Fiscal Note
This resolution provides $237,724 of additional budget authority to the Municipal Pool Capital Project (810304). Funding for this authority will be derived from a transfer in from the Insurance Internal Service Fund in the amount of $107,025.90. The remaining $130,697.79 will be general obligation debt; likely funded with remainder proceeds from the 2005 issue.
CL60-58201-810304 $237,724 land/building improvements
CL60-79475-810304 ($107,026) transfer in from Insurance Fund
CL60-79140/79430-810304 ($130,698) promissory note proceeds/transfer in from Debt Service Fund
Title
Amending the 2007 Parks Capital Budget to fund additional costs related to the construction of the Municipal Pool.
Body
Whereas, the Parks Division requests capital budget authority for an additional $237,724 to cover costs incurred in the construction of the Municipal Pool. This resolution provides capital expenditure authority needed to provide final payment for construction of this project; and
Whereas, change orders for the project have been approved by the Board of Public Works. An initial change order reflected project savings due to direct payment of subcontractors. Subsequent change orders were necessary to complete construction of the Pool. Examples include roof replacement due to hail damage, necessary adjustments for drainage, soft start pump motors that are less prone to damage, safer ventilation systems for the chemical storage room, and final adjustments to shade structures, play areas and waterslides. Change orders also included quantity adjustments like the amount of turf seeding and sod, number of landscape plantings, and length of security fencing planned versus actually needed; and
Whereas, it is not uncommon for such large or complex projects to require more than a year to be finalized. Specific complications associated with construction of the Pool include use of funding from an insurance claim that was only available as a reimbursement after the City paid for the replacement the roof and provided proof of payment. The Pool also required recent work that prevented a more timely closing of the capital account, namely several system adjustments and installation of an air conditioning unit in the concession area approved by the Common Council in the 2007 operating budget; and
Whereas, construction of the Pool is an outstanding example of civic-minded generosity and successful fundraising. Of total project costs of $5,558,285, only 25% is General Obligation borrowing with 75% coming from non-General Obligation sources. Noteworthy examples include an initial gift of $2.5 million from the Goodman brothers, almost $1.4 million from other private donors, and funding from various trusts and foundations; and
Whereas, revenue from several sources, including additional funding from the Goodman brothers and an insurance settlement for the damaged roof, helped to reduce the size of the General Obligation portion of the remaining payment. The General Obligation portion of the requested amendment represents an increase of about 2.4%.
NOW, THEREFORE, BE IT RESOLVED That the 2007 Parks Division Capital Budget is amended by the addition of $130,698 of General Obligation Debt and $107,026 from an insurance claim for completion of the Municipal Pool (project #810304).