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HomeMy WebLinkAbout1998-060-04/07/1998-APPROVING THE PROPOSED USES OF 1996 REVENUE IN EXCESS OF THE CONSTITUTIONAL REVENUE GROWTH LIMIT AND RESOLUTION 98-60 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROVING PROPOSED USES OF 1996 REVENUE IN EXCESS OF THE CONSTITUTIONAL. REVENUE GROWTH LIMIT AND RETAINED BY THE CITY WITH VOTER APPROVAL WHEREAS, in 1992, voters of the State of Colorado approved an amendment to the State Constitution which imposed growth limits on the rate at which City revenues and expenditures may increase; and WHEREAS, said amendment, enacted as Article X, Section 20 of the State Constitution, went into effect on January 1, 1993; and WHEREAS, since approval of Article X, Section 20, City revenues have exceeded the growth limits imposed in 1994, 1995, and 1996; and WHEREAS, Subsection 7(d)of Article X, Section 20 requires that any revenue collected in excess of the growth limit imposed by that Section be refunded in the next fiscal year unless voters approve a revenue change as an offset; and WHEREAS, in 1995, the City refunded $12,871 resulting from excess 1994 revenue over the constitutional growth limit, by crediting customer's utility accounts; and WHEREAS,in November 1996,City voters approved a ballot measure allowing the City to retain revenues collected in 1995 that exceeded the constitutional growth limit, totaling $764,000, to be used for transportation services, including constructing and repairing streets, removing snow and de-icing streets, and constructing sidewalks to promote pedestrian safety; and WHEREAS,the City's 1996 revenues exceeded the constitutional growth limit by$952,295; and WHEREAS, in November 1997,City voters approved a ballot measure allowing the City to retain revenues in 1996, and in subsequent years, that exceed the constitutional growth limit (the "Retained Revenues"), provided that any such revenue be used for public health and safety (including, but not limited to, environmental monitoring and mitigation), growth management, transportation services, and maintenance and repair of public facilities; and WHEREAS, City staff has developed a list of projects and uses for the 1996 Retained Revenues, attached hereto as Exhibit"A" (the "Revenue Retention Projects"); and WHEREAS, said Revenue Retention Projects properly apply fee-based revenues to appropriate fee-supported expenditures,and are consistent with the limitations set forth in the ballot measure approved by the voters; and WHEREAS, the Revenue Retention Projects are also consistent with the direction of the Council's Finance Committee, which has considered proposals by staff and which recommends approval of the same; and WHEREAS, it is the desire of the Council to formally approve those City projects and uses to which the Retained Revenues will be applied. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS that the Revenue Retention Projects listed on Exhibit "A", attached hereto and incorporated herein by this reference,be, and hereby are, approved by the Council for funding with 1996 Retained Revenues, subject to such subsequent modifications as the Council may deem appropriate. Passed and adopted at a regular meeting of the City Counc' this 7th day of_AKil,A.D. 1998. t ayor ATTEST: -14" k 91���-- City Clerk QI Exhibit "A" Revenue Retention Projects Neighborhood Parkland: $164.298 Growth Management Revenue retention dollars identified in the Neighborhood Parkland fund will be combined with impact fees collected in 1997 and 1998 for neighborhood parks to complete the design of Case Park and complete the design and construction of Westfield, English Ranch, Ridgeview and Miramont parks in 1998. Transit: $1,887 Transportation These funds will be utilized for the Transfort marketing program. Specifically, we will be emphasizing the new Dial-A-Ride scholarship program and FoxTrot. Street Oversizing: $207,229 Transportation Due to the nature of the Street Oversizing program and the fact that the timetable for projects is often driven by developers rather than the City, it is difficult to predict exactly when a specific project will occur. However, there are several projects that probably will be constructed in 1998. The revenue retention funds for Street Oversizing can be spent in 1998 for one or several of the following projects: Harmony Road Realignment with CR38E Timberline at Willow Springs PUD Overland Trail at Scenic Views PUD CR9 at Celestica US 287 at Shenandoah PUD Lincoln Street at Buffalo Run PUD (Affordable Housing Units) Harmony and JFK Parkway at Harmony Towne Center PUD Willox and College at Willox Crossing PUD The Street Oversizing Program plans to construct approximately $2.4 million in street improvements in 1998, thus there is ample opportunity to utilize the revenue retention funds. Transportation: $158,830 Transportation Traffic Signal Timing Project: $60,000 The Traffic Signal Timing Project was among the requested service and facility improvements for the 1998 and 1999 budget. The project would include the following: • Counting turning movements at all signalized intersections during the a.m., noon, p.m., and weekend peaks; • costs of consulting help in developing new timing plans and strategies; and • fine-tuning the implementation of the plans. The Traffic Signal Timing Project would provide staff improved data to make adjustments to the City's current system. This would not replace or provide a major software and hardware upgrade to the City's outdated traffic signal system. A complete replacement is estimated to cost $2.0 to $4.0 million. Deicing Materials Storage Facility Project: $98,830 The building that is currently used to store deicing materials is an historic structure, and the materials (salt, sand, and other commercial products) are dissolving the masonry that holds the bricks in place. The $98,830 in revenue retention funds will be retained in reserve and combined with other accumulated reserves to allow Streets to do this project in 1998 or 1999. If current market rates hold, the 1992 Highway User Tax Revenue Bonds may be refinanced to affect savings of over $120,000. The refinancing would also allow the substitution of an insurance policy for the reserves now held for bonds which would release approximately $320,000. Cultural Services and Facilities: $91.558 Maintenance and Renovation of Public Facilities In 1998, these reserves will be used to renovate the Box Office at the Lincoln Center. This expansion is necessary to accommodate the increase in demand and usage at the center, the space needed to accommodate technologies that are being added and to increase safety and security. Recreation: $114.924 Maintenance and Renovation of Public Facilities City Park Pool Sewer Project: $20,000 The sewer at the pool needs to be replaced and expanded to comply with EPA regulations. City Park Center and Pottery Studio Renovation: $20,000 Minor repairs and improvements at these two buildings. Ballfield Light Replacement: $25,000 Replacement of outdated equipment with more energy efficient lighting. This money will be combined with renovation money from the Parks Division. It will take several years to complete this project at all four locations. Outdoor Facility Upkeep: $50,000 Preventive maintenance and upgrades on selected ballfields, soccer fields, and tennis facilities. This money is collected as rental revenues from groups who use outdoor City facilities for their activities. It is spent directly on those facilities for upkeep and repair. Cemeteries: $20,778 Maintenance and Renovation of Public Facilities In 1998, these fees will be used to continue the design and construction of Columbarium facilities. Perpetual Care: $10.942 Maintenance and Renovation of Public Facilities These funds will be placed in the perpetual care fund and held for maintenance of specific grave sites in perpetuity. Capital Expansion Fees: $181.849 Growth Management Library: $25,460 A portion of these fees in 1998 will be requested to purchase books and materials for both the Main and Harmony Libraries. The remaining portion will be held for future capital expansion. Community Parkland: $105.472 This revenue will continue to be held in a community parkland account for the eventual development of the Southwest Community Park and Youth Sports Complex. We anticipate that it will be eight to ten years before enough money is collected to build this park. Police: $12,729 The amount will be held in reserve and be used for future equipment needs due to growth. Fire: $16,366 The amount will be held in reserve and will be used for site acquisition for Station 14. General Government: $21,822 The amount will be held in reserve and will be used for design or construction of future space needs due to growth.