Title
Ordinance No. 18-127 Amending Ordinance No. 17-116 (2018 Appropriation Ordinance) for a Supplemental Appropriation to the Memorial Health System Enterprise Fund in the Amount of $675,475 for Transfer to the Colorado Springs Health Foundation
Presenter:
Charae McDaniel, Chief Financial Officer
Chris Wheeler, Budget Manager
Body
Summary:
The attached ordinance is a supplemental appropriation to increase the 2018 budget and appropriate funds in the amount of $675,475 for the Memorial Health System Enterprise Fund to transfer funds to the Colorado Springs Health Foundation (CSHF).
Previous Council Action:
On October 1, 2012, the City of Colorado Springs executed the Memorial Health System (MHS) Operating Lease Agreement and the Integration and Affiliation Agreement by and among the City of Colorado Springs, University of Colorado Health, Poudre Valley Health Care, Inc., and UCH-MHS.
City Council authorized and directed that such funds and monies from the lease be placed into an appropriate segregated account and shall be spent only to satisfy obligations specifically provided for in the agreements. Funds remaining after satisfying the obligations shall be transferred directly into the City controlled non-profit foundation, Colorado Springs Health Foundation, as provided for under IRS Sections 501(c)(3) and 509(a) and authorized by City Council and the Mayor pursuant to Resolution No. 89-12.
On November 10, 2015, City Council adopted Resolution No. 109-15 approving the Memorial Health System/Colorado Springs Health Foundation Funds Management Agreement. The agreement provides greater clarity as to how lease proceeds will be transferred to the CSHF and how the CSHF will invest funds.
On January 12, 2016, City Council approved Ordinance No. 15-101 for a supplemental appropriation to the MHS Enterprise Fund in the amount of $1,345,000 to transfer the revenue sharing payment received by the City to the CSHF.
On September 26, 2016, City Council...
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