Fiscal Note
The proposed resolution amends the 2017 Adopted Capital Budget by appropriating a total of $480,000 of Stormwater Utility reserves funding and $30,000 of Sewer Utility reserves for three projects due to increased contract prices. The projects amended by this resolution include:
· Pavement Management (Stormwater Utility): Appropriate an additional $375,000 of Stormwater Reserves
· Outer Capitol Loop: Appropriate $55,000 of Stormwater Reserves and $30,000 in Sewer Reserves to complete the necessary utility work in advance of the Judge Doyle parking structure
· Wilson Street-MLK to Hamilton: Appropriate $50,000 of Stormwater Reserves
The resolution also authorizes transferring appropriation across major programs within the Major Streets, Stormwater & Sewer Utility budgets. The transfers are outlined below:
· Transfer $140,000 in Stormwater GO Borrowing from Rural to Urban to Reconstruct Streets
· Transfer $400,000 in Sewer Revenue Bonds from Reconstruct Streets to Rural to Urban Streets
· Transfer $100,000 in Sewer Revenue Bonds from Reconstruct Streets to Wilson Street: MLK to Hamilton
· Transfer $1.0m in GO Borrowing from Rural to Urban to Pavement Management
The proposed resolution also amends the adopted 2017 capital budget by authorizing a net-neutral transfer of existing budget authority in the amount of $500,000 of Sewer Utility revenue bond budget authority and $140,000 of Stormwater Utility borrowing amongst the Reconstruction Streets capital program (MUNIS 11541), Rural to Urban capital program (MUNIS 11542), and Wilson Street MLK to Hamilton project (MUNIS 11459) to align existing budget appropriation with the planned contracts in 2017.
Finally, the resolution amends the adopted 2017 capital budget by authorizing a net-neutral transfer of general obligation borrowing authority in the amount of $1,000,000 from the Rural to Urban major project to Pavement Management major project.
Title
Amending the 2017 Capital Budget to appropriate $480,...
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