RESOLUTION NO. 23-95

A RESOLUTION AMENDING THE GENERAL CAPITAL IMPROVEMENT PLAN IN ORDER TO FUND A TOTAL OF $6.6 MILLION IN PARK DEVELOPMENT COSTS DURING THE YEARS 1995 THROUGH 1997

 WHEREAS, after considerable deliberation the City Council of the City of Grand Junction has determined to fund at least $6.6 million in park development costs over the next three years without requesting the use of public debt as a financing tool; and

 WHEREAS, after full consideration of the ten year capital plan the City Council has determined that a three year, $6.6 million spending plan for park facilities can be accomplished by delaying various capital projects currently assigned in the Ten Year Capital Improvement Plan; and

 WHEREAS, in addition to reassigning future projects, the City Council recognizes that a temporary shift of available resources between the General Operating Fund and the Sales Tax Capital Improvement Fund will be necessary to maintain the financial integrity of both accounting funds:

 NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GRAND JUNCTION, COLORADO:

 That the previously approved Ten Year Capital Improvement Plan for the Sales Tax Capital Improvement Fund be amended to incorporate a total of $6.6 million in expenditures from 1995 through 1997, as detailed in the attached Exhibit 1, for the development of City Parks pursuant to the recommended plan for park development.

ADOPTED AND APPROVED THIS 1ST DAY OF MARCH, 1995

ATTEST:                APPROVED:

/s/ Stephanie Nye            /s/ R.T. Mantlo

City Clerk                President of the Council

Park Development Funding

$6.6 Million (1995 thru 1997)

 1995  1996  1997  1998   1999  2000  2001  2002  2003  TOTAL

CIP FUND BEGINNING BALANCE  2,023,115  2,783,415  59,184  (0)  (0)  0  0  1,883,658  2,696,688  2,023,115

Revenue:

Capital Revenue  7,098,835  6,983,996  6,704,537  6,720,132  6,644,811  7,004,052  7,480,966  7,924,842  8,706,941  65,269,112

Change in Interest Income  0  45,500  (124,565)  (206,691)  (2,570)  (26,228)  (148,083)  (85,309)  (66,781)  (614,728)

From General Fund **  0  0  1,676,333  0  1.013,202  0  0  0  0  2,689,535

Subtotal Revenue  7,098,835  7,029,496  8,256,305  6,513,441  7,655,443  6,977,824  7,332,883  7,839.533  8,640,160  67,343,919

Total Sources  9,121,950  9,812,911  8,315,489  6,513,441  7,655,442  6,977,824  7,332,884  9,723,190  11,336,848  69,367,034

Uses:

Current Budget  6,988,535  7,278,727  5,590,489  9,636,148  6,306,843  5,263,268  6,494,071  7,376,502  7,741,863  62,676,446

Projects Moved

# 2-9 (City Hall Renovation)  0  0  0  (2,065,647)  2,149,959  0  0  0  0  84,312

# 6-23 (Horizon Drive; 12th St -to- G Rd.)  0  0  0  0  (1,254,000)  1,304,160  0  0  0  50,160

# 6-27 (12th St; Bonita -to- Horizon)  0  0  0  (916,000)  952,640  0  0  0  0  36,640

# 6-42 (Horizon Drive; 7th St -to 12th St)  0  0  0  0  0  (1,045,000)  1,086,800  0  0  410,800

Subtotal: Projects Moved  0  0  0  (2,981,647)  1,848,599  259,160  1,086,800  0  0  212,912

Tiara Rado Land Purchase  400,000                  400,000

Park Development

Capital Expenditures  150,000  3,225,000  3,225,000              6,600,000

Current CIP Allocation (PV @ 7% = $5.9 Million)  (1,200,000)  (750,000)  (500,000)  (500,000)  (500,000)  (600,000)  (2,850,000)  (350,000)  (350,000)  (7,600,000)

Subtotal: Park Devl.  (1,050,000)  2,475,000  2,725,000  (500,000)  (500,000)  (600,000)  (2,850,000)  (350,000)  (350,000)  (1,000,000)

General Fund Payback *  0  0  0  358,940  0  2,055,396  718,355  0  0  3,132,691

Total Uses  6,338,535  9,753,727  8,315,489  6,513,441  7,655,442  6,977,824  5,449,226  7,026,502  7,391,863  65,422,049

Net Change In Fund Balance  760,300  (2,724,231)  (59,184)  (0)  1  0  1,883,657  813,031  1,248,297  1,921,870

CIP FUND ENDING BALANCE  2,783,415  59,184  (0)  (0)  0  0  1,883,658  2,696,688  3,944,985  3,944,985

General Fund Advance (Payback)    0  1,676,333  (358,940)  1,013,202  (2,055,396)  (718,355)

Accumulated Interest on Advance    0  117,343  100,432  178,386  46,995  0

Total Due the General Fund    0  1,793,676  1,535,168  2,726,756  718,355  0

General Fund Balancing

Projected Beginning Fund Balance  5,964,670  4,667,306  4,979,884  3,269,205  3,816,333  3,036,428  5,603,938  7,056,186  7,995,537  

                   Net impact on the

Proj. Change in General Fund Balance  (1,297,364)  312,578  82,997  288,620  411,683  559,109  733,893  939,351  1,179,136

                   General Fund

+/- Impact of CIP Fund {Advance) Payback  0  0  (1,793,676  258,508  (1,191,588)  2,008,401  718,355  0  0  0

Adjusted Ending Fund Balance  4,667,306  4,979,884  3,269,205  3,816,333  3,036,428  5,603,938  7,056,186  7,995,537  9,174,673

Minimum Level of Working Capital  3,318,874  3,318,874  3,318,874  3,318,874  3,318,874  3,318,874  3,318,874  3,318,874  3,318,874

Variance from M.W.C.  1,348,432  1,661,010  (49,669)  497,459  (282,446)  2,285,064  3,737,312  4,676,663  5,855,799

TOTAL COST

Capital Expenditures  $6,600,000

Tiara Rado Land Purchase  400,000

Interest Expense  443,156

Project Delays  212,912      Total Paid to the General Fund *  3,132,691

TOTAL  $7,656,068       Total Borrowed  (2,689,535)

       Net Interest Expense  443,156