HomeMy WebLinkAbout07588ORDINANCE NO. 7588
AN ORDINANCE AMENDING THE 2007 CITY BUDGET, BY TRANSFERRING $300,000 FROM
GENERAL FUND RESERVES TO THE CAPITAL PROJECTS FUND, AND APPROPRIATING
AND BUDGETING THAT AMOUNT FOR THE PURCHASE OF 305 SOUTH MECHANIC STREET
AND ASSOCIATED COSTS.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
The Pueblo City Council increases the budget by $300,000 to fund the purchase of 305
South Mechanic Street and for associated costs.
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Funds shall be appropriated from General Fund Reserves.
INTRODUCED: Aoril23.2007
BY: Randy Thurston
Councilperson
APPROVED: a
#? ESIDEINTof City Council
ATTESTED BY:
CITY CLERK
PASSED AND APPROVED: May 14, 2007
Background Paper for Proposed
ORDINANCE
AGENDA ITEM # it 33
DATE: April 23, 2007
DEPARTMENT: ROBERT F. HAIN, DIRECTOR OF FINANCE
TITLE
AN ORDINANCE AMENDING THE 2007 CITY BUDGET BY TRANSFERRING
$300,000 FROM GENERAL FUND RESERVES TO THE CAPITAL PROJECTS
FUND, AND APPROPRIATING AND BUDGETING THAT AMOUNT FOR THE
PURCHASE OF 305 SOUTH MECHANIC STREET AND ASSOCIATED COSTS
ISSUE
Should the City Council use General Fund Reserves to fund the purchase of land
commonly known as 305 South Mechanic Street?
Approval of Ordinance.
BACKGROUND
The property commonly known as 305 South Mechanic Street has become
available for the purchase price of $266,000. The property will be used by the
City as part of the planned Police and Administrative Building Campus.
FINANCIAL IMPACT
This action will require that $300,000 be transferred from the City's General Fund
Reserves for the purchase of the land and associated costs.