Explanation
BACKGROUND: This legislation transfers a total of $380,716.45 between projects within the Voted Street Lighting and Electricity Distribution Improvements Fund. Bids for an electrical transformer came in almost $400,000 more than was budgeted. Since it is imperative that the transformer be replaced before the summer, funds were transferred from the Urban Infrastructure Recovery Fund (UIRF) in order to cover this purchase. This was the only project that had sufficient funds to cover the expenditure. The UIRF project needs to be replenished immediately in order to establish funds for the Off-Campus Street Lighting Project, which is projected for early 2007.
Funds for the transfer will come from two projects included in the 2006 Bond Sale. Project 670638, Computer System Upgrades, will contribute its Bond Sale request of $300,000. These funds will not be needed as legislation for this project has recently passed, using remaining pre-Bond Sale funds.
The remaining $80,716.45 will come from project 670003, Street Lighting Improvement Force Account Work, Bond Sale request of $400,000. If remaining funding is inadequate to cover expenditures as needed, the Division will either re-prioritize future expenditures, or will seek additional funding in a 2007 Bond Sale.
It is requested that this Ordinance be handled in an emergency manner in order that the Urban Infrastructure Recovery Fund (UIRF) project be replenished as soon as possible. Funds will be needed for the Off-Campus Street Lighting Project, scheduled for early 2007.
FISCAL IMPACT: Sufficient funding will be available from the November 2006 Bond Sale.
Title
To authorize and direct the City Auditor to transfer $380,716.45 within the Voted Street Lighting and Electricity Distribution Improvements Fund, to replenish the Urban Infrastructure Recovery Fund (UIRF), and to declare an emergency. ($380,716.45)
Body
WHEREAS, bids for an electrical transformer came in greater than the Division of Power and Water budgeted; and
WHEREAS, monies were transferred from the Urban Infrastructure Recovery Fund (UIRF) to fund this expenditure; and
WHEREAS, funds for this project need to be replenished as soon as possible in order to fund the Off-Campus Street Lighting Project in early 2007; and
WHEREAS, monies will be transferred from projects that will be funded from the 2006 November Bond Sale; and
WHEREAS, an emergency exists in the usual daily operation of the Division of Power and Water, Department of Public Utilities, in that it is immediately necessary to authorize and direct the City Auditor to transfer funds within the Voted Street Lighting and Electricity Distribution Improvements Fund, for the immediate preservation of the public health, peace, property, safety, and welfare; now, therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the City Auditor be and is hereby authorized and directed to transfer $380,716.45 within the Voted Street Lighting and Electricity Distribution Improvement Fund, Fund No. 553, Object Level One 06, Object Level Three 6625, Division 60-07, as follows:
TRANSFER FROM:
Project No. Project Name OCA Code Amount
670003 SL Imp's - Force Acct. 675017 $ 80,716.45
670638 Computer System Upgrades 670638 $ 300,000.00
$ 380,716.45
TRANSFER TO:
Project No. Project Name OCA Code Amount
440007 Urban Infrastructure Recovery Fund 440007 $ 380,716.45
SECTION 2. That for the 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 disapproves the same.