COUNCIL COMMUNICATION

 

DATE:

 

02/03/03

SUBJECT: FINAL READING ORDINANCE NO. 2003-0-024

Amending the City of Laredo Fiscal Year 2003 2000A Certificate of Obligation Issue Fund annual budget by appropriating revenues of $2,200,000 in the form of a donation from the Lamar Bruni Vergara Trust for $2,000,000, and a Transfer of $200,000 from the Capital Improvement Fund and appropriating expenditures in the amount of $2,200,000 for the Construction of Inner City Park (As amended).

 

INITIATED BY:

Larry Dovalina, City Manager

Cynthia Collazo, Assistant City Manager                                   

STAFF SOURCE:

Horacio De Leon, Parks & Recreation Director

 

PREVIOUS COUNCIL ACTION:

None

BACKGROUND:

 

Funding for the Inner City Park Project is required in order to award a contract for the development and improvements of the park and recreation center. Funding for the additional appropriation has been identified in the 2000A Certificate of Obligation Fund (through a $2,000,000 donation from the Lamar Bruni Vergara Trust).

 

Other funding for the Inner City Park Project includes: the Certificate of Obligation Fund which will fund the acquisition of the park land; Community Development Block Grant which will fund park equipment and other improvements of the park and a Transfer In from Capital Improvement Fund.

 

 

FINANCIAL:

The 2000A Certificate of Obligation Issue Fund will be amended as follows:

 

 

Annual Budget

FY 2003

Proposed

Amendment

Amended

Budget 2003

2002ACertificate of Obligation Fund:

 

 

 

Revenues:

 

 

 

 Donations

$0

$2,000,000

$2,000,000

 Transfer In-Capital Improvement Fund

$0

$200,000

$200,000

 

 

 

 

Expenditures:

 

 

 

 Inner City Park Project

$750,000

$2,200,000

$2,950,000

 

Capital Improvements Proj:

Expenditures:

Transfer Out-Infrastructure Maint.

Transfer Out-2002 CO Issue

 

 

$1,964,807

$0

 

$(200,000)

$200,000

 

1,764,807

$200,000

 

 

 

COMMITTEE RECOMMENDATION:

 

 

STAFF RECOMMENDATION:

 

 Approval of Ordinance

 

 

 

ORDINANCE NO.  2003-0-024

 

Amending the City of Laredo Fiscal Year 2003 2000A Certificate of Obligation Issue Fund annual budget by appropriating revenues of $2,200,000 in the form of a donation from the Lamar Bruni Vergara Trust for $2,000,000, and a Transfer of $200,000 from the Capital Improvement Fund and appropriating expenditures in the amount of $2,200,000 for the Construction of Inner City Park (as amended).

 

        

WHEREAS, on September 20, 2002, City Council adopted the fiscal year 2003 annual budget: and

                 

WHEREAS, on January, 13, 2003, City Council will hold a public hearing and introduce this ordinance; and

 

WHEREAS, in order to provide the funds necessary to complete the Inner City Park Project, the proposed budget amendment is hereby proposed.

                                   

NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LAREDO THAT:

 

Section 1:  2000A Certificate Obligation Issue Fund is hereby amended as follows:

 

 

 

Annual Budget

FY 2003

Proposed

Amendment

Amended

Budget 2003

2002ACertificate of Obligation Fund:

 

 

 

Revenues:

 

 

 

 Donations

$0

$2,000,000

$2,000,000

 Transfer In-Capital Improvement Fund

$0

$200,000

$200,000

 

 

 

 

Expenditures:

 

 

 

 Inner City Park Project

$750,000

$2,200,000

$2,950,000

 

Capital Improvements Proj:

Expenditures:

Transfer Out-Infrastructure Maint.

Transfer Out-2002 CO Issue

 

 

$1,964,807

$0

 

$(200,000)

$200,000

 

1,764,807

$200,000

 

 

PASSED BY THE CITY COUNCIL AND APPROVED BY THE MAYOR ON THIS

THE _______________ DAY OF ________________________, 2003.

                                                                                         

________________________

ELIZABETH G. FLORES,

MAYOR

 

ATTEST:                                                            APPROVED AS TO FORM:       

 

_________________________                                                        ____________    

GUSTAVO GUEVARA, JR.,                                                      JAIME L. FLORES

CITY SECRETARY                                               CITY ATTORNEY