Title
Amending the financing and spending budgets in the Office of Financial Services to remove $1,764,337 that was double budgeted as Prior Year Street Improvement Bonds (PY SIB) and placed into 2014 SIB Contingency in error.
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WHEREAS, Public Works in an effort to close out capital projects in a timely manner closed out the 2011 RSVP and pre-closed the 2012 RSVP Programs on RES PH 15-172; and
WHEREAS, the amount transferred to the 2014 SIB Contingency account on RES PH 15-172 was $2,639,198, and
WHEREAS, of the amount transferred $1,764,337 was already budgeted in the 2015 Capital Budgets in the 2015 Saint Paul Streets Vitality Program (SPSVP) as PY SIB; and
WHEREAS, the amount of $1,764,337 needs to be removed from 2014 SIB Contingency account in order to not double count the budget authority and overstate the City assets; so
THEREFORE BE IT RESOLVED, by the Council of the City of Saint Paul, upon recommendation of the Mayor and advice of the Long Range Capital Improvement Budget Committee, that $1,764,337 be removed from appropriation from the Capital Improvement Budgets, as heretofore adopted and amended by this Council, be hereby further amended in the Improvements Budgets in the following particulars:
Financial Analysis
See Attachment
CIB Recommendation
The Saint Paul Long-Range Capital Improvement Budget Committee received this request on December 14, 2015 and recommended approval.