HomeMy WebLinkAboutResolution-1992-1330
RESOLUTION NO.
1330_
SERIES OF 1992
TITLE:
A RESOLUTION OF THE CITY OF WHEAT RIDGE CREATING RESERVES
UNDER ART. X, SECTION 20 OF THE COLORADO CONSTITUTION FOR
THE 1992 FISCAL YEAR.
WHEREAS, an amendment to Article X, Section 20 of the Colorado
Constitution was approved by the Colorado voters at the November 3,
1992, general election; and
WHEREAS, such amendment contains spending, revenue, debt, and
mill levy limitations on local governments; and
WHEREAS, one of the basis for the spending and revenue
limitations is funds which qualify as "fiscal year spending" as
defined in Article X, Section 20(2) (e), which includes funds spent
during 1992 and "reserves" which are not defined in the amendment
and which are not emergency reserves; and
WHEREAS, many of the provisions of the amendment are difficult
to interpret and apply, and the final interpretation of the
amendment may not be determined until presented to the Colorado
Supreme Court; and
WHEREAS, the City desires to continue to provide the level and
quality of services which the citizens have requested, and to
comply with the requirements of the amendment to the best of its
ability, as the amendment is presently being interpreted; and
WHEREAS, despite the fact that the City cannot know the
specific dollar amount held during 1992 that was not spent until
completion of the audit process in the spring of 1993, the
amendment may require specific designation of such funds as a
reserve, but not an emergency reserve, for such funds to be
included within the initial fiscal year spending amount; and
WHEREAS, the City desires
ei ther spent or unspent, in
calculation; and
to include all funds held in 1992,
its initial fiscal year spending
WHEREAS, in attempting to comply with the Article X,
Section 20, the City does not waive and is specifically preserving
any rights and responsibilities it may have under Article XX of the
Colorado Constitution, its home rule charter, and any other law.
NOW, THEREFORE, BE IT RESOLVED by the City council of the City
of Wheat Ridge that:
1. In order to comply with the provisions of Article X,
section 20 of the Colorado Constitution, all funds held or directed
by the City on December 31, 1992 shall be designated as a reserve,
but not an emergency reserve, for purposes of Article X,
section 20.
2. All funds held or directed by the City during 1992 shall
be included within the 1992 fiscal year spending as defined in
Article X, section 20 (2) (e) as expenditures or as a reserve
increase.
3. The specific amount of the 1992 reserve, and therefore
1992 fiscal year spending, cannot be determined by December 31,
1992, but may be determined as a part of the audit process for
1992.
DONE AND RESOLVED this 14th day of
December
, 1992.
ATTEST:
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Wanda Sang, city Clerk
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