Fiscal Note
The proposed resolution amends the 2018 Adopted Capital Budget for Engineering Major Streets to reduce GO Borrowing in the CTH M (Midtown) project by $104,500 and replace the appropriation with Impact Free revenue. The 2018 appropriation for the project will remain unchanged at $10,538,500.
MUNIS:
10233-402-801 $104,500
10233-402-902 ($104,500)
12404540-59140-00000 $104,500
12404540-48510-00000 ($104,500)
Title
Amending the 2018 Capital Budget of Major Streets to replace $104,500 of funding from GO Proceeds with Impact Fees for the CTH M Project
Body
WHEREAS ORD-17-00059, adopted on June of 2017, repealed the High Point Raymond Midtown Neighborhood Transportation Improvement Impact Fee District; and
WHEREAS this Impact Fee Fund currently has a projected year-end balance of $104,500; and
WHEREAS the CTH M-Midtown project contains applicable work and could use up this remaining cash; and
WHEREAS the 2018 Capital Budget did not include any Impact Fee funding for this project; and
WHEREAS the use of these remaining Impact Fees can reduce the amount of GO Proceeds needed for the project.
NOW, THEREFORE, BE IT RESOLVED that the 2018 Capital Budget of Engineering-Major Streets is hereby amended to exchange $104,500 in funding from GO Proceeds with Impact Fees.