Explanation
1. BACKGROUND
The Department of Public Service, Division of Design and Construction administers capital improvement projects and grants that are funded from many different funding sources. The proper and consistent accounting of these projects and grants is of paramount importance. Accounting adjustments are needed within the Morse Road Phase 1 Improvement Grant and the Group 10 Intersection Improvements grant within the State Issue II Street Projects Fund and the Hard Road Phase C Real Estate Grant and the Spring Sandusky Interchange grant within the Fed-State Highway Engineering Fund. As a result of the grants being completed and the City match and reimbursements from the grants being insufficient or exceeding the required amounts to make the grant whole it is necessary to transfer funds to the Morse Road Phase 1 Improvement Grant and Hard Road Phase C Real Estate Grant to eliminate a deficit in these grants and also to transfer funds out of the Group 10 Intersection Improvements grant and the Spring Sandusky Interchange grant due to a positive balance in the grant.
When these grants are initially legislated the amount of the anticipated city match and grant reimbursement amount is calculated if it is not a set amount. The City match cash and expected reimbursement amount are appropriated and as reimbursements are received they are deposited into the grant. At the completion of the project the balance should ideally be $0. This is not usually the norm since the actual project costs are not known until the end of the project. Actual costs may be higher or lower and the grant may require additional City match funds in order to eliminate a deficit in the grant.
This ordinance authorizes the transfer of additional City match funds to the Morse Road Phase 1 Improvement Grant and Hard Road Phase C Real Estate Grant in order to eliminate deficits in the grants and transfer positive City Match grant balances out of the Group 10 Intersecti...
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