Explanation
The Public Service Department, Transportation Division, is undertaking the Hard Road Improvement project that will ultimately widen and improve Hard Road between Sawmill Road and State Route 315. The work is being completed in three distinct phases and is being funded from State and local funding sources.
This ordinance transfers Hard Road project monies from the Local Transportation Improvement Project Fund and the State Issue Two Project Fund to the Federal-State Highway Engineering Fund. The Hard Road project is established within all three of these Funds. Two of the three named Funds presently have cash surpluses while a third Fund has a cash deficit. Ohio Public Works Commission (OPWC) funding was placed into the into the first two Funds; however, all project expenditures are being made from the Federal-State Highway Engineering Fund. This legislation will correct for these imbalances.
Fiscal Impact: The net result of these transfers relative to the Hard Road project is zero. This legislation ensures proper grant maintenance and accounting.
Emergency action is requested 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.
Title
To authorize the City Auditor to transfer $381,456.59 from the Local Transportation Improvement Project Fund and $1,391,218.28 from the State Issue Two Project Fund to the Federal-State Highway Engineering Fund and to authorize the appropriation of $1,772,674.87 within the Federal-State Highway Engineering Fund to account for project related expenditures and to make necessary adjustments to properly account for the Hard Road Improvement project , and to declare an emergency. ($1,772,674.87)
Body
WHEREAS, the Public Service Department, Transportation Division, is undertaking the Hard Road Improvement project; and
WHEREAS, the work is being funded...
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