HomeMy WebLinkAbout063 - 06/15/2010 - APPROPRIATING PRIOR YEAR RESERVES IN THE CULTURAL SERVICES FUND FOR TRANSFER TO THE CAPITAL PROJECTS ORDINANCE NO. 063, 2010
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE CULTURAL SERVICES FUND
FOR TRANSFER TO THE CAPITAL PROJECTS FUND AND APPROPRIATING
UNANTICIPATED REVENUE IN THE CAPITAL PROJECTS FUND FOR
THE BUILDING ON BASICS LINCOLN CENTER RENOVATION PROJECT
WHEREAS, on November 1, 2005, Fort Collins voters passed Ordinance No. 092, 2005
approving the "Building on Basics" ("BOB") tax for certain capital projects; and
WHEREAS, included in the BOB capital projects is approximately $5.5 million for a
renovation of the Lincoln Center; and
WHEREAS,the Lincoln Center, which has been the center of Fort Collins' cultural life for
32 years, is in need of improvements and this project will add 17,000 square feet and renovate
55,000 square feet with a focus on improving the patron experience, performer amenities, and
infusing new life into the facility; and
WHEREAS,the City has been awarded$110,000 from the Gates Family Foundation and will
receive $461,551 from the Community Foundation of Northern Colorado Agency Fund for the
renovation of the Lincoln Center; and
WHEREAS, on December 10, 2009, the Board of the Downtown Development Authority
approved a $621,855 grant to make acoustical improvements to the Lincoln Center; and
WHEREAS,the Cultural Services Fund has prior year reserves of approximately$800,000
available for the Lincoln Center and staff wishes to appropriate$200,000 for transfer to the Lincoln
Center Renovation Capital Project; and
WHEREAS,this ordinance appropriates the$200,000 from Cultural Services Fund prior year
reserves for transfer to the Lincoln Center Renovation Project in the Capital Projects Fund and also
appropriates the three grants that have been received for a total addition to the project budget of
$1,393,406; and
WHEREAS, the total cost of the renovation project is estimated to be $7.3 million, with
$5.5 million currently appropriated from the Building on Basics tax, approximately$1.4 million to
be appropriated by this ordinance and the remaining funds of $400,000 to be raised through
continued fundraising efforts; and
WHEREAS,Article V, Section 9 of the City 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 City 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, City staff have determined that the appropriation of the revenue as described
herein will not cause the total amount appropriated in the Capital Projects Fund to exceed the current
estimate of actual and anticipated revenues to be received in that fund during any fiscal year.
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 prior year reserves in
the Cultural Services Fund the sum of TWO HUNDRED THOUSAND DOLLARS ($200,000)to
be transferred to the Capital Projects Fund and appropriated therein for the Building on Basics-Fort
Collins Lincoln Center Renovation Project.
Section 2. That there is hereby appropriated for expenditure from unanticipated revenue
in the Capital Projects Fund the sum of ONE MILLION ONE HUNDRED NINETY-THREE
THOUSAND FOUR HUNDRED SIX DOLLARS ($1,193,406) for the Building on Basics - Fort
Collins Lincoln Center Renovation Project.
Introduced,considered favorably on first reading,and ordered published this 1 st day of June,
A.D. 2010, and to be presented for final passage on the 15th day ne, A.D. 2010.
Mayor
ATTEST:
City Clerk
Passed and adopted on final reading on the 15th Aayor
D. 2010.
ATTEST:-
City Clerk