HomeMy WebLinkAbout135 - 10/21/2014 - APPROPRIATING UNANTICIPATED REVENUE IN THE GENERAL FUND AND AUTHORIZING THE TRANSFER OF EXISTING APP ORDINANCE NO. 135, 2014
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE IN THE GENERAL FUND AND
AUTHORIZING THE TRANSFER OF EXISTING APPROPRIATIONS.FROM THE
GENERAL FUND TO THE CAPITAL PROJECTS FUND FOR THE WOODWARD
RELATED TRANSMISSION LINE RELOCATION PROJECT
WHEREAS, pursuant to Ordinance No. 055, 2013, the City, the Downtown Development
Authority ("DDA"), and Woodward Inc. ("Woodward") entered into an agreement which .
provides that Woodward will advance up to $6.05 million to the DDA to fund certain public
improvements, to be made on or near the former Link-N-Greens Golf Course in connection with
the redevelopment of that property (the "Woodward Site") and the City will act as either the
project manager or construct the public improvements; and
WHEREAS, the public improvements include the following projects: (1) the relocation
and installation of a Platte River Power Authority transmission line ($1,297,080) that currently
crosses the Woodward Site, (2) right-of-way improvements ($1,750,000), and (3) open space
restoration ($3,500,000), for a total cost of$6,547,080; and
WHEREAS, Woodward has agreed to advance funds in.the amount of $6,047,080 for
these public improvements in the priority order stated above, and the Natural Areas Fund is
providing an additional $500,000 for the open space restoration; and
WHEREAS, the relocation and installation of the power transmission line has been
completed and the actual cost is higher than the original estimate by $254,000; and
WHEREAS, the agreements for funding the public improvements related to Woodward
specify that the City bears the risk of any additional costs for them and that in the event of any
shortfall in funding for these projects, the shortfall is not to reduce the budgeted funding for the
open area restoration; and
WHEREAS, this appropriation is therefore for the purpose of anticipating and covering
now the shortfall in funding for the open space restoration that will likely occur as a result of the
actual costs for the transmission line relocation exceeding the original budget; and
WHEREAS, the General Fund has unanticipated sales and use tax revenue that is
available to fund the additional transmission line cost; 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
1
WHEREAS, City staff has determined that the appropriation of the revenue as described
herein will not cause the total amount appropriated in the General Fund to exceed the current
estimate of actual and anticipated revenues to be received in the General Fund during any fiscal
year; 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 (project) to another fund (project), 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 that the sum of TWO HUNDRED FIFTY-FOUR THOUSAND DOLLARS
($254,000) from unanticipated revenue in the General Fund is hereby appropriated for transfer to
the Capital Projects Fund - Woodward Public Improvements-Transmission Line Project and
appropriated therein.
Introduced, considered favorably on first reading, and ordered published this 7th day of
October, A.D. 2014, and to be presented for final passage on the 21st day of October, A.D. 2014.
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City Clerk
Passed and adopted on final reading on the 21 st day of October, A.D. 2014.
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