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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´┐Że.Ci1y Fort Collins held,his 21st day of May, A.D. 1996. Mayor ATTEST: City Cler