Explanation
BACKGROUND:Need: This legislation authorizes the transfer of monies within the Storm Sewer Bonds Fund, and amend the 2002 Capital Improvements Budget in order to provide for the following capital improvements projects related transactions:
Transfer funds in the amount of $159,700.80 and increase the project's budget authority so as to allow sufficient funds to be available to enter into a construction contract with George J. Igel & Company, Inc. for costs associated with the Dublin Road at Urlin Avenue Storm Sewer Project.
Transfer funds in the amount of $15,000.00 and increase the project's budget authority so as to allow sufficient funds to be available to enter into an engineering agreement with EMH&T, Inc. for costs associated with the Pilot Wetlands Mitigation Project.
Transfer funds in the amount of $230,000.00, and increase the project's budget authority so as to allow sufficient funds to acquire the necessary easements, professional services and administrative costs associated with the Francisco Road Stormwater Improvements Project.
Transfer funds in the amount of $25,999.35, and increase the project's budget authority so as to allow sufficient funds to acquire the necessary easements, professional services and administrative costs associated with the Big Run Erosion Control Project.
Emergency Designation: This ordinance is submitted as an emergency so as to allow the financial transaction to be posted in the City's accounting system as soon as possible. Up to date financial posting promotes accurate accounting and financial management.
FISCAL IMPACT: The projects for which this legislation requests fund transfer currently have insufficient balances to allow for the aforementioned expenditures. These transfers do not reflect any changes to the projects planned in the 2002 Capital Improvements Budget (CIB). The changes are a temporary measure for the project that is being designed or constructed to maintain efficient cash...
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