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RESOLUTION NO. 13836
A RESOLUTION ESTABLISHING RESERVE INCREASES
WITH RESPECT TO FISCAL YEAR SPENDING FOR
FISCAL YEAR 2017
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 2017 Reserve Increases be considered a part of the City’s
2017 “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 2017 “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 2017 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 11, 2017
BY: Ed Brown
City Clerk’s Office Item # M-1
Background Paper for Proposed
R
ESOLUTION
COUNCIL MEETING DATE: December 11, 2017
TO: President Stephen G. Nawrocki and Members of City Council
CC: Sam Azad, City Manager
VIA: Brenda Armijo, Acting City Clerk
FROM: Roni Kimbrel, Director of Finance
SUBJECT: A RESOLUTION ESTABLISHING RESERVE INCREASES WITH RESPECT TO
FISCAL YEAR SPENDING FOR FISCAL YEAR 2017
SUMMARY
:
Should the City Council designate any and all 2017 increases to net fund balances as “Reserve
Increases” and therefore a part of 2017 “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, 2017 as
"reserve increases" within the meaning of TABOR and will deem said increases to be a part of
2017 “fiscal year spending.” This resolution will also designate any and all 2017 year-end
balances, including any net increase to fund balance during the year 2017, 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