HomeMy WebLinkAbout20183952.tiff CORRECTED RESOLUTION
RE: ADOPTION OF BRIGHT FUTURES 2019-2023 FUNDING PLAN
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, on August 25, 2015, the Board of County Commissioners of Weld County,
Colorado, adopted a Resolution creating the Bright Futures Weld County Student Grant Trust
Fund (Fund 7018) and the Bright Futures Weld County Tax Credit Trust Fund (Fund 7017),
pursuant to SB 15-82 to provide funding for a workforce development program that provides
financial assistance to Weld County high school students and veterans to pursue post high school
education and training, and
WHEREAS, the Board of County Commissioners of Weld County and the Weld County
Bright Futures Board of Directors desire to have a long-term financial plan for the Bright Futures
program, and
WHEREAS, the Weld County Director of Finance and Administration has developed a
Bright Futures 2019-2023 Funding Plan, attached hereto as Exhibit A, for the Board of Weld
County Commissioners and the Weld County Bright Futures Board of Directors, and
WHEREAS, the Bright Futures 2019-2023 Funding Plan requires the transfer of funds
from the Bright Futures Weld County Tax Credit Trust (Fund 7017) in the amount of$7,000,000,
and the transfer of funds from the Economic Development Trust (Fund 7022) of $3,000,000, to
the Bright Futures Weld County Student Grant Trust (Fund 7018), and
WHEREAS, the Bright Futures Board will meet annually with the Board of County
Commissioners to discuss the fundraising plan. If the fundraising amounts set by the plan are not
achieved in any of the five (5) years, the Bright Futures Board will meet with the Board of County
Commissioners to present a plan for fundraising and a plan to revise the grant program
accordingly to meet the Bright Futures goal of sustainability, and
WHEREAS, the Board of Weld County Commissioners and the Weld County Bright
Futures Board of Directors have each agreed to adopt the Bright Futures 2019-2023 Funding
Plan, attached hereto as Exhibit A.
NOW, THEREFORE, BE IT RESOLVED pursuant to the authority granted to the Board of
Weld County Commissioners, the Board hereby adopts the Bright Futures 2019-2023 Funding
Plan.
BE IT FURTHER RESOLVED pursuant to the authority granted to the Board of Weld
County Commissioners, the Board hereby expands the use of funds in the Bright Futures Weld
County Tax Credit Trust (Fund 7017) to be used to fund the Bright Futures Weld County student
grants program in addition to being used to pay property tax credits to donors contributing to the
Bright Futures Weld County program.
2018-3952
CC: (0ti,.t�,AGTc466,—f RCRV) AC0005
2/11Itq
RE: ADOPTION OF BRIGHT FUTURES 2019-2023 FUNDING PLAN
PAGE 2
BE IT FURTHER RESOLVED by the Board of Weld County Commissioners that the Weld
County Treasurer and Weld County Director of Finance and Administration be, and are hereby
are, authorized to make the transfer of funds from the Bright Futures Weld County Tax Credit
Trust (Fund 7017) in the amount of $7,000,000, and the transfer of funds from the Economic
Development Trust (Fund 7022) in the amount of $3,000,000 to the Bright Futures Weld County
Student Grant Trust (Fund 7018). The Bright Futures Board will meet annually with the Board of
County Commissioner to discuss the fundraising plan. If the fundraising amounts set by the plan
are not achieved in any of the five (5) years, the Bright Futures Board will meet with the Board of
County to present a plan for fundraising and a plan to revise the grant program accordingly to
meet the Bright Futures goal of sustainability.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 10th day of December, A.D., 2018.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST: C-Z C� �C C �< � t r,
C'. fl ' -' L' Steve Moreno, Chair
Weld County Clerk to the Board
rbara Kirkmeyer Pro-Tem
BY: r Q
Deputy Cler to the Board "411:'.1 2_, IF?
