimate of actual and anticipated revenues to be received during the fiscal year; and WHEREAS,Article V,Section 9,of the Charter also 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, City staff has determined that the appropriation of developer contributions, totaling $516,384, will not cause the total amount appropriated in the Street Oversizing Fund to exceed the current estimate of actual and anticipated revenues to be received during the fiscal year; and WHEREAS, it is the desire of the City Council to appropriate unanticipated revenue ($516,384) and prior year reserves ($1,824,463) in the Street Oversizing Fund for transfer to the Capital Projects Fund - Drake and Ziegler Road Improvements capital project, for appropriation therein, to construct Phase III improvements of the Drake and Ziegler Road Improvements Project. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That there is hereby appropriated from unanticipated revenue in the Street Oversizing Fund, the sum of FIVE HUNDRED SIXTEEN THOUSAND THREE HUNDR17D EIGHTY-FOUR DOLLARS($516,384)for transfer to the Capital Projects Fund-Drake and Zeigler Road Improvements-Phase III capital project,and appropriated therein,to be used to construct Phase III improvements to Drake and Ziegler Roads. Section 2. That there is hereby appropriated from prior year reserves in the Street Oversizing Fund, the sum of ONE MILLION EIGHT HUNDRED TWENTY-FOUR THOUSAND FOUR HUNDRED SIXTY-THREE DOLLARS ($ 1,824,463) for transfer to the Capital Projects Fund - Drake and Ziegler Road Improvements Project- Phase III capital project, and appropriated therein, to be used to construct Phase III improvements to Drake and Ziegler Roads. Introduced, considered favorably on first reading, and ordered published this 18th day of March, A.D. 2008, and to be presented for final passage on the 1 y of April, A.D. 200 . e Mayo TEST: City Clerk Passed and adopted on final reading on the 1 st d4Mayyor "20085. j�. ATTEST: )"� N',�- City Clerk