HomeMy WebLinkAbout22-54 Amending Annual Budget Fisical Year 2021 5-11-2022RESOLUTION N0. 2022 - 54
A RESOLUTION OF THE BOARD OF TRUSTEES OF THE TO«'N OF FIRESTONE,
COLORADO, AMENDING THE ANNUAL BUDGET FOR THE TOWN OF FIRESTONE
FOR FISCAL YEAR 2021.
WHEREAS, the Town entered into certain public improvements reimbursement
agreements ("PIRA") with American Furn;hi re Warehouse and THE Firestone Development,
.LC, which impose a public improvement fee ("PIF") on any and all retail sales transaction by
any retailer within properties that are the subject of the reimbursement agreements that are subject
to the Town's sales and use tax ("PIF Sale");
WHEREAS, to implement the PIRA's, the Town granted a tax credit against the collection
of revenues received through PIF Sales in the form of a rebate in an amount equal to the PIF
("Credit PIF"); and
WHEREAS, the Board of Trustees of the Town of Firestone on November 18, 2020
adopted the annual budget for the fiscal year beginning January 1, 2021 and ending December 31,
2021 ("2021 Budget"); and
WHEREAS, 2021 revenues actually generated from PIF Sales increased by $380,000
above the PIF Sale amount in the 2021 Budget, leading to a corresponding increase of $380,000
in the Credit PIF amount in the 2021 Budget; and
WHEREAS, $411,023 must be transferred fiom the General Fund to the Conservation
Trust Fund; and
WHEREAS, the 2021 Budget must therefore be amended; and
WHEREAS, the amended 2021 Budget remains in balance as required by law.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF TRUSTEES OF THE
TOWJN OF FIRESTONE, COLORADO:
Section 1. The 2021 Budget is amended to provide for the appropriation of an
additional $380,000 from sales tax revemies to the General Fund for expendihires to be made under
the PIRA's between the Town and American Furniture Warehouse and THE Firestone
Development, LLC.
Section 2. The 2021 Budget is fiirther amended to reflect the transfer of $411,023 from
the General Fund to the Conservation Trrrst Fund.
INTRODUCED, READ AND ADOPTED this Iul day of May, 2022.
ATTEST:
J
William P. Hayasly,
F
:°'° �OAv14
'I
a e
Attorney
TO��TN OF FIRESTONE, C'OLORADO
Mayor