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HomeMy WebLinkAbout07291ORDINANCE NO. 7291 AN ORDINANCE APPROPRIATING THE FUND BALANCE OF THE 1992 -2006 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECTS FUND FOR FUTURE JOB CREATING PROJECTS Whereas, the 1992 -2006 Sales Tax and Use Tax Capital Improvement Projects fund has accumulated a fund balance of $19,189,622, and Whereas, it is feasible these funds may be requested for job creating capital improvement projects in 2005. Now Therefore, BE IT ORDAINED BY THE CITY OF PUEBLO that: SECTION 1. Funds in the amount of $19,189,622 are hereby appropriated from the 1992 -2006 Sales Tax and Use Tax Capital Improvement Projects Fund to be utilized for future job creating capital improvement projects and will be budgeted in Project ED9999. Funds in Project ED9999 may be transferred for job creating capital improvement projects by City Council by Resolution. SECTION 2. This Ordinance shall become effective upon final passage of approval. INTRODUCED April 11, 2005 BY Jeff Chostner Councilperson APPROVED: PRES1DENT 9F CITY CPWCIL ATTESTED BY: CITY CLERK PASSED AND APPROVED April 25, 2005 ,t� . :ff1Z 9 l - 1V r K ,.. Background Paper for Proposed ORDINANCE AGENDA ITEM # I I DATE: DEPARTMENT TITLE APRIL 11, 2005 DEPARTMENT OF FINANCE ROBERT HAIN, DIRECTOR OF FINANCE AN ORDINANCE APPROPRIATING THE FUND BALANCE OF THE 1992 -2006 SALES AND USE TAX CAPITAL IMPROVEMENT PROJECTS FUND FOR FUTURE JOB CREATING PROJECTS ISSUE The 1992 -2006 Sales Tax and Use Tax Capital Improvement Projects fund has accumulated $19,189,622 in fund balance that has not been appropriated. The ordinance will allow future job creating projects to be approved by Resolution. RECOMMENDATION Approval of the ordinance. FINANCIAL IMPACT The ordinance appropriates funds that can be utilized for future job creating capital improvement projects by Resolution. The passage of this ordinance will have no immediate financial impact and will be budgeted in ED9999.