Explanation
1. BACKGROUND:
The purpose of this legislation is to authorize the return of funds from the State Issue Two Street Projects Fund to the original funds from which the Division of Transportation, Division of Power and Water and the Department of Recreation and Parks had provided their funding requirements in connection with the Henderson Road Improvements Project. This transfer will allow these Divisions to immediately reallocate these funds to meet current capital improvement project funding needs.
These funds were originally transferred within a previous ordinance (0039-2008) for purposes of providing the requesite funding for the Henderson Road Improvement Project. The anticipated award and subsequent construction schedule for this project has been delayed until the 2009 construction season, due to an extensive natural gas utility relocation project that was necessary to allow for this comprehensive roadway improvement project. The Division further anticipates submitting a legislative request for replacement funding authorization at the time the construction contract is awarded in 2009.
2. EMERGENCY DESIGNATION:
This ordinance is submitted as an emergency measure 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.
3. FISCAL IMPACT:
This ordinance authorizes the cancellation of AC028252 and transfers The Division of Transportation's, Division of Power and Water's, and the Department of Recreation and Parks' shares from the State Issue Two Street Projects Fund back into the fund from which the funds originated. The Division of Transportation's share of $3,773,722.32 will be restored to the Streets and Highways G.O. Bonds Fund, the Division of Power and Water share of $473,264.40 will be restored to the Water Works Enlargement Voted Bonds Fund; and the Department of Recreation and Parks share of...
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