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HomeMy WebLinkAbout08458 Background Paper for Proposed ORDINANCE AGENDA ITEM # R-3 DATE: February 27, 2012 DEPARTMENT: PARKS AND RECREATION CREIGHTON WRIGHT, DIRECTOR TITLE AN ORDINANCE BUDGETING, APPROPRIATING AND TRANSFERRING THE AMOUNT OF $168,832 FROM HONOR FARM ENTERPRISE REVENUE RECEIVED FROM COLORADO SPRINGS UTILITIES FOR THE SOUTHERN DELIVERY SYSTEM EASEMENT ISSUE Should the City Council approve an Ordinance budgeting, appropriating and transferring $168,832 of the funds received from the City of Colorado Springs as payment for the Southern Delivery System easement across the Honor Farm Properties? RECOMMENDATION Approval of the Ordinance. BACKGROUND In January of 2012, the City received the amount of $198,900 from the City of Colorado Springs as payment for the Southern Delivery System easement which runs across the Honor Farm properties. This Ordinance will budget and appropriate a portion of those funds to the following projects: HF1101 Bleachers at Honor Farm Drag Strip $100,000 CI0139 In-Stream (RICD) Water Rights $ 38,832 CIAN20 City Building Repairs $ 30,000 The Honor Farm Bleacher Project requires an increase in funding of $100,000, to a total of $202,000, for the purchase and installation of new bleacher seating for the Drag Strip at Pueblo Motorsports Park. The In-Stream Water Rights and City Building Repairs projects were both decreased from the original appropriation as part of the additional funding needed for the City Hall renovation project. This Ordinance will restore the original funding for those two projects. FINANCIAL IMPACT The proceeds from the City of Colorado Springs will exceed the appropriations detailed above by the amount of $30,068. This amount will provide additional funding for operating expenses in the Honor Farm Properties enterprise fund. ORDINANCE NO. 8458 AN ORDINANCE BUDGETING, APPROPRIATING AND TRANSFERRING THE AMOUNT OF $168,832 FROM HONOR FARM ENTERPRISE REVENUE RECEIVED FROM COLORADO SPRINGS UTILITIES FOR THE SOUTHERN DELIVERY SYSTEM EASEMENT WHEREAS, funds in the amount of $198,900 were received from the City of Colorado Springs for payment of an easement across the Honor Farm Properties; and WHEREAS, additional funds are needed to complete certain capital projects of the City of Pueblo, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. Funds in the amount of $168,832 are hereby budgeted, appropriated and authorized for transfer from revenues of the Honor Farm Properties enterprise fund to increase the following capital projects: HF1101 Honor Farm Bleacher Project $100,000 CI0139 In-Stream (RICD) Water Rights $ 38,832 CIAN20 City Building Repairs $ 30,000 SECTION 2. This Ordinance shall become effective upon final passage and approval. INTRODUCED: February 27, 2012 BY: Judy Weaver COUNCIL PERSON PASSED AND APPROVED: March 26, 2012