Fiscal Note
This budget amendment adds a total of $710,000 in budget authority to the Engineering-Bicycle and Pedestrian capital project, State Street 700/800 Blocks (810732), in order to recognize the additional funding for the project from Special Assessments and UW reimbursements.
The budget amendment needed is as follows:
CS53-58280-810732 $710,000 State St 700/800 Blocks-Sidewalk Construction
CS53-76693-810732 ($150,000) State St 700/800 Blocks-Reimbursement of Expenses
CS53-79445-810732 ($560,000) State St 700/800 Blocks-Special Assessments
Title
Amending the 2014 Capital Budget for Engineering-Bicycle & Pedestrian to add $710,000 of new budget authority to recognize Special Assessments and Reimbursement of Expenses from the UW as funding sources for the State St/Library Mall Reconstruction Project.
Body
WHEREAS, the Adopted 2012 Capital Budget included TIF32 funding of $200,000 for the State Street 700/800 Block Reconstruction project; and
WHEREAS, the Adopted 2013 Capital Budget included TIF32 funding of $550,000 for the State Street 700/800 Block Reconstruction project; and
WHEREAS, the Adopted 2014 Capital Budget included TIF32 funding of $4,900,000 for the State Street 700/800 Block Reconstruction project; and
WHEREAS, Legislative File 31953 was enacted on 11/20/13 establishing the State Street Reconstruction Assessment District-2014; and
WHEREAS, Legislative File 32559 was enacted on 1/8/14 expanding the Assessment District; and
WHEREAS, during the design of the project, the UW asked the City to include work to Library Mall and the addition of steps at the base of Bascom Hill which significantly increased the amount of Special Assessments (from the UW); and
WHEREAS, the City included in its design contract with MSA Professional Services $150,000 of work related to Library Mall which is to be completely reimbursed by the University of Wisconsin; and
WHEREAS, the Capital Budgets never included any funding from Assessments nor Reimbursements from UW; and
WHEREAS, the City expects to receive $560,000 from Special Assessments and $150,000 from the UW as separate funding sources for the State Street/Library Mall Reconstruction project.
NOW, THEREFORE, BE IT RESOLVED, that the 2014 Capital Budget of Engineering-Bicycle and Pedestrian is hereby amended to add an additional $710,000 in budget authority to account 810732 (State St 700/800 Blocks) to properly reflect in the budget the expected additional funding sources for the State Street/Library Mall Reconstruction Project.