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HomeMy WebLinkAbout1991-137-10/15/1991-1992 BUDGET POUDRE FIRE AUTHORITY REVENUE ALLOCATION FORMULA RESOLUTION 91- 137 OF THE COUNCIL OF THE CITY OF FORT COLLINS ADOPTING A REVENUE ALLOCATION FORMULA TO DEFINE THE CITY OF FORT COLLINS' CONTRIBUTION TO THE POUDRE FIRE AUTHORITY BUDGET FOR THE YEAR 1992 WHEREAS, the City of Fort Collins (the "City") entered into an intergovernmental agreement dated December 22, 1981, with the Poudre Valley Fire Protection District (the "District") , creating the Poudre Fire Authority (the "Authority") as an independent entity; and WHEREAS, the Authority has adopted a preliminary budget for the fiscal year ending December 31, 1992, and submitted that budget to the City Council ; and WHEREAS, the Authority's budget shall become final only after approval of the appropriations by the governing bodies of the City and the District; and WHEREAS, as a part of the intergovernmental agreement, the City agreed to contribute funding for maintenance and operation costs to the Authority based on a "Revenue Allocation Formula" which shall be set annually based upon a percentage of sales and use tax revenues (excluding sales and use tax revenue which must be spent on specific projects) and a portion of the operating mill levy of the City's property taxes; and WHEREAS, the dollar amount of the City's contribution, determined through the use of the "Revenue Allocation Formula" shall be based upon the City' s revenue projections made during the City's budgetary process; and WHEREAS, the Authority provides fire protection services to all properties within the City limits and the City has a continuing commitment to provide funding to the Authority to accomplish the provision of these public safety services. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS that the following revenue allocation formula be adopted as the City's contribution to the Poudre Fire Authority for the year 1992: REVENUE ALLOCATION FORMULA The City will contribute to the Poudre Fire Authority a sum equal to .303 of one cent of the City's 2.25 cent sales and use tax rate applicable to sales and use tax revenues (excluding sales tax revenue which must be spent on specific projects) and a sum equal to 5. 177 mills of the operating mill levy of the City' s property taxes to provide for maintenance and operation costs of the Poudre Fire Authority. Passed and adopted at a regular meeting of the Council of the City of Fort Collins held this 15th day of October, A.D. 1991 . Mayor ATTEST: