AGENDA MEMORANDUM

 

 

Meeting Date:           September 13, 2010

 

From:                          Brandy McDaniel, Budget Manager

                                    Jerry Boop, CPA, CGFO Finance Director

 

Subject:                      Ordinance reallocating the 2007 Capital Improvement Bond for the Water Fund     

 

 

Staff Recommendation:

Staff recommends adoption of the attached ordinance reallocating the 2007 Capital Improvement Bond for the Water Fund.

 

Analysis:

The following adjustments are required to reallocate the 2007 bond funds among the projects based on actual and projected expenditures

 

Project

Current Budget

 

Proposed Budget

 

Difference

Mains & Hydrants

$        2,626,000

 

$           2,588,157

 

$     (37,843)

Reuse Mains

3,120,000                 

 

3,157,843

 

               37,843    

 

$        5,746,000

 

$           5,746,000

 

$                 -0-   

 

 

 

 

 

 

           

The original 2007 Bond issue project list included funding of $2,626,000 for various Mains and Hydrants projects.  Also, identified in the original 2007 Bond Issue under Reuse Mains is the Arlington/Legacy Connections (WF 230297) project which is nearing completion and the final change order has been received.  This project requires an additional $37,843 which is available in Mains & Hydrants from savings on other projects.   The reallocation of projects based on priority will allow this project to be completely funded by the 2007 Capital Improvement Bond for the Water Fund.

 

Options:

1.  Adopt the attached ordinance reallocating the 2007 Capital Improvement bond for the

    Water Fund; or

2.  Such alternative action as the Commission may deem appropriate

 

Fiscal Impact

There is no fiscal impact on the Water Fund.

 

 

 

Submission Date and Time:    9/22/2010 5:06 PM____

 

Department: ______________________

Prepared by:  ______________________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                     

Attorney Review :       Yes___  No ____

                                                 

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. ________JB________                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ___________________

 

Account No. _________________

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________


 

 

ORDINANCE NO._______________

 

An ordinance of the city commission of the city of leesburg, florida, reallocating the 2007 Capital improvement bond funds; and providing an effective date.

 

            WHEREAS, it is now necessary to reallocate the 2007 Capital Improvement Bonds for the Water Fund and,

 

            WHEREAS, such action was not anticipated in the original 2007 Capital Improvement Bonds for the Water Fund, and

 

            WHEREAS, $37,843 is being transferred from Mains and Hydrants to Reuse Mains and there is no fiscal impact on the Water Fund other than the reallocation between projects,

 

            NOW THEREFORE, BE IT ENACTED BY THE PEOPLE OF THE CITY OF LEESBURG, FLORIDA:

 

SECTION I.

 

            This ordinance shall become effective upon its passage and adoption by the Leesburg City Commission in the manner provided by law.

 

            PASSED AND by the City Commission of the City of Leesburg, Florida at the regular meeting held the13th day of September 2010.

 

 

                                                                            __________________________

                                                                             Mayor

 

ATTEST:

 

 

__________________________

City Clerk