Fiscal Note
The project is estimated to cost $100,000. The project was not included in the 2008 Traffic Engineering adopted capital budget, but sufficient proceeds for the City share of $51,300 are available within the 2008 General Obligation authorization provided in the 2008 adopted Traffic Engineering capital budget project No. 9, "Traffic Signal Infrastructure," (Account No. 810417). However, the 2008 adopted capital budget does not provide sufficient revenue and expenditure authority for the portion of the project funding that will be derived from special assessments, estimated at $48,700. Therefore, this resolution would amend the 2008 TE capital budget to recognize additional revenues of $48,700 and would also increase Traffic Engineering's capital account expenditure authority by $48,700, but would require no additional GO borrowing.
The project account will be amended as follows:
CE57-79445-810417 ($48,700) [Revenue-Transfer in from Special Assessments]
CE57-58540-810417 $48,700 [Expenditure-Traffic Signals]
Title
SECOND SUBSTITUTE - Approving plans, specifications, and schedule of assessments for the installation of traffic signals at Raymond Road - Whitney Way intersection and authorizing borrowing for City share of signal cost amending the Traffic Engineering 2008 Adopted Capital Budget (project No. 9, "Traffic Signal Infrastructure") to provide additional revenue and expenditure authority of $70,500 $48,700, derived from special assessments. (20th AD)
Body
WHEREAS, the Common Council of the City of Madison adopted a preliminary resolution, declaring its intention to exercise police powers and special assess costs for installation of traffic signals at Raymond Road - Whitney Way intersection and all other statutory requirements, pursuant to sec. 66.0703(4), Wis. Stats.; and
WHEREAS, the Board of Public Works having reported on all the proceedings in relation to the installation of traffic signals at Raymond Road - Whitney Way i...
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