Loading...
HomeMy WebLinkAbout09231 City Clerk’s Office Item # R-5 Background Paper for Proposed Ordinance COUNCIL MEETING DATEJanuary 22, 2018 : TO: President Christopher A. Nicoll and Members of City Council VIA: Brenda Armijo, Acting City Clerk FROM: Sam Azad, City Manager SUBJECT: AN ORDINANCE BUDGETING, APPROPRIATING AND TRANSFERING $1,000,000 FROM THE GENERAL FUND BALANCE TO THE STREET REPAIR UTILITY ENTERPRISE FUND AND SETTING FORTH REPAYMENT REQUIREMENTS WITH RESPECT TO SAID TRANSFER SUMMARY: To allow paving operations to commence in early 2018, start-up funds must be available. To this end, the General Fund will transfer $1,000,000 to the Street Repair Utility Enterprise Fund, subject to and conditioned upon the transferred funds being repaid from street repair fees collected. PREVIOUS COUNCIL ACTION: A Street Repair Utility Fund was implemented by Ordinance on December 26, 2017, effective January 1, 2018. BACKGROUND: At the General Municipal Election held on November 7, 2017, the voters of the City of Pueblo passed Ballot Question 2C by a margin of 58% to 42%, establishing a Street Repair Utility. FINANCIAL IMPLICATIONS: Start-up funds in the amount of $1,000,000 will be transferred from the City’s General Fund to the Street Repair Utility Fund to enable paving operations to commence early in the year. The $1,000,000 will be repaid to the General Fund by December 31, 2019. BOARD/COMMISSION RECOMMENDATION: Not applicable. STAKEHOLDER PROCESS See background. ALTERNATIVES: Not applicable. RECOMMENDATION: Approval of this Ordinance. Attachments: Proposed Ordinance ORDINANCE NO. _9231 AN ORDINANCE BUDGETING, APPROPRIATING AND TRANSFERING $1,000,000 FROM THE GENERAL FUND BALANCE TO THE STREET REPAIR UTILITY ENTERPRISE FUND AND SETTING FORTH REPAYMENT REQUIREMENTS WITH RESPECT TO SAID TRANSFER BE IT ORDAINED BY THE CITY OF PUEBLO that: SECTION 1. The amount of $1,000,000 is hereby budgeted, appropriated and transferred from the General Fund prior year unexpended fund balance to the Street Repair Utility Enterprise Fund as follows: General Fund General Fund prior year unexpended fund balance $1,000,000 Transfer out to Street Repair Utility Enterprise Fund $1,000,000 Street Repair Utility Enterprise Fund Transfer in from General Fund $1,000,000 Projects to be determined $1,000,000 SECTION 2. No part of the $1,000,000 shall constitute or be considered a grant and shall be subject to and conditioned upon repayment to the General Fund from the Street Repair Fees collected and upon approval by the Street Repair Utility Enterprise of the repayment obligation including repayment period herein provided. The repayment of the $1,000,000 shall occur on or before December 31, 2019, subject to annual appropriation. SECTION 3. The officers and the staff of the City are authorized and directed to perform any and all acts consistent with the intent of this Ordinance to implement the policies and procedures described herein. SECTION 4. No expenditures shall be made, or warrants issued against any monies appropriated except in strict conformity with the Charter of the City of Pueblo and in accordance with the provisions of this Ordinance and the requirements of Chapter 11 of Title 12 of the Pueblo Municipal Code. SECTION 5. This Ordinance shall take effect immediately upon final passage and approval. INTRODUCED January 22, 2018 BY: Ed Brown MEMBER OF CITY COUNCIL APPROVED: PRESIDENT OF CITY COUNCIL ATTESTED BY: ACTING DEPUTY CITY CLERK PASSED AND APPROVED: February 12, 2018