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File #: 20-1217    Version: 1
Type: Bill Status: Passed
File created: 10/26/2020 In control: Finance & Governance Committee
On agenda: 11/23/2020 Final action: 11/23/2020
Title: A bill for an ordinance authorizing cash transfers to close Funds in the General Government Fund Series, the Culture and Recreation Fund Series, and the Grant and Other Money Projects Fund Series, and authorizing cash transfers. Closes various Arts and Venues Special Revenue Funds that are no longer needed and authorizes cash transfers to the Arts and Venues Special Revenue Fund (15815). The Committee approved filing this item at its meeting on 11-3-20.
Indexes: Zach Rothmier
Attachments: 1. BR20 1217 DOF AVD SRF Closure, 2. Summary of 2021 Long Bill Companion Ordinances, 3. CB20-1217_DOF_BMO_AVD 2020 SRF Closure, 4. 20-1217 Filed Bill DOF_BMO_AVD 2020 SRF Closure, 5. 20-1217 - signed, 6. 20-1217 A bill for an ordinance authorizing cash transfers to close Funds in the General Government Fund Series, the Culture and Recreation Fund Series, and the Grant and Other M

Finance Item/Grant Request Template

 

Date Submitted: 10-26-20

 

Requesting Agency: Finance

                               Division:

 

Subject Matter Expert Name:

Name:     Emily Snyder

Email:     Emily.Snyder@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 to close Funds in the General Government Fund Series, the Culture and Recreation Fund Series, and the Grant and Other Money Projects Fund Series, and authorizing cash transfers.

Closes various Arts and Venues Special Revenue Funds that are no longer needed and authorizes cash transfers to the Arts and Venues Special Revenue Fund (15815). The Committee approved filing this item at its meeting on 11-3-20.

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.

In ongoing efforts to manage funds and reconcile cash, the Capital Planning and Programming division (CPP) of the Department of Finance has performed a review of Arts and Venues Special Revenue Funds to identify inactive funds and take steps to close them. The following five funds have been identified for closure with a net cash balance of $253,245.37 (Appendix A). For these funds, there has been no financial activity in at least five years and the related grant or funding agreement is closed and complete.

 

Fund

Fund Name

Cash Balance

38160

Auditorium Theatre Renovation - 38160

($327,212.00)

 

Total negative cash balance:

($327,212.00)

 

 

 

38301

McNichols Building Renovation - 38301

$36,196.83

11718

Arts and Venues Denver Donations

$26,982.97

15717

Quigg Newton Auditorium Donations

$338,943.11

15718

Buell Theater Donations Fund

$178,334.46

 

Total positive cash balance:

$580,457.37

 

Net cash balance:

$253,245.37

 

 

 

This ordinance requests authorization to close the said funds and rescind the net cash balance to the Arts and Venues Fund (15815).  Once the cash transfers are complete, DOF will close the funds in Workday, the financial system of record. The cash transfer amounts may be adjusted pending transactions that may occur before the transfers takes place.

 

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

 

Amount:

 

Budget Year:

 

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

 

Grantor (if applicable):

 

Fund Matching Requirements (if applicable):

 

Fiscal Impact: