Fiscal Note
This resolution authorizes the reallocation of expenditure authority and funding for various 2007 Capital Budget projects. This reallocation presents no additional general obligation borrowing for 2007.
Reconstructed Streets (810355) in the Engineering - Major Streets section of the budget will receive additional budget authority, in the amount of $500,000, funded by a transfer in from TID #26.
CS53-58250-810355-00-0000000-00000000-00000000 (Street Construction) $500,000
CS53-79448-810355-00-0000000-00000000-00000000 (Transfer in from TIF) ($500,000)
TID #26 currently has a cash deficit, which may require general obligation borrowing. Current projections indicate sufficient increment will be generated in future years to fund this obligation.
CT26-57444-822601-00-0000000-00000000-00000000 (Transfer out to Major Streets) $500,000
CT26-79140-822601-00-0000000-00000000-00000000 (Promissory Note Proceeds) ($500,000)
The Stormwater Utility will fund its portion of the Park Street project through the application of reserves. The utility has sufficient reserves to fund the project estimate of $500,000.
ESTM-58270-810381-00-0000000-00000000-00000000 (Accompanying Storm Sewer) $500,000
ESTM-79999-810381-00-0000000-00000000-00000000 (Reserves Applied) ($500,000)
State Street Phase 3 - 500/600 Blks (810284) in the State Street - Capital Square section of the budget will be modified to remove the Federal Transportation grant ($1,010,000) and increase expenditure authority by $700,000. Funding for the loss of grant revenue and additional expenditure authority will be the re-allocation of general obligation borrowing.
CS60-58250-810284-00-0000000-00000000-00000000 (Street Construction) $700,000
CS60-73111-810284-00-0000000-00000000-00000000 (Federal Grant) $1,010,000
CS60-79140-810284-00-0000000-00000000-00000000 (Promissory Note Proceeds) ($1,710,000)
Estimated cost of the Cypress Spray Park is $235,000. This resolution amen...
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