HomeMy WebLinkAbout042 - 04/03/2018 - APPROPRIATING UNANTICIPATED REVENUE RECEIVED FROM THE ESTATE OF MARJORIE J. MCTAGGART IN THE RECREAT ORDINANCE NO. 042, 2018
OF THE COUNCIL OF THE CITY OF FORT COLLINS
APPROPRIATING UNANTICIPATED REVENUE RECEIVED FROM THE
ESTATE OF MARJORIE J. MCTAGGART IN THE RECREATION FUND
TO BE PAID TO THE FORT COLLINS SENIOR CENTER ENDOWMENT
FUND FOR USE TO BENEFIT THE SENIOR CENTER
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WHEREAS, Marjorie J. McTaggart, a long-time resident of Fort Collins and author left a
portion of her estate to the City of Fort Collins for the benefit of the Senior Center; and
WHEREAS, Ms. McTaggart's last will and testament provides that two volumes of her
writings be donated to the City: "Views from the Far Side of the Hill: Wit and Wisdom for the
Senior Years" and "Blonde in a Brunette Country", and that $38,581 from her estate is to be
donated for the exclusive use of senior programs at the Senior Center; and
WHEREAS, the donated copies of Ms. McTaggart's written works have been preserved in
the City's historic archives at the Fort Collins Museum of Discovery; and
WHEREAS, in 1989,the private non-profit Fort Collins Senior Center Council established
an endowment fund with the Community Foundation of Northern Colorado (the "Community
Foundation")to specifically benefit Senior Center programming and capital expenses(the"Senior
Center Endowment Fund"); and
WHEREAS, the Community Foundation holds the Senior Center Endowment Fund, and
i through an agreement with the Foundation, the Recreation Fund receives a perpetual source of
interest income on which the Senior Center may draw to support programs at the facility; and
WHEREAS, Recreation staff has deposited a prior will bequest to the Senior Center into
the Senior Center Endowment Fund in order to leverage the combined assets of those donations
into a perpetual stream of revenue exclusively for the Senior Center; and
WHEREAS, funds deposited into the Senior Center Endowment Fund are considered
assets of the Community Foundation unless the terms of a deposit provide otherwise and those
conditions may include potential return of a gift principle if requested by City Council; and
WHEREAS, City staff has recommended the $38,581 financial bequest from the
McTaggart Estate be deposited in the Senior Center Endowment Fund administered by the
Community Foundation to be drawn on to support Senior Center women's programming; 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 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, the Financial Officer has determined the appropriation of the revenue as
described herein will not cause the total amount appropriated in the Recreation Fund to exceed
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the current estimate of actual and anticipated revenues to be received in that fund during any
fiscal year; and
WHEREAS, the City Council hereby finds that the appropriation in the amount of Ms.
McTaggart's financial bequest is necessary for the public's health, safety and welfare and is in the
best interests of the City and its residents, businesses, and public and private organizations.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF
FORT COLLINS as follows:
Section 1. That the City Council hereby makes and adopts the determinations and
findings contained in the recitals set forth above.
Section 2. That the City Council hereby acknowledges and agrees that Ms.
McTaggart's financial gift to the City under her will is a conditional gift requiring it be
appropriated and used exclusively for the benefit of senior programs at the Senior Center.
Section 3. That there is hereby appropriated for expenditure from unanticipated
revenue in the Recreation Fund the sum of THIRTY-EIGHT THOUSAND FIVE HUNDRED
EIGHTY-ONE DOLLARS ($38,581) to be paid to the Community Foundation for deposit in the
Senior Center Endowment Fund held and administered by the Community Foundation,to be used
for the exclusive benefit of the Senior Center located at 1200 Raintree in Fort Collins.
Introduced, considered favorably on first reading, and ordered published this 20th day of
March, A.D. 2018, and to be presented for final passage on the 3rd day of April, A.D. 2018.
Mayor Wo Tern
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Passed and adopted on final reading on the 3rd day of April, A.D. 2018.
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