Other/Miscellaneous Request Template (Appointments; ROW; Code Changes; Zoning Action, etc.)
Date Submitted: 7-11-2022
Requesting Agency: Finance on behalf of Children’s Affairs
Division:
Subject Matter Expert Name: Kat Jarvis/Nikki McCabe
Email Address: Katherine.Jarvis@denvergov.org <mailto:Katherine.Jarvis@denvergov.org>; Nikki.McCabe@denvergov.org <mailto:Nikki.McCabe@denvergov.org>
Phone Number:
Item Title & Description:
(Do not delete the following instructions)
These appear on the Council meeting agenda. Initially, the requesting agency will enter a 2-3 sentence description. Upon bill filling, the City Attorney’s Office should enter the title above the description (the title should be in bold font).
Both the title and description must be entered between the red “title” and “body” below. Do not at any time delete the red “title” or “body” markers from this template.
title
A bill for an ordinance to amend Ordinance No. 309, Series of 2007, to change the appropriation requirements of the “Denver Preschool Program” Special Revenue Fund.
Amends Ordinance 309, Series 2007, to eliminate the requirement for an unappropriated fund balance for the Denver Preschool Program (DPP) Special Revenue Fund (fund number 11851). The Committee approved filing this item at its meeting on 7-12-22.
body
Affected Council District(s) or citywide? Citywide
Executive Summary with Rationale and Impact:
Detailed description of the item and why we are doing it. This can be a separate attachment.
This bill request amends ordinance 309, series of 2007, Section 6, to eliminate the requirement for an unappropriated fund balance.
DPP is an independent nonprofit organization funded by taxes for which the City and County of Denver is financially responsible. When the Denver Preschool Program (DPP) was created in 2007, it was the first type of organization of its kind. To mitigate potential risks, the City placed conditions on DPP to minimize the effects of fluctuations in sales and use tax revenues received in any calendar year. This included a requirement that the City hold a $600,000 unappropriated restricted fund balance. The city has held that $600,000 for the past 15 years.
Over the past 15 years, DPP has met or exceeded every expectation set for them when Denver voters approved the preschool tax and is a model for similar programs across the country. DPP has demonstrated financial stability and successful financial stewardship and has maintained reserves to minimize the effects of significant fluctuations in the amount of sales and use tax revenues. Therefore, the $600,000 fund balance is not needed to sustain programming in the event of revenue shortfalls. DPP is requesting to strike the fund balance requirement and to appropriate the $600,000 currently held as unappropriated funds in order to access these funds for programs. A companion bill request to appropriate the $600,000 is also being submitted.
Address/Location (if applicable):
Legal Description (if applicable):
Denver Revised Municipal Code (D.R.M.C.) Citation (if applicable):
Draft Bill Attached?