Fiscal Note
The proposed resolution amends Traffic Engineering’s 2018 Adopted Capital Budget by increasing Special Assessment funding authority by $95,000 for the American Family Drive - American Parkway traffic signal assessment district project. The total cost of the project is $295,000. The Traffic Engineering Capital Budget includes $820,000 for the Traffic Signal Installation project (Munis project 10427) funded by $380,000 in GO Borrowing, $30,000 in County Sources, $110,000 in Developer Capital Funding, $50,000 in Other Government Payments, $200,000 in Special Assessments, and $50,000 in State Sources. The existing Special Assessment authority will also fund this project.
Title
Amending Traffic Engineering's 2018 Adopted Capital Budget by increasing authority for the American Family Drive - American Parkway traffic signal assessment district project funded by Special Assessments.
Body
WHEREAS, the assessable budget authority available in Traffic Engineering’s 2018 Capital budget ($200,000) is insufficient to pay for all this traffic signal ($295,000); and
WHEREAS, Traffic Engineering would require an additional $95,000 in assessment budget authority to fund this project, and
WHEREAS, the Common Council of the City of Madison adopted a preliminary resolution, declaring its intention to exercise police powers and special assessment costs for installation of traffic signals for the American Family Drive - American Parkway traffic signal assessment district and all other statutory requirements, pursuant to Section 66.0703(4), Wis. Statutes; and
WHEREAS, the Board of Public Works having reported on all the proceedings in relation to the installation of traffic signals for the American Family Drive - American Parkway traffic signal assessment district in accordance with Section 66.0701 of the Wisconsin Statutes and having in all things duly conformed to the order of the Common Council in relation thereto, and the provisions of the Madison General Ordinan...
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