Fiscal Note
The proposed resolution authorizes a net-neutral transfer of $1,103,397 in reserves from the Single Space Meter Replacement Project (Munis #16003) to the Garage Lighting Replacement (LED) - Overture project (Munis #16122). The net-neutral transfer is needed to have sufficient funding available for the Overture LED & electrical project contract 9813. No additional appropriation is required.
Title
Amending the 2026 Adopted Parking Division Capital Budget to transfer existing budget from the Single Space Meter Replacement Project to the Overture Center Garage LED/Electrical Upgrade. (District 4)
Body
WHEREAS, the Overture electrical system must be updated to maintain safety and support higher efficiency LED lighting.
WHEREAS, the lowest acceptable bid for the project was $2,088,113 as referenced in Legistar File 94193.
WHEREAS, the previously authorized capital budget authority remaining in the Garage Lighting Replacement (LED) major project (Munis #16120) is $984,716.
WHEREAS, the conversion from single space coin operated meters to single space smart meters has been completed and $1,103,397 of budget authority remains.
BE IT RESOLVED, the Common Council authorizes amending the 2026 Adopted Parking Division Capital Budget by approving a net-neutral transfer of $1,103,397 in reserves from the Single Space Meter Replacement Project (Munis #16003) to the Garage Lighting Replacement (LED) - Overture project (Munis #16122). Upon transferring this budget, funding for the award of the contract will be available in the Garage Lighting Replacement (LED) - Overture project in the Parking Division Capital Budget.