Fiscal Note
This resolution is simply a transferring of debt proceeds among capital projects. No additional G.O. borrowing is required.
There is no anticipated impact upon the tax levy or cost controls.
Title
Transferring GO debt proceeds among several projects in Engineering-Major Streets, Engineering-Other and the Stormwater Utility and amending the 2006 and 2007 Capital Budgets.
Body
WHEREAS Federal Arbitrage law requires tax exempt debt proceeds to be spent within two years of issuance.
WHEREAS the Stormwater Utility has $410,157.15 of unspent proceeds from the 2004 GO Debt issuance, in the following projects:
Wingra Creek Corridor (810268) $232,754.17
Storm Box Replacement (810385) $ 24,103.94
Shorelines (810388) $125,092.76
Local Drainage (810389) $ 28,206.28
WHEREAS Engineering-Major Streets has $1,542,314.02 of unspent proceeds from 2004 and prior GO Debt issuances, in the following projects:
Railroad Crossing Updates (810357) $ 20,248.25
Neighborhood Traffic Mgmt (810360) $102,552.30
Pedestrian Improvements (810361) $123,657.06
Maple Grove Road (810367) $ 30,482.13
Beltline Frontage Road (810371) $919,750.00
Sprecher Rd Relocation (810373) $ 4,678.28
Monona Drive (810506) $ 40,946.00
Cottage Grove Road Bridge (810540) $300,000.00
WHEREAS Engineering-Other has $357,360.21 of unspent proceeds from 2004 and prior GO Debt issuances, in the following projects:
Cottage Grove Road Bike Lanes (810301) $210,910.00
Bikeways (810375) $39,146.87
Street ROW Landscaping (810377) $6,200.85
E Branch Starkweather Creek Bike Path (810380) $1,121.09
GIS Mapping System (810413) $59,981.40
Williamson/Winnebago Bike Path (810431) $40,000.00
WHEREAS the Stormwater Utility has projects which could use the excess debt proceeds. The Street Cleaning Equipment project is currently $102,000 over budget and has an additional $29,392.97 of expenses budgeted to be paid from reserves. The Retention Pond Settlement project could use the remaining $278,764.18 instead of reserves to fund the project.
WHEREAS Engineering-Major Streets has projects which could use some of the excess debt proceeds. The Pavement Managment project could use $750,000 by reducing the $1,000,000 reauthorization in 2007. The Curb & Ramps with Resurfacing project could use $375,000 by reducing the $400,000 reauthorization in 2007. The McKee Road project could use $45,419.41 to cover expenses from this prior year project, which was never fully funded. The Buckeye Road project could use $3,198.43 to cover expenses from this prior year project, which was never fully funded.
WHEREAS Engineering-Other has projects which could use some of the excess debt proceeds. The Sidewalk Program project could use $500,000 by reducing the $600,000 reauthorization in 2007. The Emergency Sirens project could use $5,523.60 to cover expenses that were never fully funded and is currently over budget. The Digital Terrain Model could use $2,800 to cover expenses that were never fully funded and is currently over budget.
WHEREAS the remaining $217,732.79 will lapse back to the Debt Service Fund.
NOW THEREFORE BE IT RESOLVED that the unspent GO Debt proceeds in the Stormwater Utility projects be transferred as follows:
From Wingra Creek Corridor (810268) ($232,754.17)
From Storm Box Replacement (810385) ($ 24,103.94)
From Shorelines (810388) ($125,092.76)
From Local Drainage (810389) ($ 28,206.28)
To Street Cleaning Equipment (810393) $ 131,392.97
To Retention Pond Settlement (810519) $ 278,764.18
BE IT FURTHER RESOLVED that the 2006 Capital Budget for Stormwater be amended to increase the budget authority for the Street Cleaning Equipment project by $102,000.
BE IT STILL FURTHER RESOLVED that the unspent GO Debt proceeds in the Engineering-Major Streets and Engineering-Other projects be transferred as follows:
From Railroad Crossing Updates (810357) ($ 20,248.25)
From Neighborhood Traffic Mgmt (810360) ($102,552.30)
From Pedestrian Improvements (810361) ($123,657.06)
From Maple Grove Road (810367) ($ 30,482.13)
From Beltline Frontage Road (810371) ($919,750.00)
From Sprecher Rd Relocation (810373) ($ 4,678.28)
From Monona Drive (810506) ($ 40,946.00)
From Cottage Grove Road Bridge (810540) ($ 82,267.21)
From Cottage Grove Road Bike Lanes (810301) ($210,910.00)
From Bikeways (810375) ($ 39,146.87)
From Street ROW Landscaping (810377) ($ 6,200.85)
From E Branch Starkweather Creek Bike Path (810380) ($ 1,121.09)
From GIS Mapping System (810413) ($ 59,981.40)
From Williamson/Winnebago Bike Path (810431) ($ 40,000.00)
To Pavement Management (810358) $ 750,000.00
To Curbs & Ramps w Resurfacing (810359) $ 375,000.00
To McKee Road (810461) $ 45,419.41
To Buckeye Road (810486) $ 3,198.43
To Sidewalk Program (810376) $ 500,000.00
To Emergency Sirens (810485) $ 5,523.60
To Digital Terrain Model (810512) $ 2,800.00
BE IT STILL FURTHER RESOLVED that the 2006 Capital Budget for Engineering-Other be amended to increase the budget authority for the Digital Terrain Model project by $2,800.
BE IT STILL FURTHER RESOLVED that the 2006 Capital Budget for Engineering-Other be amended to increase the budget authority for the Emergency Sirens project by $5,523.60.
BE IT STILL FURTHER RESOLVED that 2007 Capital Budget for Engineering-Major Streets and Engineering-Other be amended to reduce the reauthorization in the following projects:
Pavement Management (810358) ($750,000.00)
Curbs & Ramps w Resurfacing (810359) ($375,000.00)
Sidewalk Program (810376) ($500,000.00)
BE IT FINALLY RESOLVED that the budget authority be restored in the 2007 Capital Budget for those projects losing debt proceeds:
Wingra Creek Corridor (810268) $233,000 (ESTM Reserves)
Storm Box Replacement (810385) $ 24,000 (ESTM Reserves)
Shorelines (810388) $125,000 (ESTM Reserves)
Local Drainage (810389) $ 28,000 (ESTM Reserves)
Railroad Crossing Updates (810357) $ 20,000 (2007 GO)
Neighborhood Traffic Mgmt (810360) $103,000 (2007 GO)
Pedestrian Improvements (810361) $124,000 (2007 GO)
Beltline Frontage Road (810371) $727,000 (2007 GO)
Monona Drive (810506) $ 41,000 (2007 GO)
Cottage Grove Road Bridge (810540) $300,000 (2007 GO)
Cottage Grove Road Bike Lanes (810301) $211,000 (2007 GO)
Bikeways (810375) $39,000 (2007 GO)
GIS Mapping System (810413) $60,000 (2007 GO)