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 Denver
 Code of Ordinances
 Chapter 20. FINANCE
 Article II. FISCAL CODE

  § 20-22. Implementation; constitutional emergency reserve.  

Latest version.

  • (a)

    The manager of finance, and other officers of the city are hereby empowered to take those steps necessary for implementation of this article.

    (b)

    (1)

    Beginning with the budget for fiscal year 2006, any budget proposed by the mayor and adopted by the council shall specifically designate assets of the city sufficient to comply with the emergency reserve requirement imposed by Article X, Section 20(5) of the Colorado Constitution, the value of which shall equal three (3) percent of the city's projected fiscal year spending as defined by Article X, Section 20(2)(e) of the Constitution. Assets reflected in any or all of the following balances or funds may constitute all or a portion of the emergency reserve as designated in the budget:

    a.

    The projected year-end closing balance for the general fund, as required by section 7.1.4 of the Charter.

    b.

    The two-percent general fund contingency, as required by section 7.1.4 of the charter.

    c.

    The planned fleet replacement fund.

    d.

    Any other reserve or contingency fund created by the city for a specific purpose, from which the city may tend to draw funds in the event of an emergency.

    e.

    Any other reserve or contingency fund created by the city for the specific purpose of complying with Article X, Section 20(5) of the Constitution, including the value of any real property assets purchased from any such fund to the extent permitted by the ordinance creating the fund.

    f.

    The insured value of any city-owned real property identified by the mayor in the budget; provided, however, in order to qualify as a component of the emergency reserve:

    (i)

    The title to the property must be sufficiently unencumbered and the conveyance of the property must not be subject to any other legal restriction that would prevent the property from being readily liquidated for fair market value in the event of a declared emergency;

    (ii)

    To the extent the property is currently serving any essential city purpose, the property is capable of being sold and leased back to the city in the event of a declared emergency.

    (2)

    Any assets designated in the budget as constituting a portion of the city's emergency reserve shall not be utilized except upon a declaration of an emergency by the mayor and the city council as contemplated by Article X, Section 20 of the Constitution and the satisfaction of any other requirement of the charter or ordinances governing the liquidation of assets or expenditure of the money in question.

    (3)

    Any unused emergency reserve designated pursuant to this section may apply to the next year's reserve.

(Code 1950, § 164.9; Ord. No. 1107-93, § 3, 12-27-93; Ord. No. 649-05, § 1, 9-6-05; Ord. No. 775-07, § 35, 12-26-07; Ord. No. 577-08, § 6, 11-3-08; Ord. No. 125-14, § 1, 3-10-14)