Explanation
This legislation authorizes the City Auditor to appropriate and transfer $581,081.44 from the Storm Sewer Operating Fund to the Storm Sewer Bonds fund and appropriate said funds to the Bliss Run Trunk Sewer Improvements Project for Phase 3 expenses. This will allow sufficient funds to be available to modify the engineering agreement with Camp Dresser & McKee. An additional $140,860.56 is being transferred within the Storm Sewer Bonds Fund to support the entire amount of $721,942.00 needed for this modification.
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 project for which this legislation requests fund transfer currently have insufficient balances to allow for the aforementioned expenditures. This transfer does not reflect any changes to the projects planned in the 2002 Capital Improvements Budget (CIB). The change is a temporary measure for the project that is being designed or constructed to maintain efficient cash flow within the Stormwater CIB. Funds will be made available for all approved projects as needed.
Title
To authorize the City Auditor to appropriate and transfer $581,081.44 from the Storm Sewer Operating Fund to the Storm Sewer Bonds Fund; to appropriate said funds within the Storm Sewer Bonds Fund for the Bliss Run Trunk Sewer Improvement Project; and to declare an emergency. ($581,081.44)
Body
WHEREAS, it is immediately necessary to both appropriate funds from the Storm Sewer Operating Fund and to transfer said funds into the Storm Sewer Bonds Fund, in order to temporary fund the Bliss Run Trunk Sewer Improvements Project, Phase 3, until such time as the City issues a bond sale; and
WHEREAS, it is immediately necessary to appropriate said funds within the Storm Sewer...
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