City may use extra cash to beef up its reserves
Wednesday, June 14, 2000
Steamboat Springs — Steamboat Springs City Council agreed Tuesday night to consider investing $200,000 in a new safety net for the community.
The $200,000 for a new Capital Facilities Reserve Fund was among 13 funding items council agreed to consider in a mid-year funding ordinance during public hearings in July. The total for the 13 items on the city's mid-year wish list was $556,000. The projects were not included in the 2000 city budget last October, but the money was freed up by budgeted projects that weren't carried out in 1999 and sales tax revenues above budgeted levels.
Below is the citys mid-year wish list. Before money can be budgeted for any of the projects, a mid-year funding plan must still be approved by ordinance in July. The proceedings will include at least one public hearing. Centennial Hall furnishings $35,000 Impact fee study/economic analysis$50,000 CD Code rewrite/planning studies $40,000 Route 40 traffic signal study $15,000 Emerald Mtn. legal costs $4,000 Federal transit grant match $153,000 Downtown historic preservation $9,000 Yampa Valley Land Trust $30,000 Senior citizens carport $5,000 Capital Facilities Reserve $200,000 Nordic Council $10,000 Fourth of July fireworks $5,000 Total: $556,000
The items on the wish list range from $35,000 for Centennial Hall furnishings needed before 2001, to $30,000 to help fund the activities of the Yampa Valley Land Trust, to $5,000 for Fourth of July fireworks.
City Manager Paul Hughes said the $200,000, when added to $100,000 previously put in the new reserve fund, will afford the city a new level of protection against unexpected expenses.
Interim City Finance Director Bob Litzau said a hypothetical example of how the money might be used would be if City Hall unexpectedly sprang a leak.
"We've never had such a fund before," Hughes said. "My goal is to get this to $500,000. I just think we have to have it. We have no safety net right now."
Hughes said it would be his intent that any time the city tapped into the reserve fund, it would be built back up to the previous level.
City Council President Kevin Bennett praised Hughes and the city finance department for building up city reserves.
"We now have double the reserves we had seven years ago," Bennett said. "I'm proud of you guys for doing that."
The city has other reserve funds in addition to the new capital reserve fund.
The second largest expenditure on the wish list is $153,000 to be used to match a federal grant to purchase one new full-sized bus and five vans for Steamboat Springs Transit.
Another item on the wish list that could be formalized in July is $15,000 for a traffic signal study on U.S. 40. Public Works Director Jim Weber said the city is cooperating with the Colorado Department of Transportation to find out if the timing of traffic signals between Pine Grove Road and Thirteenth Street is meeting the twin goals of efficiently moving traffic through the city, while making it easier for pedestrians to get around town.
The budget also includes $10,000 that would go toward the Nordic Council's goals of improving and expanding cross-country ski trails at Howelsen Park.
To reach Tom Ross call 871-4210, or e-mail tomross@amigo.net
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