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HomeMy WebLinkAbout11450RESOLUTION NO. 11450 A RESOLUTION DIRECTING THE CITY MANAGER TO DESIGNATE $2,200,000 OF GENERAL FUND RESERVES IN THE 2009 BUDGET TO BE USED FOR PARTIAL PAYMENTS FOR THE POLICE BUILDING LEASE OBLIGATION STARTING IN 2010 AND CONTINUING THROUGH 2017 BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: The City Manager is hereby directed to designate $2,200,000 in the 2009 budget to be used for future partial payments on the Police Building lease. INTRODUCED September 22, 2008 M. Councilperson PRt A :s r) a { C E Vera O PASSED AND APPROVED: October 27, 2008 µ — �9 LJ ....... ..e. _..,. Background Paper for Proposed RESOLUTION AGENDA ITEM # 14 DATE: September 22, 2008 DEPARTMENT: DAVID J.GALLI, CITY MANAGER TITLE A RESOLUTION DIRECTING THE CITY MANAGER TO DESIGNATE $2,200,000 OF GENERAL FUND RESERVES IN THE 2009 BUDGET TO BE USED FOR PARTIAL PAYMENTS FOR THE POLICE BUILDING LEASE OBLIGATION STARTING IN 2010 AND CONTINUING THROUGH 2017. ISSUE Should the City Council designate General Fund reserves to use for future payments on the police building lease? RECOMMENDATION Placed on the Agenda at the request of Councilperson Ortegon. BACKGROUND This resolution has been prepared at the request of Councilperson Ortegon. It asks City Council to designate $2,200,000 of current General Fund reserves for the purpose of paying $275,000 per year starting in 2010, toward the Police Building Lease. As a designation this resolution simply states City Council `s desire to set aside funds for this purpose. FINANCIAL IMPACT By designating General Fund reserves, the amount of reserves available for other future purposes is reduced.