Title
Amending the financing and spending budgets in the Department of Public Works by adding assessment financing of $177,332 to the Randolph Avenue Reconstruction Project; transferring $710,000 of appropriations in order to consolidate the 2014 and 2015 Randolph Avenue Reconstruction budgets into one project; and transfering $625,000 of available MSA financing from the Randolph Project into 2015 MSA Contingency.
Body
WHEREAS, the Randolph Avenue Reconstruction Project from Brimhall to Syndicate was budgeted in 2014 with assessment only financing and in 2015 with MSA financing, and
WHEREAS, in order to effectively manage the project funding it is proposed to consolidate the financing from two years into one year, and
WHEREAS, the assessments are expected to be $177,332 more than budgeted, and
WHEREAS, Ramsey County has already awarded the project and presented the City with its cost share which is less than the amount Public Works has budgeted so there is excess MSA financing in the project, and
WHEREAS, Public Works is proposing to transfer $625,000 of MSA from the Randolph Avenue Reconstruction Project into the 2015 MSA Contingency, 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 $ 177,332; 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 $ 710,000; and
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 $ 177,332 is available for appropriation and
$710,000 is available for transfer of appropriation in the Capital Improvement Budgets, as heretofore adopted and amended by this Council, be hereby further amended in the Improvements Budgets in the following paticulars:
Financial Analysis
See A...
Click here for full text