Title
Agenda Item:
Amendment to 2012 Capital Budget Ordinance
Body
Issue:
Amend the Capital Budget.
City Manager's Recommendation:
Move to approve amending ordinance on first reading and forward to second reading.
Staff Contact:
Dean Walz, Fiscal Services Director, Administrative Services Department, 360.753.8465
Background and Analysis:
To change the budget the Council must approve a new ordinance amending the budget. Due to the administrative difficulty of possibly having several items going to the Council at or near the same time, budgetary amendments are generally made quarterly. On occasion, a budget change needs to be made between the quarterly updates. In those cases, an ordinance may come to the council as an ordinance relating to the budget but not actually amending a previous ordinance. The ordinances relating to the budget will be included in the next quarterly update. The attached ordinance reflects ordinances which may have been adopted relating to the budget since the last quarterly update and other proposed changes to the operating budget.
There were no ordinances passed since the last budget update relating to the operating budget.
Budget Items not previously presented to the Council:
1) Appropriation of $300 within the Transportation Projects Fund to be used for a transportation project. This will appropriate the final amount of interest earned on the 2010 bonds issued for transportation improvements. Interest earned on bond proceeds must be used for the same purpose as the bonds issued.
2) Appropriation of $5,000 to the Signal Improvements program for the SMART corridors project within the Capital Improvement Fund for plan development. This is funded by a grant from Thurston Regional Planning
3) Appropriation of $412,199 ($145,109 net change to budget) to the West Bay Drive Capacity Upgrade project within the Sewer CIP Fund. This is funded by $145,109 from a legal settlement and forfeited retainage related to the project and transferring $267,010 of unallocated budget from the Sewer System Planning program.
Options:
1) Approve amending ordinance. Authorizes budget items which have not yet been presented to the Council.
2) Do not approve the amending ordinances. The budget items would not be authorized.
Financial Impact:
Total increase in appropriations of $150,409. The sources of funding of these appropriations are noted above.