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File #: 19-0835    Version: 1
Type: Bill Status: Passed
File created: 8/12/2019 In control: Finance & Governance Committee
On agenda: 9/30/2019 Final action: 9/30/2019
Title: A bill for an ordinance authorizing cash transfers from the Capital Improvement Fund to the Human Services Special Revenue Fund and the Economic Opportunity Special Revenue Fund. Transfers $9,950,000 in cash from the Capital Improvements Fund received from the sale of 1701 S. Platte Street, allocates $3,200,000 to the DHS Homeless Services Fund and $6,750,000 to the Affordable Housing Property Tax and Other Local Revenue Fund. The Committee approved filing this item at its meeting on 9-10-19.
Indexes: Jonathan Griffin
Attachments: 1. BR19 0835 DOF 1701 RevenueTransfer, 2. BR19 0835 DOF 1701 s. Platte Summary and Day Shelter RFP Summary, 3. CB19-0835_DOF_1701 South Platte Transfer, 4. 19-0835 Filed Bill_DOF_1701 South Platte Transfer, 5. 19-0835 - signed.pdf, 6. 19-0835 Filed a A bill for an ordinance authorizing cash transfers from the Capital Improvement Fund to the Human Services Special Revenue Fund and the Economic Opportunity

Finance Item/Grant Request Template

 

Date Submitted: 8-12-19

 

Requesting Agency: Finance

                               Division:

 

Subject Matter Expert Name: Jackson Brockway                                                                                                                                            
Email Address:
Jackson.Brockway@denvergov.org                                                                       

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 authorizing cash transfers from the Capital Improvement Fund to the Human Services Special Revenue Fund and the Economic Opportunity Special Revenue Fund.

Transfers $9,950,000 in cash from the Capital Improvements Fund received from the sale of 1701 S. Platte Street, allocates $3,200,000 to the DHS Homeless Services Fund and $6,750,000 to the Affordable Housing Property Tax and Other Local Revenue Fund. The Committee approved filing this item at its meeting on 9-10-19.  

body

 

Affected Council District(s) or citywide? This transfer has a citywide impact, with a focus on District 9, where most day shelter services will be located.

 

Executive Summary with Rationale and Impact:

Detailed description of the item and why we are doing it. This can be a separate attachment.

Per the City Council approved Purchase and Sales agreement in April 2018 (CB18-0259), $13.5M of revenue was received from the sale of the sale real estate at 1701 S. Platte Street. Revenues from this sale were identified to support the City’s affordable housing fund, homeless services, and bicycle infrastructure. This ordinance serves as a follow-up administrative financial action to allocated revenues to the appropriate funds for expenditure. The transfers will support the DHS Homeless Services Fund (Fund 13812) in the Human Services Special Revenue Fund Series and the Affordable Housing Property Tax (16606) and Other Local Revenue Fund in the Economic Opportunity Special Revenue Fund Series.

Type (choose one: Grant; Supplemental; Fund Creation; Fund Rescission; Fund Transfer; Appropriation; Other):

Transfer

Amount: $9.95 million in cash

 

Budget Year:

 

Fund and Funding Source (Fund/Org/Grant Number, if applicable):

DHS Homeless Services Fund (Fund 13812) and the Affordable Housing Property Tax (16606) and Other Local Revenue Fund

Grantor (if applicable):

 

Fund Matching Requirements (if applicable):

 

Fiscal Impact: