Title
Amending the City's operating budget to transfer assessment revenue to cover non-debt financed project costs for Public Works.
Body
WHEREAS, on December 7th, 2022, the City Council adopted RES 22-1832 approving the 2023 Budget; and
WHEREAS, the spending and financing budgets need to be adjusted in the assessment fund to reflect the transfer of revenue to cover Public Work project costs; and
WHEREAS, the assessments for Prior Avenue were $352,573 and ratified on October 5, 2022, and Wabasha Street were $2,147,748 and ratified on September 13, 2023; and
WHEREAS, the assessments will be received over the next 20-years and receipted in the Assessment Fund 215; 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 $2,500,321 in the City’s 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 $2,500,321 is available for appropriation in the City 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