Title
Amending the financing and spending plans in multiple capital project budgets across several departments to close out inactive projects.
Body
WHEREAS, the Office of Financial Services plans to close out completed capital projects prior to the migration to a new finance system; and
WHEREAS, there are inactive capital projects for which budgeted spending and financing do not match actual spending and financing; and
WHEREAS, across multiple projects, there is a need to recognize: additional revenue, over-spending, and unspent project balances; and
WHEREAS, the Office of Financial Services is recommending that the capital improvement budget be amended in the particulars included in the financial analysis attachment; and
WHEREAS, the Mayor, pursuant to Section 10.07.1 of the Charter of the City of Saint Paul and Section 57 of the Administrative Code, does certify that there are balances available for redistribution among various project budgets in the Capital Improvement Budget and in the general debt service budget; so
THEREFORE BE IT RESOLVED, by the Council of the City of Saint Paul, upon the recommendation of the Mayor and the advice of the Long Range Capital Improvement Budget Committee, that the 1991, 1996, 2002, 2003, 2005, 2007, 2008, and 2010 Capital Improvement Budgets, and the general debt service budget, as heretofore adopted and amended by this Council, be hereby further amended in the particulars as specified in the attached fiscal analysis.
Financial Analysis
See Attachment.
CIB Recommendation
The CIB Committee recommended approval the 12/13/10 meeting.