HomeMy WebLinkAbout006 - 02/01/2011 - APPROPRIATING PRIOR YEAR RESERVES IN THE CULTURAL SERVICES FUND AND PRIOR YEAR RESERVES IN THE GENER ORDINANCE NO. 006, 2011
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING PRIOR YEAR RESERVES IN THE CULTURAL SERVICES FUND
AND PRIOR YEAR RESERVES IN THE GENERAL 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 including the Lincoln
Center Renovation Project; and
WHEREAS, the total cost of the renovation project was estimated to be $7.3 million,to be
paid for with $5.5 million of BOB funding,$621,855 in funding from the Downtown Development
Authority, and the remaining amount from other sources; and
WHEREAS, during construction of the Lincoln Center Renovation project, which began in
July 2010, an unanticipated structural issue was uncovered in the performance hall walls and it has
been determined that additional improvements in the form of structural reinforcement will be
necessary; and
WHEREAS,these improvements will be completed by the general contractor on the project
at an estimated cost of$460,000; and
WHEREAS, in order to fund the additional improvements, staff has recommended that
$150,000 be appropriated from prior year reserves in the Cultural Services Fund and$310,000 from
prior year reserves in the General Fund for transfer to the Lincoln Center Renovation Capital
Project; 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, City staff has 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 ONE HUNDRED FIFTY THOUSAND DOLLARS
($150,000) 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 prior year reserves in
the General Fund the sum of THREE HUNDRED TEN THOUSAND DOLLARS ($310,000)to be
transferred to the Capital Projects Fund and appropriated therein for the Building on Basics - Fort
Collins Lincoln Center Renovation Project.
Introduced, considered favorably on first reading, and ordered published this 18th day of
January, A.D. 2011, and to be presented for final passage on the �y of February, A.D. 2
_ Mayor
ATTEST:
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City Clerk
Passed and adopted on final reading on the 1 st day of F ru A.D. 2011.
May r
ATTEST:_
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CityClerk