Fiscal Note
The resolution amends the adopted 2019 Major Streets Capital Budget by authorizing a net-neutral transfer of existing budget authority across major programs within the Engineering-Major Streets budget. $1,000,000 of GO borrowing authority will be transferred from the Monroe Street project to the McKenna/Park Edge Flood Mitigation project.
($1,000,000) 10251-402-170
($1,000,000) 10251-402-801
$1,000,000 12011-402-170
$1,000,000 12011-402-801
Title
Amending the 2019 Engineering Major Streets Capital Budget to transfer $1,000,000 of existing GO borrowing authority between major program Monroe Street and major program Citywide Flood Mitigation. (City Wide ADs)
Body
Engineering project McKenna/Park Edge Flood Mitigation is short funds in part due to extensive street reconstruction that is required in order to implement the plan. Both McKenna Boulevard at Elver Park and the intersection of Struck Street and Schroeder will be fully reconstructed. Plans and specifications will be approved with a separate resolution (legistar file ID 55368). The 2018 Monroe Street project is now complete and has an excess of funds and is able to cover the costs of the street reconstruction required for the McKenna/Park Edge Flood Mitigation project.
NOW, THEREFORE, BE IT RESOLVED that the 2019 Engineering Major Streets Capital Budget is hereby amended to transfer existing general fund general obligation borrowing authority between major projects as described in the fiscal note.