AGENDA MEMORANDUM

 

 

Meeting Date:           October 11, 2010

 

From:                          Brandy McDaniel, Budget Manager

                                    Jerry Boop, CPA, CGFO Finance Director

 

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

 

 

Staff Recommendation:

Staff recommends adoption of the attached ordinance reallocating the 2007 Capital Improvement Bond for the Wastewater 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

Collecting Sewers

$        1,106,844

 

$           1,058,220

 

  $     (48,624)

Treatment & Disposal Plants

840,656                 

 

889,280

 

         48,624 

 

$        1,947,500

 

$           1,947,500

 

     $         -0-         

 

 

 

 

 

 

           

The original 2007 Bond issue project list included funding of $300,000 for the SW area- US 27 S Force Main project in Collecting Sewers which is not necessary at this time.  On November 23, 2009 the City Commission approved the contract with TLC Diversified to construct the Headworks Lift Station.  Additionally, on December 21, 2009 the City Commission approved reallocating the 2007 Capital Improvement Bond which allowed funding of $93,156 for the Headworks Lift Station project.  The reallocation of projects based on priority and the necessity to spend the bond funding first will allow this project to be partially funded by the remaining 2007 Capital Improvement Bond for the Wastewater Fund.

 

Options:

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

    Wastewater Fund; or

2.  Such alternative action as the Commission may deem appropriate

 

 

 

Fiscal Impact

There is no fiscal impact on the Wastewater Fund.

 

 

 

Submission Date and Time:    10/8/2010 5:19 PM____

 

Department: __Finance_____________

Prepared by:  _Brandy McDaniel_____                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                      

Dates:   __________________________                     

Attorney Review :       Yes___  No ____

                                                

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head __JB____

 

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 Bond for the Wastewater Fund and,

 

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

 

WHEREAS, $48,624 is being transferred from Collecting Sewers to Treatment & Disposal Plants and there is no fiscal impact on the Wastewater 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 ADOPTED by the City Commission of the City of Leesburg, Florida at the regular meeting held the11th day of October 2010.

 

 

                                                                            __________________________

                                                                             Mayor

 

ATTEST:

 

 

__________________________

City Clerk