Madison, WI Header
File #: 00656    Version: Name: Goodman Pool Project Additional Funds
Type: Resolution Status: Passed
File created: 2/22/2005 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 2/22/2005 Final action: 3/1/2005
Enactment date: 3/4/2005 Enactment #: RES-05-00228
Title: SUBSTITUTE - Amending the 2005 Parks Division Capital Budget to increase the authorization for the Goodman Pool project to $4,125,000.
Sponsors: David J. Cieslewicz, Brenda K. Konkel, Andrew F. Heidt, Jean M. MacCubbin, Judy Compton
Attachments: 1. registration form 00656.pdf
Date Ver.Action ByActionResultAction DetailsMeeting DetailsWatch
3/3/20052 Finance Dept/Approval Group Approved Fiscal Note By The Comptroller's Office  Action details Meeting details Not available
3/2/20052 Mayor's Office Fiscal Note Required / Approval  Action details Meeting details Not available
3/1/20051 BOARD OF ESTIMATES (ended 4/2017) RECOMMEND TO COUNCIL WITH THE FOLLOWING RECOMMENDATIONS - REPORT OF OFFICERPass Action details Meeting details Not available
3/1/20052 COMMON COUNCIL AdoptPass Action details Meeting details Not available
2/22/20051 Mayor's Office Fiscal Note Required / Approval  Action details Meeting details Not available
2/22/20051 Finance Dept/Approval Group Approved Fiscal Note By The Comptroller's Office  Action details Meeting details Not available
2/22/20051 COMMON COUNCIL ReferPass Action details Meeting details Not available
Fiscal Note
In the Adopted 2005 Capital Budget, the total authorized cost of the pool project is $2,500,000, with a maximum City contribution of $500,000, reduced by any pledges received in excess of $2,000,000. Since budget adoption, the anticipated pool capacity and project scope have been expanded, and the total estimated cost of the pool project has increased to $4,125,000. As of February 21 28, 2005, total private contributions and pledges had surpassed $3,275,000 $3,370,000, approximately $350,000 $250,000 below the private fundraising goal. With the additional March 1st pledge of up to $300,000 from the Goodman brothers, the full private fundraising goal of $3,625,000 has been achieved.

This resolution would provide budget authorization for the larger pool project and remove the contingency associated with a City contribution of $500,000. It would further authorize signing of purchase and construction contracts for the full project cost of up to $4,125,000, even if until sufficient contributions and pledges have not yet been received to cover the full $3,625,000 private fundraising goal are collected.

In the event that the full fundraising goal is not achieved, or if unsecured pledges cannot be collected in the future, the City would be contractually liable to complete construction of the pool, and additional budgetary authorization would be required. Based on the cash contributions and enforceable commitment contracts received to date, this additional exposure would be less than $670,000 $600,000. Each cash contribution or enforceable commitment contract received continues to reduce this level of exposure.
Title
SUBSTITUTE - Amending the 2005 Parks Division Capital Budget to increase the authorization for the Goodman Pool project to $4,125,000.
Body
The 2003 Operating Budget established an Ad Hoc Swimming Pool Committee and in July 2004 it began its work to determine the feasibility of providing pools for the City of Madison, including h...

Click here for full text