Agenda Date: 12/19/2017
Subject:
Title
An ordinance on second reading amending Ordinance No. 21 Series of 2016 known as the Annual Appropriation Bill for all municipal purposes for the fiscal year beginning January 1, 2017 and ending December 31, 2017.
Body
Presented By:
Tiffany Hooten, Finance Director
POLICY QUESTION:
Does city council support an amendment to the 2017 annual appropriation?
BACKGROUND:
The following funds are recommended to be increased:
General Fund - $2,287,904
The General Fund increase is proposed to increase as follows:
? Transfer to Capital Projects Fund - $1,937,904. The city had a TABOR excess in 2016 of $1,937,904. A ballot question was approved by voters on November 7, 2017 allowing the city to retain the 2016 excess for specific capital improvements. This transfer moves the excess TABOR funds from the General Fund to the Capital Projects Fund to be spent on the two specific capital projects: 1) Pavement improvement initiative - residential streets and 2) Bowles Avenue and Federal Boulevard intersection safety upgrades.
The 2016 ending fund balance in the General Fund has already been reduced by this amount in 2016 with an audit accrual adjustment. The net effect to the 2018 estimated ending fund balance is $0.
? Transfer to Property and Liability Fund - $350,000. Historically, there has not been a dedicated funding source for the Property and Liability Fund. With the increase in claims, additional monies need to be transferred to the fund to cover claim costs and maintain adequate reserves. This transfer was included in the 2017 estimates for the 2018 budget and discussed with council during the 2018 budget sessions in September.
Geneva Village - $43,425
Repairs were required at Geneva Village to prevent potential future sewer backups and to bring the sewer system up to current standards and code. The project cost was $43,425. These expenditures were included in the 2017 estimates for the 2018 budget in estimating...
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