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HomeMy WebLinkAbout07631 ORDINANCE NO. 7631 AN ORDINANCE AMENDING THE 2007 CITY BUDGET, BY APPROPRIATING AND BUDGETING $125,000 FROM THE GENERAL FUND AND TRANSFERING THOSE FUNDS TO THE CAPITAL PROJECTS FUND, TO ESTABLISH A PROJECT TO RESTORE THE ADMINISTRATION BUILDING AT THE GREENWAY AND NATURE CENTER OF PUEBLO,INC. WHEREAS, the Pueblo Greenway and Nature Center's administration building received extensive fire damage needing extensive repairs; and WHEREAS, the land under the administration building which is owned by the Greenway and Nature Center, and the City of Pueblo carries the insurance on the building, and WHEREAS, the insurance payment anticipated to be received through the Colorado Intergovernmental Risk Sharing Agency is expected to be $100,000 plus the City's $25,000 Self Insured retention (SIR). NOW, THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. General Fund Revenue Estimates and Expenditure Appropriations shall be increased by $125,000 of anticipated insurance proceeds and a transfer of SIR from the self- insurance fund, and shall be appropriated and budgeted in the General Fund for transfer to the Capital Projects Fund. SECTION 2. The Pueblo City Council budgets and appropriates $125,000.00 to provide for a capital project conducted by the Greenway And Nature Center for the repair and associated costs of the administration building damaged by the fire. INTRODUCED July 23. 2007 BY: Randy Thurston COUNCIL P ON APPROVED: Wit PRE DENT OF CITY COUNCIL ATTESTEDBY: . -- •.� _. t CITY JERK PASSED AND APPROVED: August 13. 2007 Ora .1673 .gi® Background Paper for Proposed ORDINANCE AGENDA ITEM # 37 DATE: July 23, 2007 DEPARTMENT: CITY MANAGERS OFFICE TITLE: AN ORDINANCE AMENDING THE 2007 CITY BUDGET, BY APPROPRIATING AND BUDGETING $125,000 FROM THE GENERAL FUND AND TRANSFERING THOSE FUNDS TO THE CAPITAL PROJECTS FUND, TO ESTABLISH A PROJECT TO RESTORE THE ADMINISTRATION BUILDING AT THE GREENWAY AND NATURE CENTER OF PUEBLO,INC. ISSUE Should the City Council Increase the General Fund revenue estimates and expenditure appropriations based on anticipated insurance proceeds and the City's Self Insurance Retention (SIR) amount to pay for the repair and restoration of the administration building at the Greenway and Nature Center? RECOMMENDATION Approval of the Ordinance. BACKGROUND The administration building at the Greenway Nature Center was damaged by fire. The City of Pueblo, carries the insurance on the building through its policy with the Colorado Intergovernmental Risk Sharing Agency (CIRSA). CIRSA will pay the City for the cost of repair and restoration of the building for cost over and above the City's SIR. The City's General Fund is paying the SIR of $25,000. The net proceeds received from CIRSA and the SIR will be made available to the Greenway and Nature Center to make the necessary repairs and restoration to the administration building. FINANCIAL IMPACT The anticipate cost of this project is $125,000, with $100,000 expected to come from insurance proceeds and $25,000 from the City's General Fund.