Title
Amending the financing and spending plans in the Department of Public Works Capital Budget to transfer remaining 880 bond funding into projects.
Body
WHEREAS, the Department of Public Works has closed out 2014 projects with 880 funding and transferred excess funding into an 880 Contingency fund; and
WHEREAS, the Departments of Public Works and Parks and Recreation have developed a plan to spend the remaining 880 Bond funds on Grand Round related improvements; and
WHEREAS, the Department of Public Works is recommending the following transfers from 880 Contingency:
• Transfer $75,000 to the Como Trail & Parking Lot Project.
• Transfer $105,000 to the Wabash Trail Project.
• Transfer $100,000 to the Grand Round Nodes Project.
• Transfer $75,000 to the Phalen Trail Improvements Project.
• Transfer $50,500 to 880 Public Art.
• Transfer $208,000 to the 2021 Pelham Bumpouts Project.
• Transfer $25,000 to the 2022 Wheelock Parkway Project.
• Transfer $98,356 to the Grand Round Improvements Project, which is planned to be spent as funding allows on the Wheelock/Arcade Design Contract with MnDOT, Sam Morgan Trail Improvements and the Como/Chatsworth Trail Repaving and Realignment.
WHEREAS, there is $259,644 in unbudgeted interest earnings from the 880 Bonds that the Department of Public Works proposes to transfer to the Grand Round Improvements Project; 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 $996,500; 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 $996,500 is available for transfer of appropriation of funds in the 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 May 9, 2022 and recommended approval.