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HomeMy WebLinkAbout072 - 06/05/2007 - APPROPRIATING UNANTICIPATED REVENUE AND AUTHORIZING THE TRANSFER OF APPROPRIATIONS BETWEEN PROGRAM Y ORDINANCE NO. 072, 2007 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING UNANTICIPATED REVENUE AND AUTHORIZING THE TRANSFER OF APPROPRIATIONS BETWEEN PROGRAM YEARS IN THE COMMUNITY DEVELOPMENT BLOCK GRANT FUND WHEREAS, Article V, Section 9, of the Charter of the City of Fort Collins ("Charter") permits City Council to make supplemental appropriations by ordinance at anytime 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 10,of the Charter authorizes the City Council to transfer by ordinance any unexpended and unencumbered amount or portion thereof from one fund or capital project to another fund or capital project,provided that the purpose for which the funds were initially appropriated no longer exists; and WHEREAS,Article V, Section 11,of the Charter provides that federal grant appropriations shall not lapse if unexpended at the end of the budget year until the expiration of the federal grant; and WHEREAS,the City will receive in federal fiscal year 2007-2008 unanticipated revenue in the form of federal Community v m Development ment Block Grant "CDBG Y p ("CDBG") totaling $1,034,986, constituting a new revenue source; and WHEREAS, the City will receive unanticipated CDBG Program income in the 2007-2008 federal fiscal year in the amount of$18,500; and WHEREAS,unexpended funds are also available from the CDBG program from prior fiscal years in the amount of$37,958; and WHEREAS,City staffhas determined that the appropriation of all unanticipated CDBG grant and program revenue as described herein will not result in total appropriations in excess of the current estimate of actual and anticipated revenues for fiscal year 2007; and WHEREAS, by adoption of Resolution 2007-050 City Council approved the 2007-2008 Community Development Block Grant Program. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That there is hereby appropriated for expenditure from unanticipated revenue in the Community Development Block Grant Fund, the sum of ONE MILLION THIRTY-FOUR THOUSAND NINE HUNDRED EIGHTY-SIX DOLLARS($1,034,986),upon receipt thereof from federal fiscal year 2007-2008 Community Development Block Grant Funds. Section 2. That there is hereby appropriated for expenditure from unanticipated program income revenue,upon receipt thereof into the Community Development Block Grant Fund,the sum of EIGHTEEN THOUSAND FIVE HUNDRED DOLLARS ($18,500), for approved Community Development Block Grant projects. Section 3. That the unexpended and unencumbered amount of SEVEN THOUSAND NINE HUNDRED NINETY-THREE DOLLARS($7,993)is hereby authorized fortransferfrom the 2004-2005 Community Development Block Grant Program to the 2007-2008 Community Development Block Grant Program and appropriated therein. Section4. That the unexpended and unencumbered amount of TWENTY-NINE THOUSAND NINE HUNDRED SIXTY-FIVE DOLLARS ($29,965) is hereby authorized for transfer from the 2006-2007 Community Development Block Grant Program to the 2007-2008 Community Development Block Grant Program and appropriated therein. Introduced, considered favorably on first reading, and ordered published this 15th day of May, A.D. 2007, and to be presented for final passag4ay ay of June, A.D. 2007. ATTEST: 46AL City Clerk Passed and adopted on final reading this 5th day of Ju , D. 2007. Mayo ATTEST: City Clerk