Title
Amending the 2008 Capital Budget of Engineering-Major Streets to Increase the Budget Authority of Pavement Management (Project 5) by $600,000.
Body
WHEREAS the Mayor’s Madison Measures initiative has a goal of no more than 10% of arterial streets being rated 5 or below; and
WHEREAS the severe winter weather of 2007-2008 deteriorated the pavement conditions of many arterial streets throughout the City; and
WHEREAS in a typical year about 8.5 miles of streets are resurfaced; and
WHEREAS in 2008, 12.8 miles of streets are recommended for resurfacing; and
WHEREAS in order to improve the condition of these streets, more funding is needed; and
WHEREAS the Parkside Drive project has $300,000 of GO Borrowing from 2006 that has to be spent by the end of September to comply with Federal Arbitrage regulations; and
WHEREAS the real estate acquisitions intended to use these funds will not occur prior to the Arbitrage deadline; and
WHEREAS the Yahara River Parkway project (Project 14) and the Engineering Design Software project (Project 15) included in the 2008 Capital Budget of Engineering Other will not be needed in 2008 and therefore could be transferred to Pavement Management;
NOW, THEREFORE BE IT RESOLVED that the 2008 Engineering Major Streets Capital Budget be amended to increase the budget authority in Pavement Management (Project 5) by $600,000; and
BE IT FURTHER RESOLVED that the increase in budget authority for Pavement Management be offset by a reduction in budget authority of $150,000 for the Yahara River Parkway project (Eng Other Project 14) and $150,000 for the Engineering Design Software project (Eng Other Project 15); and
BE IT FINALLY RESOLVED that $300,000 of budget authority and available funds in the Parkside Drive project be transferred to Pavement Management.
Fiscal Note
This Resolution moves $300,000 of budget authority and existing funds from the Parkside Drive project which will not use the funds before the arbitrage deadline of...
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