Explanation
1. BACKGROUND
The Department of Public Service employs personnel that are engaged in traffic sign and signal installation, permanent pavement marking application, and roadway improvement design and construction. Project costs incurred by the operating fund are salaries, fringes, overtime and other direct costs. These personnel and project expenses are budgeted within and paid from the division's operating fund, the Street Construction, Maintenance and Repair (SCMR) Fund.
This ordinance authorizes the transfer of $550,000.00 between projects in the Capital Improvement Budget for the eventual reimbursement to the SCMR fund for the expenditures incurred for infrastructure costs. These costs can be capitalized. Doing so is consistent with earlier efforts by the Division to reimburse its operating fund when the operating fund incurred expenses more appropriate to capital improvement funding.
2. FISCAL IMPACT
Funding for this is available within the Streets and Highways G.O. Bond Fund, no. 704. C.I.B. amendments and funds transfers are necessary to move monies and authority to the appropriate project. Reimbursement of expenditures must occur from cash available prior to the bond sale; therefore available cash within the fund will be utilized and paid back once bonds are sold. A separate ordinance will follow that will allocate expenses to specific projects once the 2nd quarter is over.
3. EMERGENCY DESIGNATION
Emergency action is requested to allow for the transfer to occur before the 2012 bond sale for the eventual reimbursement of operating expenses at the earliest possible time to make the Street Construction Maintenance Repair Fund whole.
Title
To authorize the City Auditor to transfer $550,000.00 within the Streets and Highways G.O. Bond Fund for the eventual reimbursement to the Street Construction, Maintenance and Repair Fund for traffic sign and signal installation, permanent pavement marking, roadway improvement design and constructio...
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