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Home My WebLink About10432RESOLUTION NO. 10432 A RESOLUTION AUTHORIZING THE TRANSFER OF $7,500 FROM THE CONTINGENCIES ACCOUNT IN THE 2005 GENERAL FUND BUDGET TO THE OUT OF CYCLE REQUESTS TO FUND THE PUEBLO HISPANIC EDUCATION FOUNDATION SCHOLARSHIP OBLIGATIONS FOR THE SPRING 2005 ACADEMIC YEAR BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The transfer of $7,500 from the Contingencies Account in the 2005 General Fund budget to the Out of Cycle Requests Fund is hereby approved. SECTION 2. Said funds shall be dispersed from the Out of Cycle Requests Fund to the Pueblo Hispanic Education Foundation toward their remaining Spring 2005 Scholarship obligations. INTRODUCED June 27, 2005 BY Ray Aquilera Councilperson APPROVED: PRES1DENT 9F CITY CPWCIL ATTESTED BY: CITY CLERK MFEL42k)m N SO L " Background Paper for Proposed RESOLUTION P L4ao JJ7 101 AGENDA ITEM DATE: June 27, 2005 DEPARTMENT: CITY MANAGER'S OFFICE DAVE GALLI, CITY MANAGER DOUG FITZGERALD, ASSISTANT CITY MANAGER TITLE A RESOLUTION AUTHORIZING THE TRANSFER OF $7,500 FROM THE CONTINGENCIES ACCOUNT IN THE 2005 GENERAL FUND BUDGET TO THE OUT OF CYCLE REQUESTS TO FUND THE PUEBLO HISPANIC EDUCATION FOUNDATION SCHOLARSHIP OBLIGATIONS FOR THE SPRING 2005 ACADEMIC YEAR ISSUE The Pueblo Hispanic Education Foundation (PHEF) is requesting the City of Pueblo to assist in funding their remaining Spring 2005 scholarship obligations. PHEF has awarded scholarships in excess of their current revenues due to the assumption that the City of Pueblo would be designating monies ($25,000), as in past fiscal years, toward their organization for such purposes. In addition, they have received CDGB money in the amount of $5,000 to fulfill their scholarship obligations for the Spring 2005 year; however, PHEF is in need of an additional $7,500 to meet their monetary shortfall. RECOMMENDATION Approval. FINANCIAL IMPACT Funds in the amount of $7,500 will be transferred from the Contingencies Account in the 2005 General Fund Budget (see attached spreadsheet for the balance in the contingencies account).