Title
Ordinance No. 20-5 amending Ordinance No. 18-118 (2019 Appropriation Ordinance) for a Supplemental Appropriation to the Memorial Health System Enterprise Fund in the Amount of $1,384,091 to Transfer UC Health Margin Share Proceeds 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 2019 budget and appropriate funds in the amount of $1,384,091 for the Memorial Health System Enterprise Fund to transfer UC Health margin share proceeds to the Colorado Springs Health Foundation (CSHF).
Background:
In November 2019, the City was notified of the margin sharing payment to be received from the University of Colorado Health, a benefit from the provisions of the lease.
The supplemental appropriation will provide the needed appropriation authorization to transfer the margin sharing payment to be received by the City to the 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 A...
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