Title
Amending the financing and spending plans in the Department of Public Works Capital and Operating Budgets for the 2021 Downtown Pavement Project.
Body
WHEREAS, the City of Saint Paul plans to construct the 2021 Downtown Pavement Project, which is funded by Capital Improvement Bonds, Street Reconstruction Bonds, Municipal State Aid, and assessments; and
WHEREAS, there is a need to transfer $1,500,0000 of Capital Improvement Bond financing from the 2021 Mill and Overlay Program to the 2021 Downtown Pavement Project; and
WHEREAS, there is a need to transfer $1,000,0000 of Street Reconstruction Bond financing from the 2021 Saint Paul Street Program to the 2021 Downtown Pavement Project; and
WHEREAS, there is a need to transfer $1,000,000 Municipal State Aid financing from the Street Maintenance Mill and Overlay Program to the 2021 Downtown Pavement Project; and
WHEREAS, there is a need to add $1,401,717 of assessment funding into the 2021 Downtown Pavement Project; and
WHEREAS, the Mayor, pursuant to Section 10.07.1 of the Charter of the City of Saint Paul, does certify that there is available for appropriation funds of $1,401,717; and
WHEREAS, the Mayor, pursuant to Section 10.07.4 of the Charter of the City of Saint Paul, does certify that there is available for transfer of appropriation funds of $3,500,000; and now, 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 $1,401,717 is available for appropriation and $3,500,000 is available for transfer of appropriation of funds in the Operating and 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 St. Paul Long-Range Capital Improvement Budget Committee received this request on March 8, 2021 and r...
Click here for full text