Chapter 3.05
GENERAL PROVISIONS
Sections:
3.05.040 Annual appropriation.
3.05.050 Publication of financial statements.
3.05.060 Deposits – Investments.
3.05.010 Fiscal year.
The fiscal year of the town of Granby shall commence on the first day of January and end on the thirty-first day of December of each year. [Ord. 4 § 1, 1905. Code 1999 § 7-1-1].
3.05.020 Annual budget.
The town board shall appoint a budget committee or other duly authorized persons who shall, in consultation with the town and staff, prepare the budget. [Ord. 437 § 14, 1992. Code 1999 § 7-1-2].
3.05.030 Rate of tax levy.
The board of trustees shall, by resolution, fix the rate of tax to be levied upon all the taxable property within the town for municipal purposes and, through the town clerk, shall officially certify the said levy to the county commissioners of Grand County. [Ord. 437 § 16, 1992. Code 1999 § 7-1-3].
3.05.040 Annual appropriation.
The board of trustees shall pass an ordinance within the last quarter of each fiscal year, to be termed the annual appropriation ordinance for the next fiscal year. In such ordinance, the board shall appropriate such sums of money as are necessary to cover the items in its budget and to defray all necessary expenses and liabilities of the town, specifying the objects and purposes for which such appropriations are made and the amount appropriated for each object or purpose. The total amount appropriated shall not exceed the probable amount of revenue that will be collected during the fiscal year. [Ord. 240 § 3, 1974. Code 1999 § 7-1-4].
3.05.050 Publication of financial statements.
The board of trustees shall, within 20 days after the adjournment of each regular or special meeting, publish such of its proceedings as relate to the payment of bills, stating for what the same are allowed, the name of the person to whom allowed and the amount paid. It shall also publish a statement concerning all contracts awarded and rebates allowed. [Amended during 2011 recodification; Ord. 240 § 4, 1974. Code 1999 § 7-1-5].
3.05.060 Deposits – Investments.
The town treasurer shall deposit all of the funds and moneys which come into his or her possession by virtue of his or her office as town treasurer in one or more responsible banks located in the state of Colorado, which have been designated by written resolution of the town board. By written resolution, the town board may also authorize the town treasurer to invest all or any part of such funds in securities which are authorized for such investment by state law. [Ord. 240 § 5, 1974. Code 1999 § 7-1-6].
3.05.070 Annual audit.
The board of trustees shall select a qualified person as auditor and cause to be made an annual audit of the financial affairs and transactions of the town, in accordance with the requirements of state law. [Ord. 240 § 6, 1974. Code 1999 § 7-1-7].
3.05.080 Nonemergency reserves.
The following nonemergency reserves are created out of 100 percent of ending fund balance (including unspent revenues) available on December 31, 1992, to preserve the town’s revenue base:
(a) General fund reserve.
(b) Capital improvement fund reserve.
(c) Water fund reserve.
(d) Conservation trust fund reserve.
(e) Water plant investment fund reserve.
(f) Park acquisition fund reserve.
(g) Parking fund reserve.
The total town beginning fund balance on January 1, 1992, was $556,890, and the ending fund balance or reserves are projected to be approximately $471,522 on December 31, 1992 (base year because of TABOR).
The purpose of each nonemergency reserve is broadly defined to be used by the board of trustees of the town of Granby, Colorado, not subject to Article X, Section 20, C.R.S. spending limitations, for capital improvement projects, capital expenditures, paving, drainage, transfers to other funds for the same purposes or any other purposes deemed appropriate by the board. More specifically, each fund’s purpose as originally defined is as follows:
The general fund is used for general government purposes: buildings, public safety, administrative, streets, legislative, parks, recreation and economic development.
The capital improvement fund pledges a portion of the sales tax to this fund for capital improvement purposes.
The water plant investment fund was separated from the water fund to reserve water tap fees for future plant expansion and other capital projects of the water system and is also designated as an enterprise fund according to GAAP.
The conservation trust fund was established pursuant to Article 21, Title 29, C.R.S.
The park acquisition fund is for fees in lieu of parks from developers and is for future acquisition of parks.
The parking fund is for fees in lieu of parking from building permits and is for future parking improvements.
The board hereby designates all unused revenues at the end of each fiscal year as nonemergency reserve increases to preserve the spending base and revenues available for future years. [Amended during 2011 recodification. Code 1999 § 7-1-8].
3.05.090 Emergency reserve.
The board of trustees hereby designates an emergency reserve as specified by Article X, Section 20(5) C.R.S. and that such designation is made in 1993 from the general fund and represents that which is required by Article X, Section 20(5) C.R.S. [Code 1999 § 7-1-9].
3.05.100 Expenditure and revenue limitation.
The town of Granby, Colorado, is authorized to collect, retain and spend all revenues and other funds collected in the current fiscal year and each subsequent fiscal year for streets, water, capital improvements, and any other lawful purposes without further voter approval, notwithstanding the limitations of Article X, Section 20 of the Colorado Constitution, the property tax revenue limitation of Section 29-1-301, C.R.S., or any other law, provided there is no new tax and no increase in any mill levy or other tax rate without subsequent approval of the town’s voters. [Ord. 524 § 1, 2001. Code 1999 § 7-1-10].