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RESOLUTION NO. 1:177
SERIES OF 1993
TITLE:
A RESOLUTION OF THE CITY OF WHEAT RIDGE CREATING RESERVES
UNDER ART. X, SECTION 20 OF THE COLORADO CONSTITUTION FOR
THE 1993 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, despi te the fact that the city cannot know the
specific dollar amount held during 1993 that was not spent until
completion of the audit process in the spring of 1994, the
amendment may require specific designation of such funds to be
included within the initial fiscal year spending amount; and
WHEREAS, the City desires to
ei ther spent or unspent, in its
calculation; and
include all funds held in 1993
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 31,1993, shall be designated as a reserve,
but not an emergency reserve, for purposes of Article X, Section 20.
2. All funds held
be included wi thin the
Article X, Section 20
increase.
or directed by the city during 1993 shall
1993 fiscal year spending as defined in
(2) (e) as expenditures or as a reserve
3. the specific amount of the 1993 reserve, and therefore
1993 fiscal year spending, cannot be determined by December 31,
1993, but may be determined as a part of the audit process for
1993.
DONE AND RESOLVED this 13th day of December, 1993.
/n I r -
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Dan Wilde, Mayor
ATTEST:
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Wanda Sang,
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City ct1jerk
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