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