Fiscal Note
This Resolution will provide the authority for the expenditure of already available funds of up to $1,000,000 for Street Light Infrastructure; $650,000 for URD/UCD street lighting; $925,000 for Traffic Signal Infrastructure and; $450,000 for Semi-Permanent Pavement Marking. There is no impact on the levy.
Title
Authorizing an amendment of the Traffic Engineering 2005 Capital Budget Project # 1 "Street Light Infrastructure," (Account # 810411) to authorize total expenditures of up to $1,000,000 from available funds; Project #2, "URD/UCD Street Lighting," (Account #810412) to authorize total expenditures of up to $650,000 from available funds; Project #7, "Traffic Signal Infrastructure" (Account #810417) to authorize total expenditures of up to $925,000 from available funds; Project #11, and "Semi-Permanent Pavement Marking" (Account #810436) to authorize total expenditures of up to $450,000 from available funds.
Body
WHEREAS, the 2005 Adopted Traffic Engineering Budget includes a Street Light Infrastructure project (Project #1, page 276, Account #810411) with expenditure authority of $400,000 in available funds; a "URD/UCD Street Lighting" project (Project #2, page 276, Account #810412) with expenditure authority of $160,000 in available funds; a Traffic Signal Infrastructure project (Project #7, page 277, Account #810417) with the expenditure authority of $299,500 in available funds; and, a Semi-Permanent Pavement Marking project (Project #11, page 278, Account 810436) with the expenditure authority of $120,000.
WHEREAS, the Street Light Infrastructure fund is intended to provide funding for the installation of street lights in projects and the additional requested expenditure authority would be offset by grants and other revenues.
WHEREAS, the URD/UCD Street Lighting fund is intended to provide funding to install street lighting in newly developed and reconstructed areas where electrical power lines are underground, and where costs are not supported by general tax dollars but instead are assessed directly to property owners; and
WHEREAS, the Traffic Signal Infrastructure fund is intended to provide continual replacement and modernization of the existing system with efficient energy-saving equipment, and the additional requested expenditure authority for this project would be offset by outside revenue sources and other capital budget sources; and
WHEREAS, the Semi-permanent Pavement Marking project provide increased safety in high traffic areas.
WHEREAS, the Street Light Infrastructure, URC/UDC Street Lighting, Traffic Signal Infrastructure, and Semi-Permanent Pavement Marking funds will periodically experience a temporary cash-flow deficit pending credits to the fund from assessments, outside sources, other capital sources, state grants and other payments; and
WHEREAS, the assessment dollars and other revenues that support these projects revolve, such that TE may initially incur expenses to complete a project, then funds from assessments or other revenues will reimburse the account following project completion and payments received for materials from other entities are credited back to this fund; and
WHEREAS, in order for Traffic Engineering to continue to work on these projects during periods of insufficient cash-flow additional spending authorization beyond the adopted amount of $400,000 for Street Light Infrastructure, $160,000 for URD/UCD, $299,500 for Traffic Signal Infrastructure, and $120,000 for Semi-Permanent Pavement Marking is required; and
WHEREAS, Traffic Engineering staff estimate that it will receive an additional $282,000 from TIF district transfers, $240,000 revenue from other government payments, $43,200 from developer capital funding and $34,800 in miscellaneous revenues related to the Street Light Infrastructure project. The sum of these additional revenues ($600,000) would offset the additional expenditure authority requested for this project; and
WHEREAS, under ground street light finalized assessments (URC/UCD Street Lighting projects) for developers total over $310,000 and assessments which will soon be finalized equal approximately $180,000. The total revenue generated by these assessments would offset the additional $490,000 requested expenditure authority; and
WHEREAS, Traffic Engineering staff estimate that it will receive an additional $305,000 in other government payment for services, $261,250 in county payments for service, $41,250 in general revenues, and $17,500 in other state payments for service related to the Traffic Signal Infrastructure project. The sum of these additional revenues ($625,000) would offset the additional expenditure authority requested; and
WHEREAS, Traffic Engineering staff estimate that it will receive an additional $333,000 in developer capital funding related to the Semi-permanent Pavement Marking project. This additional revenue ($330,000) would offset the additional expenditure authority requested; and
NOW THEREFORE BE IT RESOLVED that the Common Council amends the Traffic Engineering 2005 Adopted Capital Budget to provide expenditure authority for Street Light Infrastructure project, URC/UCD Street Lighting projects, Traffic Signal Infrastructure project, and Semi-Permanent Pavement Marking; and
BE IT FURTHER RESOLVED that the expenditure authority be increased to an amount not greater than $1,000,000 for Street Light Infrastructure, $650,000 for URD/UCD, $925,000 for Traffic Signal Infrastructure and $450,000 for Semi-Permanent Pavement Marking; and
BE IT FINALLY RESOLVED, that the Council authorize the amendment of the Traffic Engineering 2005 Adopted Capital Budget as follows:
Project # 1, "Street Light Infrastructure (page 276), Account # 810411
Increase Available Funds by $600,000
Project #2, "URD/UDC Street Lighting," (page 276), Account #810412:
Increase Available Funds by $490,000
Project #7, "Traffic Signal Infrastructure" (page 277), Account #810417:
Increase Available Funds by $625,500
Project #11, "Semi-Permanent Pavement Marking" (page 278), Account 810436)
Increase Available Funds by $330,000