Title
Amending the City's Capital Improvement Budget to reflect the final sale details resulting from the issuance of the G.O. Capital Improvement Bonds, Series 2023D, moving forward 2023 project revenue budgets to 2024, and recognizing capital improvement bond revenue made available by financing North End Community Center and Fire Station 7 with sales tax bonds (per 2023 adopted plan).
Body
WHEREAS, on January 11th, 2023, the City Council adopted RES 23-67 preliminarily approving the 2023 Bond Sale, and on August 16th, 2023, adopted RES 23-1152 awarding the sale of the bonds which closed on September 14, 2023; and
WHEREAS, the spending and financing budgets need to be adjusted in the bond proceeds accounts to reflect the final results of the sale; and
WHEREAS, the 2023 adopted budget included a plan to finance North End Community Center and Fire Station 7 with sales tax bonds, making $24,000,000 in capital improvement bond revenue available to address the City’s deferred maintenance needs; and
WHEREAS, the 2023 adopted budget reflected the addition of $17,853,000 of the $24,000,000 to the Citywide Capital Maintenance Program; and
WHEREAS, a technical adjustment is needed to reflect adding the remaining capital improvement funds of $6,147,000 into the Citywide Capital Maintenance Program; AND
WHEREAS, the Mayor, pursuant to Section 10.07.1 of the Charter of the City of Saint Paul, certifies that there are unencumbered funds of $13,474,460 in the City’s capital and operating budget that may be appropriated; NOW
THEREFORE, BE IT RESOLVED, by the Council of the City of Saint Paul, upon recommendation of the Mayor that $13,474,460 is available for appropriation in the City Capital and Operating Budget, that said budget, as heretofore adopted by Council, is hereby further amended by the particulars as specified in the attached financial analysis.
Financial Analysis
See attachment.
CIB Recommendation
The St. Paul Long-Range Capital Improvement Budget Committee reviewed this request on September 11, 2023 and recommended approval.