Meeting Date: April 8, 2013
From: Brandy McDaniel, Budget Manager and Jack Rogers, Gas Director
Subject: Ordinance reallocating the 2007 Capital Improvement Bond for the Gas Fund
Staff recommends adoption of the attached ordinance reallocating the 2007 Capital Improvement Bond for the Gas Fund.
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
Meters $ -0- $ 200,000 $ 200,000
Mains $ 2,100,000 $ 1,500,000 $ (600,000)
Regulators $ -0- $ 100,000 $ 100,000
Services $ 300,000 $ 600,000 $ 300,000
$ 2,400,000 $ 2,400,000 $ -0-
The original Bond issue project list included $2,100,000 to extend a main to the SW area which is not necessary at this time. In order to continue to use up the funds on capital expenditures, the utility has requested moving $200,000 to the Meters category, $100,000 to the Regulators category, and $300,000 to the Services category to cover ongoing capital expenses. The reallocation of projects is necessary to spend the bond funding first.
1. Adopt the ordinance reallocating the 2007 Capital Improvement bond for the Gas Fund; or
2. Such alternative action as the Commission may deem appropriate
There is no fiscal impact to the Gas Fund.
Prepared by: ______________________
Attachments: Yes____ No ______
Advertised: ____Not Required ______
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. __________________
Deputy C.M. ___________________
City Manager ___________________
Account No. _________________
Project No. ___________________
WF 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 relocate the 2007 Capital Improvement Bond for the Gas Fund and,
WHEREAS, such action was not anticipated in the original 2007 Capital Improvement Bond for the Gas Fund, and
WHEREAS, $600,000 is being transferred from the mains category with $200,000 being transferred to Meters, $100,000 being transferred to Regulators, and $300,000 being to Services and there is no fiscal impact on the Gas Fund other than the reallocation between projects,
NOW THEREFORE, BE IT ENACTED BY THE PEOPLE OF THE CITY OF LEESBURG, FLORIDA:
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 a regular meeting held the _____ day of _________ 2013.