Title
Amending the financing and spending plans in the Department of Public Works in the amount of $964,646.51 in additional revenues, $306,062.39 for transfer of appropriations, and $4,198,421.19 in reduced project budgets to cleanup, realign, and close out projects.
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WHEREAS, in a continuing effort by the Department of Public Works to effectively manage capital budgets , there is a need to rectify the financing and spending within particular projects, to transfer program dollars into specific projects, and to closeout other projects as appropriate; and
WHEREAS, an additional amended award of $260,587 Federal Revenue under the New Freedom Program was granted to the City ; and
WHEREAS, rental income of $339,958.37 received by Minnesota Department of Transportation for land acquired by the City for MnDOT purchase received commercial rental income for billboards and cell phone towers during the period it was owned by the City, and
WHEREAS, additional assessment revenue of $303,603.48 for 2012 and 2013 Local Street Alley & Sewer Program will be realized for projects constructed in the Program, and
WHEREAS, there are other completed projects that need to be closed-out and any available funding identified and transferred where appropriate, resulting in $4,198,421.19 in reduced project budgets, $306,062.39 in transfer of appropriations and $60,497.66 in additional sewer and assessment revenues; and
WHEREAS, the Mayor, pursuant to Section 10.07.1 of the Charter of the City of Saint Paul, does certify that there are available for appropriation, funds of $964,646.51 in the Capital Improvement Budgets; and
WHEREAS, the Mayor, pursuant to Section 10.07.4 of the Charter of the City of Saint Paul, does certify that there are available for transfer of appropriation, funds of $306,062.39 in the Capital Improvement Budgets; 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 the Capital Improvement Budgets, as heretofore adopted and amended by this Council; be hereby further amended in the Improvement Budgets as detailed and shown on the attached Financial Analysis.
Financial Analysis
See Attachment
CIB Recommendation
The St. Paul Long-Range Capital Improvement Budget Committee received this request on October 14, 2013 and recommended approval.