Explanation
The Public Service Department, Transportation Division, routinely installs and/or constructs traffic signs and signals, school flashers and permanent pavement markings that have useful lives that meet or exceed five (5) years. As such, the labor, materials and equipment usage expenses incurred in their installation/construction can be capitalized. These expenses are initially paid from the division's operating fund, the Street Construction, Maintenance and Repair Fund. This ordinance reimburses these expenses from two of the division's capital improvements funds, the 1995, 1999 Voted Streets and Highways Fund and the Streets and Highway Improvement Fund, for work performed and/or anticipated to be performed in 2005 as follows:
billable asset / amount
traffic signs / $220,000.00
traffic signals / $350,000.00
school flashers / $100,000.00
permanent pavement markings / $125,000.00
total $795,000.00
Fiscal Impact: Some $568,196.00 of the funding needed for this ordinance has been identified from recently canceled documents that are no longer needed within the 1995, 1999 Voted Streets and Highways Fund. This ordinance transfers $428,040.27 between projects as appropriate. The current balance within the Signal Installation project in that Fund is $140,155.53. Similarly, $226,804.00 is available in the Streets and Highway Improvement Fund and this ordinance transfers $148,862.71 between projects as appropriate. Some $77,941.29 is currently available within the Roadway Improvement project in that Fund. This reimbursement is being pursued to augment operating revenue available to the Transportation Division. This reimbursement is reflected in the division's current operating fund revenue estimate and pro forma.
Emergency action is requested to allow for this reimbursement to take place in a timely manner in the interest of accurate accounting.
Title
To authorize the City Auditor to transfer $428,040.27 between projects w...
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