Fiscal Note
The Lien Road capital project (810366) currently has a deficit balance of $203,910.90, primarily due to lower than anticipated assessments. This deficit can be funded with available funds from Major Streets (810571), specifically from the South Point project which came in under budget. The entry to transfer the funds is as follows:
dr CS53-57444-810571 $203,910.90
cr CS53-79444-810366 ($203,910.90)
Title
Transferring funds from Major Streets to Lien Road in order to close the Lien Road project.
Body
WHEREAS, Lien Road from Felland Road to Zeier Road was reconstructed in multiple phases over the course of several years; and
WHEREAS, the final phase, the Thompson/Zeier Roundabout was constructed in 2010 and landscaped in 2011, completing the multi-year project; and
WHEREAS, the budget for assessment revenue was higher than was actually realized creating an ending deficit in the project of $203,910.90; and
WHEREAS, this deficit must be funded in order to finally close the project; and
WHEREAS, Major Streets (810571) has funds available to cover this deficit, specifically from the South Point project which came in under budget.
NOW, THEREFORE, BE IT RESOLVED that a transfer of $203,910.90 in available funds be made from Major Streets (810571) to Lien Road (810366).