Explanation
Background: This legislation authorizes the City Auditor to transfer cash and appropriation within the Streets and Highways G.O. Bonds Fund 704, within the Governmental B.A.B.s (Build American Bonds) Fund 746, and within the Streets and Highways Improvements (Non-Bond) Fund 766 in order to replenish the original cash and appropriation levels in those funds following the recent bond sale. Funds were temporarily transferred from projects that did not need to start early in the construction season to projects that needed to start earlier in the construction season and could not await the receipt of bond sale funds. Now that the city has received funds from the bond sale, the earlier transfers need to be reversed to restore funding to projects from which funds were borrowed.
Fiscal Impact: Cash is now available to be transferred in Fund 704 Streets and Highways Bond Fund.
Emergency Justification: Emergency action is requested so that the projects receiving the cash back can move forward.
Title
To amend the 2015 Capital Improvement Budget, to authorize the City Auditor to transfer cash and appropriation between projects within the Streets and Highways Bond Fund to replace funds borrowed for use on construction projects that had to begin before the bond sale; and to declare an emergency. ($0.00)
Body
WHEREAS, Roadway Improvements - Easton Square Extension was to receive $4,800,000 cash in the July 30, 2015 bond sale; and
WHEREAS, the Easton Square Extension project planned to start construction before the bond sale was to occur; and
WHEREAS, cash was borrowed from projects that had no immediate need and transferred to Easton Square Extension so construction could remain on schedule; and
WHEREAS, cash must now be paid back to the lending projects so they may move forward; and
WHEREAS, it is necessary to amend the 2015 Capital Improvement Budget to provide sufficient authority in the proper projects; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development in that it is immediately necessary to transfer cash and appropriation between projects within said funds so that the projects receiving the cash back can move forward, all for the immediate preservation of the public health, peace, property, safety and welfare; and now therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the 2015 Capital Improvement Budget, authorized through Ordinance 0557-2015, is hereby amended as follows to provide sufficient budget authority in the proper projects;
Fund / Project / Project Name / Current Authority / Change / Revised Authority
704 / 440104-100016 / Easton Square Extension / $4,633,336.61 / ($4,456,950.66) / $176,385.95
704 / 440104-100011 / Miscellaneous Economic Development - Weinland Park - Phase 3A / $0 / $1,500,000.00 /$1,500,000.00
704 / 590131-100003 / Miscellaneous Development - American Addition Infrastructure / $251,938.55 / $1,547,997.03 / $1,799,935.58
704 / 440104-100002 / Miscellaneous Economic Development - Columbus Coated Fabrics / $174,536.00 / $308,953.63 / $483,489.63
704 / 530161-100172 / Roadway Improvements - West Nationwide / $3,000,000.00 / $1,100,000.00 / $4,100,000.00
SECTION 2. That the City Auditor be authorized to transfer cash and appropriation between projects within the Streets and Highways Bond Fund 704 as follows:
Transfer from:
Fund / Project / Project Name / O.L. 01-03 Codes / OCA / Amount
704 / 440104-100016 / Easton Square Extension / 06-5501 / 710416 / $4,456,950.66
Transfer to:
Fund / Project / Project Name / O.L. 01-03 Codes / OCA / Amount
704 / 440104-100011 /Miscellaneous Economic Development - Weinland Park - Phase 3A / 06-6600 / 710411 / $1,500,000.00
704 / 590131-100003 / Miscellaneous Development - American Addition Infrastructure / 06-6600 / 743103 / $1,547,997.03
704 / 440104-100002 / Miscellaneous Economic Development - Columbus Coated Fabrics / 06-6600 / 592104 / $308,953.63
704 / 530161-100172 / Roadway Improvements - West Nationwide / 06-6600 / 746172 / $1,100,000.00
SECTION 3. That the funds necessary to carry out the purpose of this ordinance are hereby deemed appropriated, and the City Auditor shall establish such accounting codes as necessary.
SECTION 4. That the City Auditor is authorized to make any accounting changes to revise the funding source for all modifications associated with this ordinance.
SECTION 5. That the City Auditor is hereby authorized to transfer the unencumbered balance in a project account to the unallocated balance account within the same fund upon receipt of certification by the Director of the Department administering said project that the project has been completed and the monies are no longer required for said project.
SECTION 6. That for reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.