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File #: 33537    Version: 1 Name: Amending the 2014 adopted Parking Utility capital budget to provide additional expenditure authority.
Type: Resolution Status: Passed
File created: 3/27/2014 In control: BOARD OF ESTIMATES (ended 4/2017)
On agenda: 4/29/2014 Final action: 4/29/2014
Enactment date: 4/30/2014 Enactment #: RES-14-00295
Title: Amending the 2014 adopted Parking Utility capital budget to provide additional expenditure authority, mainly for electrical system replacement and storm sewer upgrades at State Street Capitol garage, and for other system repairs.
Sponsors: Chris Schmidt
Attachments: 1. 2014 Parking Capital Budget Amendment Request Detail.pdf, 2. 2014 Pkg Utility Adopted Capital Budget.pdf
Fiscal Note
The 2014 adopted capital budget of the Parking Utility authorizes expenditures of $1,115,000 for a continuing program of major repairs/improvements, which includes the replacement of concrete and steel reinforcement, and the rehabilitation of electrical, mechanical and plumbing systems to improve its facilities (Project No. 1, "Parking Garage Repairs", Acct. No. 810421). All of the funding sources come from Parking Utility reserves (no borrowing is required).
 
Recent bid responses to the Parking Utility Request for Proposals indicate that additional funding of approximately $297,155 will be needed to address the major repairs/improvements planned in 2014. Therefore, an amendment to the 2014 Parking Utility capital budget is required to increase the project's authorized expenditures by $297,155, mainly for electrical system replacement and storm sewer upgrades at State Street Capitol garage, as well as for repairs, engineering, and contingency costs at other locations. This increase will be offset by an application of Parking Utility reserves, with no net impact on the levy.
 
The Parking Utility 2014 capital budget is amended as follows:
EP01-58401-810421      $297,155.00 (additional expenditure for major repairs)
EP01-79999-810421      $297,155.00 (additional revenues: Parking Utility reserves)
 
Title
Amending the 2014 adopted Parking Utility capital budget to provide additional expenditure authority, mainly for electrical system replacement and storm sewer upgrades at State Street Capitol garage, and for other system repairs.
Body
WHEREAS, the City of Madison Parking Utility is continuing a program of major repairs/improvements to its parking garages; and
 
WHEREAS, the Utility had included in its 2014 capital budget funding of $1,115,000 for the repairs/improvements; and
 
WHEREAS, the Parking Utility capital budget does not include sufficient expenditure authorization for the repairs/improvements because the engineer's estimate was less than bid amounts received, due primarily to added costs of more expensive LED fixtures, wiring costs, and electrical control costs for the electrical system replacement planned for the State Street Capitol garage;
 
NOW THEREFORE BE IT RESOLVED that the City of Madison Parking Utility 2014 Capital Budget is amended to provide additional expenditure authority of $297,155 for major repairs/improvements, which will be fully offset by the application of Utility reserves.