City of Madison - File #: 34254

• File #: 34254
• Version: 1
• Name: Amending the 2014 Capital Budgets of Major Streets, Stormwater Utility and Engineering-Other to reallocate existing budget authority to use previously borrowed funds due to Arbitrage Requirements.
• Type: Resolution
• Status: Passed
• File created: 5/23/2014
• In control: BOARD OF ESTIMATES (ended 4/2017)
• On agenda: 6/17/2014
• Final action: 6/17/2014
• Enactment date: 6/18/2014
• Enactment #: RES-14-00466
• Title: Amending the 2014 Capital Budgets of Major Streets, Stormwater Utility and Engineering-Other to reallocate existing budget authority to use previously borrowed funds due to Arbitrage Requirements.
• Sponsors: Paul E. Skidmore, David Ahrens

Date	Ver.	Action By	Action	Result
6/17/2014	1	COMMON COUNCIL	Adopt Unanimously	Pass
6/9/2014	1	BOARD OF ESTIMATES (ended 4/2017)	RECOMMEND TO COUNCIL TO ADOPT (15 VOTES REQUIRED) - REPORT OF OFFICER	Pass
6/3/2014	1	COMMON COUNCIL	Referred	Pass
5/23/2014	1	Engineering Division	Referred for Introduction

Fiscal Note
This resolution transfers a total of $623,600 in unspent GO Debt proceeds amongst projects in the Engineering Other, Stormwater Utility and Major Streets Capital Budgets. Most of the unspent proceeds will be exchanged for borrowing authority from the recipient projects. No additional GO Borrowing is required.
Title
Amending the 2014 Capital Budgets of Major Streets, Stormwater Utility and Engineering-Other to reallocate existing budget authority to use previously borrowed funds due to Arbitrage Requirements.
Body
WHEREAS, the Projects/Contracts Database Software (810736) capital project currently has $50,000 of unspent GO Debt proceeds borrowed in 2012, none of which will be spent prior to October 1st when the two year arbitrage spend-down deadline is reached; and

WHEREAS, these funds could be used up by the Pavement Management (810358) capital project in 2014 through an exchange of GO Debt Proceeds borrowing authority from the Pavement Management capital project with a cash transfer from the Projects/Contract Database Software capital project; and

WHEREAS, the ESB Upgrades (810648) capital project currently has $18,000 of unspent GO Debt proceeds borrowed in 2012, none of which will likely be spent prior to October 1st when the two year arbitrage spend-down deadline is reached; and

WHEREAS, these funds could be used up by the Wingra Creek (810268) capital project in 2014 through an exchange of GO Debt Proceeds borrowing authority from the Wingra Creek capital project with a cash transfer from the ESB Upgrades capital project; and

WHEREAS, the University Avenue Underpass (810733) capital project currently has $55,600 of unspent GO Debt proceeds borrowed in 2012, none of which will be spent prior to October 1st when the two year arbitrage spend-down deadline is reached; and

WHEREAS, these funds could be used for purchasing additional licenses for the City’s GT Viewer GIS software in capital project 810735 and helping to fund a Citywide...