Fiscal Note
This proposed resolution amends Metro's 2016 Captial Budget in the amount of $48,345 in order to complete full payment for the purchase of 15 transit coaches from Gillig Corp during 2016 at a cost of $431,703 each, totaling $6,475,545. In the adopted 2016 capital budget Metro's Transit Coaches capital program has $6,427,200 budgeted (MUNIS 11219). The additional funding in the amount of $48,345 provided by this proposed amendment will come from Metro's fund balance.
MUNIS:
11219-85-150 : $48,345
11219-85-806 : $48,345
Title
Amending the Metro Transit Utility 2016 Adopted Capital Budget to appropriate $48,345 from Metro's fund balance to support the final purchase price of 15 transit coaches from Gillig Corp.
Body
WHEREAS Metro Transit needs a minimum number of buses in order to meet necessary pull out and spare ratio numbers and continue providing service t the community; and
WHEREAS the City of Madison has a five year signed contract with Gillig Corp for manufacture and delivery of transit coaches; and
WHEREAS transit coach delivery to Metro Transit for 2016 started in June; and
WHEREAS Metro Transit has a contingency reserve of approximately $6,000,000;
NOW THEREFORE BE IT RESOLVED that the Metro Transit 2016 Adopted Capital Budget will be amended to transfer $48,345 from Metro's fund balance to this project (expense code 140085-53410) in order to complete payment of the total $6,475,545 owed to Gillig Corp for manufacture and delivery of buses to the city in 2016.