Agenda Date: 8/02/2016
Subject:
Title
Resolution approving a $380,000 transfer of appropriations within the Capital Projects Fund from the Wayfinding projects to the East Dry Creek and South Broadway transportation improvement project and the County Line and Broadway traffic signal project.
Body
Presented By:
Doug Farmen, Finance Director
POLICY QUESTION:
Does city council support a resolution approving a $380,000 transfer of appropriations within the Capital Projects Fund from the Wayfinding projects tox the East Dry Creek transportation improvement project and the County Line and Broadway traffic signal project?
BACKGROUND:
There is $488,000 encumbered from the 2015 adopted budget and $675,000 from the 2016 adopted budgets for downtown, Dry Creek, and City Center Wayfinding projects (34-171-7890). Due to project changes and efficiencies, it's anticipated that only $630,000 will be needed to complete these Wayfinding projects, leaving a remainder of $533,000 unspent project funds for 2016.
The County Line and Broadway traffic signal project has been in progress since 2012. This is a safety improvement project supported by a federal grant via CDOT. The grant will cover 90% of the costs. Due to grant requirements, the city has issued a competitive bid, with a cost estimate of $700,000, (gross costs with 90% reimbursement) and subject to council approval of the additional appropriations. There is $250,000 encumbered from the 2015 adopted budget and $250,000 from the 2016 budget (16-302-5330), leaving a shortfall of $200,000 to complete the project.
The 2015 amended budget included $920,000 for the East Dry Creek and South Broadway transportation improvement project partially funded by $725,000 interfund loan from the Capital Projects Fund. In 2015, $320,000 was spent on this project with $600,000 encumbered to 2016, to complete the project. There is a current project shortfall of $180,000 to complete the Dry Creek transportation improvements in 2016....
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