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HomeMy WebLinkAbout041 - 06/05/2012 - APPROPRIATING UNANTICIPATED REVENUE IN THE STREET OVERSIZING FUND, AUTHORIZING THE TRANSFER OF EXIST ORDINANCE NO. 041, 2012 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING UNANTICIPATED REVENUE IN THE STREET OVERSIZING FUND, AUTHORIZING THE TRANSFER OF EXISTING APPROPRIATIONS IN THE STREET OVERSIZING FUND FOR TRANSFER TO THE CAPITAL PROJECTS FUND, APPROPRIATING UNANTICIPATED REVENUE IN THE CAPITAL PROJECTS FUND FOR THE TURNBERRY ROAD IMPROVEMENTS PROJECT, AND TRANSFERRING APPROPRIATIONS TO THE CULTURAL SERVICES AND FACILITIES FUND FOR THE ART IN PUBLIC PLACES PROGRAM WHEREAS,with the growth through development of the Maple Hill,Brightwater Landings, and Richards Lake subdivisions, arterial street improvements are planned for Tumberry Road between Country Club Road and Brightwater Drive; and WHEREAS,in accordance with the City Code and associated development agreements,each subdivision is obligated to design and construct their frontage along Turnberry Road to local street standards; and WHEREAS, the Street Oversizing Fund will collect $692,510 in developer contributions from Maple Hill,Brightwater Landings,and Richards Lake subdivisions to fund their portion of the total Tumberry Road project; and WHEREAS,the Street Oversizing Fund will provide additional contributions from existing appropriations in the amount of$891,181 to the project to complete the full roadway improvements to a two-lane arterial roadway; and WHEREAS, additional funds in the amount of$76,000 will be received from East Larimer County Water District ("ELCO") for the water line relocation that ELCO has requested with the Tumberry Road Improvements Project; and WHEREAS, the estimated cost to complete the foregoing, collectively referred to as the "Turnberry Road Improvements Project," is $2,897,000, funded from the revenue sources listed above ($1,659,691), together with $1,237,309 in previously appropriated funds; 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 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; 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 10,of the City Charter authorizes the City Council to transfer by ordinance any unexpended and unencumbered appropriated amount or portion thereof from one fund to another fund,provided that the purpose for which the transferred funds are to be expended remains unchanged. 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 SIX HUNDRED NINETY-TWO THOUSAND FIVE HUNDRED TEN DOLLARS ($692,510) for transfer to the Capital Projects Fund - Turnberry Road Improvements Project and appropriated therein for expenditure on the Project. Section 2. That the unexpended appropriated amount of EIGHT HUNDRED NINETY- ONE THOUSAND ONE HUNDRED EIGHTY-ONE DOLLARS ($891,181) in the Street Oversizing Fund is authorized for transfer to the Capital Projects Fund - Tumberry Road Improvements Project and appropriated therein for expenditure on the Project. Section 3. That there is hereby appropriated from unanticipated revenue in the Capital Projects Fund the sum of SEVENTY-SIX THOUSAND DOLLARS ($76,000) for the Tumberry Road Improvements Project. Section 4. That the unexpended appropriated amount of SIXTEEN THOUSAND FIVE HUNDRED NINETY-SEVEN DOLLARS($16,597)in the Capital Projects Fund-Turnberry Road Improvements Project is authorized for transfer to the Cultural Services and Facilities Fund and appropriated therein for the Art in Public Places Program. Introduced, considered favorably on first reading, and ordered published this 15th day of May, A.D. 2012, and to be presented for final passage on the 5th day of June, A.D. 2012. �pF FORTcp` M yor ATTEST: '•.!� �EAL cp Aila 1,4,5 • •• i • i Interim City Clerk �Ot© 00 Passed and adopted on final reading on the 5th day of June, A.D. 2012. Mdyor ATTEST:. `�o F FORTCO V; Z -k3teriin city e SEA�. :N C0�ORADO