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