Explanation
1. BACKGROUND:
This legislation authorizes the City Auditor to transfer cash and appropriation within the Streets and Highways G.O. Bonds Fund, Fund 7704, in order to replenish the original cash and appropriation levels in those funds following the recent bond sale. Funds were temporarily transferred from projects that did not need to start early in the construction season to projects that needed to start earlier in the construction season and could not await the receipt of bond sale funds. Now that the city has received funds from the bond sale, the earlier transfers need to be reversed to restore funding to projects from which funds were borrowed.
2. FISCAL IMPACT
Funding is now available within the Streets and Highways Bonds Fund. An amendment to the 2016 Capital Improvements Budget is necessary to re-establish sufficient cash and authority in the proper projects.
3. EMERGENCY DESIGNATION
Emergency action is requested in order to maintain the project schedule to prevent unnecessary delays in the Department of Public Service’s Capital Improvement Program.
Title
To amend the 2016 Capital Improvement Budget; to authorize the City Auditor to transfer cash and appropriation within the Streets and Highways Bond Fund to replace funds borrowed for use on construction projects that had to start before the bond sale; and to declare an emergency. ($0.00)
Body
WHEREAS, it is necessary to authorize an amendment to the 2016 Capital Improvements Budget for the purpose of providing sufficient spending authority for the project expenditures listed below; and
WHEREAS, funds borrowed for use on other projects need to be restored to maintain proper accounting practices; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Public Service in that it is immediately necessary to transfer cash and appropriate funds in order to restore funding thereby preserving the public health, peace, property, safety and welfare; now, ...
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