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HomeMy WebLinkAbout07794ORDINANCE NO. 7794 AN ORDINANCE INCREASING THE APPROPRIATION TO THE PEDCO ACCOUNT TO FUND THE OPERATIONAL EXPENSES ASSOCIATED WITH ECONOMIC DEVELOPMENT ACTIVITIES AND AUTHORIZING THE TRANSFER OF $150,000 FROM THE 2008 GENERAL FUND RESERVES THEREFOR WHEREAS, the City Council believes economic development is a top priority for the City of Pueblo and the surrounding areas of Southern Colorado; and WHEREAS, the Pueblo Economic Development Corporation is the major economic recruitment entity, representing and negotiating on behalf of the City of Pueblo and is a vital engine in the creation of jobs, wealth, and economic prosperity; and WHEREAS, City Council strongly support the efforts of the Pueblo Economic Development Corporation, and desires its financial well -being in order to continue job growth and economic opportunities for the citizens of Pueblo, NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. The amount of $150,000 is hereby transferred from the General Fund reserves and appropriated to account number 101 - 8040 - 480.81 -16 to fund the operational expenses associated with the economic development activities of Pueblo Economic Development Corporation. SECTION 2. This Ordinance shall become effective immediately upon final approval and passage. INTRODUCED April 28, 2008 PASSED AND APPROVED: May 12, 2008 © R0 1 - 1�4 ED ED maw Background Paper for Proposed ORDINANCE DATE: April 28, 2008 AGENDA ITEM # Pr ag DEPARTMENT: OFFICE OF THE CITY MANAGER DAVE GALLI, CITY MANAGER DOUG FITZGERALD, ASSISTANT CITY MANAGER TITLE AN ORDINANCE INCREASING THE APPROPRIATION TO THE PEDCO ACCOUNT TO FUND THE OPERATIONAL EXPENSES ASSOCIATED WITH ECONOMIC DEVELOPMENT ACTIVITIES AND AUTHORIZING THE TRANSFER OF $150,000 FROM THE 2008 GENERAL FUND RESERVES THEREFOR ISSUE Should the City Council appropriate $150,000 from the 2008 General Fund Reserves for the purpose of funding the operational costs of the Pueblo Economic Development Corporation? The Pueblo : Economic Development Corporation ( PEDCO) has requested to be excluded from the Community Service Advisory Committee (CSAC) funding process for non - profits ;throughout the City and County of Pueblo. Upon that request, the City Council removed PEDCO from this funding process on December 10, 2007 with the formal action of Resolution number 11173 and withdrew the portion of the CSAC funding (47% - $42,282) that was designated for allocation, as well. Subsequently, the Council gave direction to the City Administration to fund PEDCO as a separate line item within the 2008 City budget. During a work session presentation on April 7, 2008, PEDCO requested $150,000 from the City for economic development activities due to a shortfall of cash reserves and revenue streams into their organization. This Ordinance, if approved by Council, will authorize and transfer funds from the General Fund Reserve into the PEDCO account in the 2008 City Budget. Approval of the Ordinance. FINANCIAL IMPACT An increase of $150,000 will be adjusted to the 2008 General Fund Reserves.