Title
Ordinance No. 21-91 amending Colorado Springs Utilities' Ordinances No. 20-83 and No 20-84 for Supplemental Appropriations to Budget and Annual Sources of Funds.
Presenter:
Tristan Gearhart, Chief Planning and Finance Officer, Colorado Springs Utilities
Aram Benyamin, Chief Executive Officer, Colorado Springs Utilities
Body
Summary:
Colorado Springs Utilities requests approval of supplemental appropriation ordinance to the Annual Budget and Sources of Funds for Colorado Springs Utilities related to the year ending December 31, 2021.
Background:
On November 10, 2020, City Council approved Colorado Springs Utilities' 2021 Budget and appropriated Annual Sources and Uses of Funds. Colorado Springs Utilities has determined that a Supplemental Budget Appropriation is necessary primarily due to increased fuel costs and capital expenditures. An amendment is necessary to increase the Annual Sources of Funds primarily due to increase in revenues recovering fuel costs and strong sales and growth.
Previous Council Action:
Ordinance No. 20-83 was approved by City Council on November 10, 2020, to establish Colorado Springs Utilities' 2021 Budget and appropriated $1,114,730,278. Ordinance No. 20-84 was also approved was approved by City Council on November 10, 2020, to establish Annual Sources of Funds of $1,122,148,563.
Financial Implications:
The Supplemental Budget appropriation is in the amount of $285,784,545 and the increase to the Annual Sources of Funds is in the amount of $232,358,147.
City Council Appointed Board/Commission/Committee Recommendation:
Proposed action reviewed and directed by Colorado Spring Utilities Board.
Stakeholder Process:
N/A
Alternatives:
N/A
Recommended Action
Proposed Motion:
Move approval of the Ordinance.
Summary of Ordinance Language
This Ordinance will amend Colorado Springs Utilities' 2021 Budget and provide supplemental appropriation to Annual Sources and Uses of Funds for year ending De...
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