Fiscal Note
This resolution increases the budget and borrowing authorization for the Streets Division's automated collection cart project by $310,000, correcting for the erroneous duplicate transfer of anticipated savings in this project to other capital projects earlier in the year. Sufficient general obligation debt proceeds are available from previously unallocated debt proceeds ($300,000) and a transfer from other projects ($10,000) to finance this budget adjustment.
Title
Amending the 2005 Capital Budget to restore $310,000 to the Streets Division's Automated Collection Carts project budget that was previously reallocated to other projects.
Body
Preamble
While it sure would be nice, the same savings just can't be spent twice.....
In December of 2004, the City opened bids for automated collection carts to be used as part of the new single stream recycling collection system planned for implementation in 2005. The approved budget for purchase of these carts was $2,480,000. Very favorable bids were received. Based on the estimated quantities of the various cart sizes to be purchased, the Streets Division predicted that the actual cost of carts could end up nearly $300,000 below budget.
At its meeting of January 4, 2005, the Common Council received Resolution #RES-05-00034 which increased the Engineering Division's capital budget authorization by $506,400 for the City's share of costs associated with construction of the Southwest Bike Path, Phase IV. This budget amendment was funded with transfers from other authorized projects, including a transfer of borrowing authority in the amount of $250,000 from the Streets Division budget for automated collection carts, effectively consuming a substantial portion of the anticipated savings, and related borrowing authorization, from that project. This budget amendment resolution was not referred to the Board of Estimates or other committees for review. Rather, it was adopted immediately, under suspension o...
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