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 ...
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