Explanation
1. BACKGROUND:
The Division of Design and Construction performed the construction of the Hard Road Phase B project.
This project consisted of constructing a new railroad bridge, street lighting, traffic signals, storm sewers, waterlines, pavement, curbs, sidewalks, bikelanes, and limiting safety hazards and congestion in the vicinity of three schools. The project limits were Smoky Row Road to the west and Linworth Road to the east.
Funding sources for this project consisted of City, State, and Federal funds. After reviewing the financial information for the project $258,778.24 in City funding remains in the grant within the Fed-State Highway Engineering Fund and it is necessary to transfer this funding out of the grant so final accounting can be completed.
The purpose of this legislation is to authorize the transfer of monies from the Hard Road Phase B grant within the Fed-State Highway Engineering Fund to the Street and Highway Improvement Fund.
This transfer will allow these Divisions to reallocate these funds to meet capital improvement project funding needs.
2. EMERGENCY DESIGNATION:
This ordinance is submitted as an emergency measure so as to allow the financial transaction to be posted in the city's accounting system as soon as possible. Up to date financial posting promotes accurate accounting and financial management.
3. FISCAL IMPACT:
This ordinance authorizes the appropriation of funds within the Fed-State Highway Engineering Fund and the transfer of these funds to the Street and Highway Improvement Fund to be utilized for other Division Capital needs.
Title
To authorize the appropriation and transfer of $258,778.24 from the Fed-State Highway Engineering Fund to the Street and Highway Improvement Fund; to amend the 2012 Capital Improvement Budget; and to declare an emergency.
Body
WHEREAS, The Division of Design and Construction performed the construction of the Hard Road Phase B project; and
WHEREAS, this project co...
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