HomeMy WebLinkAbout13133RESOLUTION NO. 13133
A RESOLUTION ESTABLISHING RESERVE INCREASES
WITH RESPECT TO FISCAL YEAR SPENDING FOR
FISCAL YEAR 2014
WHEREAS, Article X, Section 20(2)(e) of the Colorado Constitution defines
“Fiscal Year Spending” to include “Reserve Increases,” and:
WHEREAS, it would be in the best interest of the City to establish by action of
the City Council that any and all 2014 Reserve Increases be considered a part of the
City’s 2014 “Fiscal Year Spending” and that all year-end fund balances be considered
as a “Reserve.” NOW, THERFORE;
BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, COLORADO, that:
SECTION 1.
Any and all increases to net fund balances shall constitute and be considered
“Reserve Increases,” and therefore a part of 2014 “Fiscal Year Spending” within the
meaning of Article X, Section 20(2)(e) of the Colorado Constitution.
SECTION 2.
The officers and the staff of the City are directed and authorized to perform any
and all acts consistent with the intent of this Resolution to effectuate the policies and
procedures described herein.
SECTION 3.
Any and all 2014 year-end balances shall constitute and be considered
“Reserves” and all subsequent expenditures and transfers from such “Reserves” shall
be excluded from “Fiscal Year Spending” within the meaning of Article X, section
20(2)(e) of the Colorado Constitution.
INTRODUCED: December 22, 2014
BY: Ed Brown
City Clerk’s Office Item # M-3
Background Paper for Proposed
R
ESOLUTION
COUNCIL MEETING DATE: ,
December 222014
TO: President Stephen G. Nawrocki and Members of City Council
CC: Sam Azad, City Manager
VIA: Gina Dutcher, City Clerk
FROM: Deborah Morton, Director of Finance
SUBJECT: A RESOLUTION ESTABLISHING RESERVE INCREASES WITH RESPECT TO
FISCAL YEAR SPENDING FOR FISCAL YEAR 2014
SUMMARY
:
Should the City Council designate any and all 2014 increases to net fund balances as “Reserve
Increases” and therefore a part of 2014 “Fiscal Year Spending” within the meaning of Article X,
Section 20(2)(e) of the Colorado Constitution?
PREVIOUS COUNCIL ACTION:
None
BACKGROUND:
The Taxpayers Bill of Rights (TABOR) sets limits upon governments for fiscal year spending.
This resolution will designate any and all net increases to the fund balances at December 31,
2014 as "reserve increases" within the meaning of TABOR and will deem said increases to be a
part of 2014 “fiscal year spending.” This resolution will also designate any and all 2014 year-
end balances, including any net increase to fund balance during the year 2014, to be “reserves.”
Any subsequent transfer and expenditure of these “reserves” shall be excluded from future
fiscal year spending as calculated under the provisions of TABOR.
FINANCIAL IMPLICATIONS:
Denial of the resolution may result in a requirement that the City refund all or a portion of said
increases to taxpayers in future years.
BOARD/COMMISSIONS RECOMMENDATION:
None
STAKEHOLDER PROCESS:
None
ALTERNATIVES:
Denial of this Resolution may result in a requirement that the City refund all or a portion of said
increases to taxpayers in future years.
RECOMMENDATION:
Approval of this Resolution.
Attachments:
Proposed Resolution