HomeMy WebLinkAbout1996-064-05/21/1996-FINANCIAL MANAGEMENT POLICIES POUDRE FIRE AUTHORITY REVENUE ALLOCATION FORMULA RESOLUTION 96-64
OF THE COUNCIL OF THE CITY OF FORT COLLINS
ADOPTING AN AMENDMENT TO THE FINANCIAL AND
MANAGEMENT POLICIES FOR 1997 AND SUBSEQUENT FISCAL YEARS
WHEREAS, City Council has adopted Financial and Management Policies for the City
pursuant to Resolution 94-174; and
WHEREAS, Resolution 94-174 provides that the Council may adopt amendments to the
City's Financial and Management Policies; and
WHEREAS, the City Council has approved on Second Reading the adoption of certain
capital improvement expansion fees, including a fee for funding certain capital expansion needs of
the Poudre Fire Authority; and
WHEREAS, it is necessary that the Financial and Management Policies be amended to
ensure that the mill levy previously approved by the Council for Poudre Fire Authority is used to
meet needs of the Poudre Fire Authority not funded, or only partially funded, by the capital
improvement expansion fee; and
WHEREAS, the City Manager and City Council have reviewed the proposed amendment to
the Financial and Management Policies in conjunction with the City's five-year financial plan and
in preparation for the annual budget; and
WHEREAS, the City Council wishes to adopt this amendment to the City's Financial and
Management Policies for 1997 and subsequent fiscal years in pursuit of its objectives of sound long-
range financial planning.
NOW,THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT
COLLINS as follows:
Section 1. That the Council hereby amends the third paragraph of Section 3.7 of the
City's Financial and Management Policies so as to read as follows:
The City's contribution to PFA for operation and maintenance will be calculated by
the Revenue Allocation Formula. The Revenue Allocation Formula allocates to PFA
67.09% of the property tax mills available for operations and maintenance and 0.303
of one cent of the City's 2.25 cent sales and use tax applicable to all taxable sales and
uses. The resulting contribution for operations and maintenance will then be
compared to the constitutional growth limits. The City's operation and maintenance
contribution to PFA will be the lesser of the contribution as determined by the
Revenue Allocation Formula or the allowable contribution in accordance with the
limits imposed by Article X, Section 20 of the State Constitution. In addition, the
City will continue its current policy of funding PFA by dedication of one mill of the
City's total mill levy. The revenue generated by the one mill will be used for
operations and maintenance, apparatus replacement and capital needs not funded, or
only partially funded, by the capital improvement expansion fee for fire protection.
The revenue from the dedicated mill will also be managed according to the property
tax mill levy and revenue limitations of Section 20 of Article X.
Section 2. That the foregoing amendment to the Financial and Management Policies
adopted by the passage of this Resolution shall be included as part of the said Policies and those
Policies shall hereafter remain in effect until the same are amended or repealed by subsequent action
of the City Council.
Passed and adopted at a regular meeting of Council of th�e.Ci1y Fort Collins held,his 21st
day of May, A.D. 1996.
Mayor
ATTEST:
City Cler