Fiscal Note
Existing budgetary authorization for the construction of the Reindahl and Elver Park Splash Parks is as follows. The 2013 Adopted Parks Division Capital Budget included $700,000 in total budgetary authorization for the Reindahl Park Splash Park Project (Projects #28 and #35) as Project #28 was to provide for initial site and utility work, while Project #35 was to fund construction. These amounts were both originally accounted for in capital project account 810678. The 2014 Adopted Parks Division Capital Budget includes $700,000 in total budgetary authorization for the Elver Park Splash Park Project (Project #12). This project is accounted for in capital project account 810782. For each project, $550,000 of the funding was from G.O. Borrowing, with the remaining $150,000 from private fundraising.
Total project costs of both projects are greater than budgeted due to higher construction estimates and additional funding is required to accept the construction bids. More utility work and regulatory issues related to doing splash parks have contributed to budget increase, which was originally based on costs of constructing the Cypress splash park. The total amount of funding required to complete both projects is $2,025,000. This amount includes the Public Works contract and contingency ($1,475,000); consultants for design ($115,000); equipment purchased directly ($400,000); and miscellaneous permits, staff time, and inspections ($35,000). The additional $625,000 in funding provided via this resolution is a combination of $250,000 in Park Impact Fee funding, $150,000 in existing capital resources reallocated from the Warner Parking Lot project, and $225,000 in new G.O. Borrowing in 2014.
The budget entries necessary are as follows:
625,000 CL60-58201-810782
(225,000) CL60-79140-810782
(250,000) CL60-79449-810782
(150,000) CL60-79442-810782
Warner Parking Lot Project Funding
150,000 CL60-57442-810652
(150,000) CL60-58201...
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