To: Honorable Mayor and Members of Town Council
From: Trish Muller, Finance Director
Title
Ordinance Approving the Fifth Amendment to the 2016 Budget and Authorizing Changes in Appropriations for Year 2016 to Permit the Distribution of 2015 Excess TABOR Revenues only in the Event the Electorate Does not Approve a Revenue Change at the November 8, 2016 Coordinated Election (Second Reading) (First Reading on October 4, 2016 with vote of 5-0)
Body
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The Ordinance was approved on first reading on October 4, 2016 with a vote of 5 to 0 with no changes.
Executive Summary
Within this Fifth Budget Amendment for 2016, there is one item included to accommodate for the appropriation of expenditures in the event of the passage of the election item to rebate the 2015 Taxpayers Bill of Rights surplus the Town has reported in the amount of $714,580.
(Attachment B) includes the supplemental appropriation items and (Attachment C) details estimated ending funds available for the affected fund for 2016.
Discussion
Within an election item on the ballot for November, voters are provided with an option to vote to have the surplus of 2015, under the Taxpayers Bill of Rights, to be rebated to Town citizens. In the event that this ballot item does not pass and the electorate directs the Town to rebate funds back to the citizens of the Town of Castle Rock, it is requested that funds be appropriated from the General Fund to be paid through the Castle Rock Water department through the Water Fund in Town utility bills in the form of a credit.
Budget Impact
As presented in (Attachment C), the Finance Department has ensured that funding is available within the fund balance of the General fund. A summary of the proposed total change in 2016 expenditure appropriation changes by fund is shown in the following table:
General Fund $ 714,580
Water Fund $ 714,580
TOTAL $ 1,429,160
Staff Recommendation
Staff recommends that Town Council approve the Ordinance on first reading. Staff plans to bring the second reading of the Ordinance to the October 18, 2016 Council meeting.
Proposed Motion
I move to approve an Ordinance approving the Fifth Amendment to the 2016 Budget and Authorizing Changes in Appropriations for Year 2016 to Permit the Distribution of 2015 Excess TABOR Revenues only in the event the Electorate does not Approve a Revenue Change at the November 8, 2016 Coordinated Election, Second Reading.
Attachments
Attachment A: Ordinance
Attachment B: Requests for Supplemental Appropriation
Attachment C: Estimated Ending Funds Available for 2016