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 Waste Oil tank replacement project in 2014; and
WHEREAS, the East Washington Avenue (810370) capital project currently has $500,000 of unspent GO Debt proceeds borrowed in 2012 and 2013, none of which will likely be spent prior to October 1st when the two year arbitrage spend-down deadline is reached for the 2012 GO Debt Proceeds; and
WHEREAS, some of these funds could be used to cover shortages of funds in three old capital projects: Capital City Trail ($2,220), Sherman Flyer ($18,050) and University Ave/DOT Lot ($9,190); and
WHEREAS, some of the funds could be used to help to fund a Citywide Waste Oil tank replacement project in 2014; and
WHEREAS, the remaining 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 E Washington Avenue capital project.
NOW, THEREFORE, BE IT RESOLVED, that the 2014 Capital Budgets of Major Streets, Stormwater Utility and Engineering-Other are hereby amended as follows:
CE53-58510-810736 $50,000 Projects/Contracts Database - Software
CE53-79140-810736 ($50,000) Projects/Contracts Database - GO Proceeds
CS53-79140-810358 $50,000 Pavement Management - GO Proceeds
CS53-79443-810358 ($50,000) Pavement Management - Transfer from Equipment
ESTM-58401-810648 $18,000 ESB Upgrades - Building Improvements
ESTM-79140-810648 ($18,000) ESB Upgrades - GO Proceeds
ESTM-79140-810268 $18,000 Wingra Creek - GO Proceeds
ESTM-79461-810268 ($18,000) Wingra Creek - Transfer from Stormwater
CE53-58510-810735 $38,000 Mapping Software - Software
CE53-79444-810735 ($38,000) Mapping Software - Transfer In from Major Streets
CB53-58201-810672 $17,600 Waste Oil - General Improvements
CB53-79444-810672 ($17,600) Waste Oil - Transfer In from Major Streets
CS53-58240-810379 $2,220 Capital City Trail - Bike Trails
CS53-79444-810379 ($2,220) Capital City Trail - Transfer In from Major Streets
CS53-58240-810511 $18,050 Sherman Flyer - Bike Trails
CS53-79444-810511 ($18,050) Sherman Flyer - Transfer In from Major Streets
CS53-58201-810737 $9,190 Univ Ave Lot - General Land Improvements
CS53-79444-810737 ($9,190) Univ Ave Lot - Transfer In from Major Streets
CB53-58201-810672 $59,900 Waste Oil - General Improvements
CB53-79444-810672 ($59,900) Waste Oil - Transfer In from Major Streets
CS53-58250-810370 $410,640 E Washington Avenue - Street Construction
CS53-79140-810370 ($410,640) E Washington Avenue - GO Proceeds
CS53-79140-810358 $410,640 Pavement Management - GO Proceeds
CS53-79444-810358 ($410,640) Pavement Management - Transfer from Major Streets
BE IT FURTHER RESOLVED, that the available funds outlined above shall hereby be transferred as follows:
CE53-57444-810736 $50,000 Projects/Contracts - Transfer Out to Major Streets
CS53-79443-810358 ($50,000) Pavement Management - Transfer In from Equipment
ESTM-57458-810648 $18,000 ESB Upgrades - Transfer Out to Stormwater
ESTM-79461-810268 ($18,000) Wingra Creek - Transfer In from Stormwater
CS53-57443-810733 $38,000 University Underpass - Transfer Out to Equipment
CE53-79444-810735 ($38,000) Mapping Software - Transfer In from Major Streets
CS53-57446-810733 $17,600 University Underpass - Transfer Out to Buildings
CB53-79444-810672 ($17,600) Waste Oil - Transfer In from Major Streets
CS53-57444-810370 $440,100 E Washington Ave - Transfer Out to Major Streets
CS53-57446-810370 $59,900 E Washington Ave - Transfer Out to Buildings
CS53-79444-810379 ($2,220) Capital City Trail - Transfer In from Major Streets
CS53-79444-810511 ($18,050) Sherman Flyer - Transfer In from Major Streets
CS53-79444-810737 ($9,190) Univ Ave/DOT Lot - Transfer In from Major Streets
CB53-79444-810672 ($59,900) Waste Oil - Transfer In from Major Streets
CS53-79444-810358 ($410,640) Pavement Management - Transfer In from Major Streets