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:    10/20/2010 2:53 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