can P. Conway� �
'
APPR ED AS M tf'tc% c 4• {1-t; etra° '
}� `°� lie Cozad
Y rJ i 1 u-1(�2,.o,
oun ttorne �,
Mike Freeman
Date of signature: I/t7�1q
2018-3952
AC0005
RESOLUTION
RE: ADOPTION OF BRIGHT FUTURES 2019-2023 FUNDING PLAN
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, on August 25, 2015, the Board of County Commissioners of Weld County,
Colorado, adopted a Resolution creating the Bright Futures Weld County Student Grant Trust
Fund (Fund 7018) and the Bright Futures Weld County Tax Credit Trust Fund (Fund 7017),
pursuant to SB 15-82 to provide funding for a workforce development program that provides
financial assistance to Weld County high school students and veterans to pursue post high school
education and training, and
WHEREAS, the Board of County Commissioners of Weld County and the Weld County
Bright Futures Board of Directors desire to have a long-term financial plan for the Bright Futures
program, and
WHEREAS, the Weld County Director of Finance and Administration has developed a
Bright Futures 2019-2023 Funding Plan, attached hereto as Exhibit A, for the Board of Weld
County Commissioners and the Weld County Bright Futures Board of Directors, and
WHEREAS, the Bright Futures 2019-2023 Funding Plan requires the transfer of funds
from the Bright Futures Weld County Tax Credit Trust (Fund 7017) in the amount of $7,000,000,
and the transfer of funds from the Economic Development Trust (Fund 7022) of $3,000,000, to
the Bright Futures Weld County Student Grant Trust (Fund 7018), and
WHEREAS, the Board of Weld County Commissioners and the Weld County Bright
Futures Board of Directors have each agreed to adopt the Bright Futures 2019-2023 Funding
Plan, attached hereto as Exhibit A.
NOW, THEREFORE, BE IT RESOLVED pursuant to the authority granted to the Board of
Weld County Commissioners, the Board hereby adopts the Bright Futures 2019-2023 Funding
Plan.
BE IT FURTHER RESOLVED pursuant to the authority granted to the Board of Weld
County Commissioners, the Board hereby expands the use of funds in the Bright Futures Weld
County Tax Credit Trust (Fund 7017) to be used to fund the Bright Futures Weld County student
grants program in addition to being used to pay property tax credits to donors contributing to the
Bright Futures Weld County program.
BE IT FURTHER RESOLVED by the Board of Weld County Commissioners that the Weld
County Treasurer and Weld County Director of Finance and Administration be, and are hereby
are, authorized to make the transfer of funds from the Bright Futures Weld County Tax Credit
Trust (Fund 7017) in the amount of $7,000,000, and the transfer of funds from the Economic
Development Trust (Fund 7022) in the amount of $3,000,000 to the Bright Futures Weld County
Student Grant Trust (Fund 7018). The Bright Futures Board will meet annually with the Board of
County Commissioner to discuss the fundraising plan. If the fundraising amounts set by the plan
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i / l 1 / 18' 2018-3952
AC0005
RE: ADOPTION OF BRIGHT FUTURES 2019-2023 FUNDING PLAN
PAGE 2
are not achieved in any of the five (5) years, the Bright Futures Board will meet with the Board of
County to present a plan for fundraising and a plan to revise the grant program accordingly to
meet the Bright Futures goal of sustainability.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 10th day of December, A.D., 2018.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
�>
ATTEST: die/LA) ' �'� v� �'��` i , r
Steve Moreno, Chair
Weld County Clerk to the Board
arbara Kirkmey , ro-Tem
BY: � !�.��i. . .�L' 4..
Deputy Clerk o the Boar• �.
P. C way
APPROVE• A= ® , 261 • .(L-/
Cozad
oun y orney e�
Mike Freeman
Date of signature: 121\/18
2018-3952
AC0005
BRIGHT FUTURES FUNDING PLAN 2019-2023 EXH I BIT A
2019 2020 2021 2022 2023 TOTAL
Estimated Costs $ 3,000,000 $ 3,000,000 $ 3,000,000 $ 3,000,000 $ 3,000,000 $ 15,000,000
Economic Development Trust $ (600,000) $ (600,000) $ (600,000) $ (600,000) $ (600,000) $ (3,000,000)
Bright Futures Tax Rebate Trust $ (1,600,000) $ (1,500,000) $ (1,400,000) $ (1,300,000) $ (1,200,000) $ (7,000,000)
COSI $ (200,000) $ (200,000) $ (200,000) S (200,000) $ (200,000) $ (1,000,000)
Required Donations $ 600,000 $ 700,000 $ 800,000 $ 900,000 $ 1,000,000 $ 4,000,000
Bright Futures Tax Rebate Trust
Balance 9/30/2018 $ 12,753,161
Transfer $ (7,000,000)
Balance $ 5,753,161
Leverage Donations $ 11,506,322
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