City of Colorado Springs - File #: 16-540

• File #: 16-540
• Version: 2
• Type: Ordinance
• Status: Mayor's Office
• File created: 9/1/2016
• In control: City Council
• On agenda: 10/25/2016
• Final action: 10/25/2016
• Title: Ordinance No. 16-98 amending Ordinance No. 15-86 (2016 Appropriation Ordinance) for a Supplemental Appropriation to the Subdivision Drainage Fund in the amount of $4,000,000 for the purpose of reimbursements to developers for eligible major drainage improvements, to the Cemetery Enterprise Fund in the amount of $33,500 for the purchase of capital equipment, to the Cemetery Endowment Fund in the amount of $33,500 for the purpose of increasing the transfer to the Cemetery Enterprise Fund, and to the Gift Trust Fund in the amount of $500,000 for the purpose of allowing spending for the remainder of the year Presenter: Kara Skinner, Chief Financial Officer

Date	Ver.	Action By	Action	Result
10/25/2016	2	City Council	finally passed	Pass
10/11/2016	1	City Council	approved on first reading	Pass
9/26/2016	1	Council Work Session	referred

Title
Ordinance No. 16-98 amending Ordinance No. 15-86 (2016 Appropriation Ordinance) for a Supplemental Appropriation to the Subdivision Drainage Fund in the amount of $4,000,000 for the purpose of reimbursements to developers for eligible major drainage improvements, to the Cemetery Enterprise Fund in the amount of $33,500 for the purchase of capital equipment, to the Cemetery Endowment Fund in the amount of $33,500 for the purpose of increasing the transfer to the Cemetery Enterprise Fund, and to the Gift Trust Fund in the amount of $500,000 for the purpose of allowing spending for the remainder of the year

Presenter:
Kara Skinner, Chief Financial Officer

Body
Summary:
The attached ordinance is a supplemental appropriation for the budgets of the Subdivision Drainage Fund, the Cemetery Enterprise Fund, the Cemetery Endowment Fund, and the Gift Trust Fund.

For the Subdivision Drainage Fund, with an increase in platting and construction activity and the related major subdivision drainage improvements within the City's drainage basins, the attached ordinance increases the 2016 Budget by $4,000,000 to accommodate reimbursement payments. The attached information (Exhibit A) provides a summary of the amount of reimbursements, credits and deferred fees to date in all drainage basins.

For the Cemetery Enterprise Fund, Evergreen Cemetery needed to replace its backhoe and had an opportunity to purchase one from Colorado Springs Utilities. The attached Ordinance increases the 2016 Budget by $33,500 to partially fund that purchase.

For the Cemetery Endowment Fund, in accordance with the Cemetery Endowment Fund Investment Policy definition of income as total return and the Cemetery Endowment Fund draw policy, an additional $33,500 can be transferred to the Cemetery Enterprise for capital needs, such as the backhoe. The additional amount will be transferred to the Cemetery Enterprise Fund to assist with the purchase of the backhoe.

For the Gift Trust ...