AGENDA MEMORANDUM

 

 

Meeting Date:           November 26, 2007

 

From:                          Jerry Boop, CPA, Interim Finance Director

 

Subject:                      Ordinance reallocating the 2004 Capital Improvement Bond Funds

 

Staff Recommendation:

Staff recommends adoption of the attached ordinance reallocating funds between projects of the 2004 Capital Improvement Bond Funds.

 

Analysis:

For the New Library Project, the Fixtures, Furniture, and Equipment (FF&E) were budgeted in the General Fund with general revenues pledged as the funding source.  Since the City is working to improve the City’s General Fund reserve position, staff has identified that a much better source for the funds would be the 2004 Capital Improvement Bond proceeds.  There are a couple of advantages to this approach, the first of which is the obvious benefit of keeping $658,538 in the General Fund.  The second benefit is to spend-down the 2004 proceeds, which typically should be spent within three years to avoid arbitrage rules.  The reallocation of these funds will assist the City in their timely expenditure.

 

The funds are available within the 2004 issuance currently in the “Transportation Improvements” category.  There is $1.8M allocated for that use, of which $698,934 is expected to be spent between the 441 reverse frontage road right-of-way acquisition and the 441 Phase II landscaping design.  That leaves a balance of $1,102,507 that is unencumbered.   If the Library FF&E is taken out, $443,969 will remain.  The only proposed use of the unencumbered funds is for acquisition of the right-of-way for the Magnolia Extension.  That project has been unable to proceed without a financially feasible solution to the adverse impact the extension would have on Millennium Fasteners.  To date, no solution has been found.

 

 

Current

Proposed

 

Project

Budget

Budget

Difference

 

 

 

 

Library, New

 $  6,352,941.18

 $     7,011,479.18

 $      658,538.00

Public Works Facility

     1,905,882.35

        1,905,882.35

                    -  

Library, Old (Rehab)

          55,768.00

             55,768.00

                    -  

Canal Street

     1,410,458.00

        1,410,458.00

                    -  

Gymnasium & Land

     3,581,741.00

        3,581,741.00

                    -  

Community Center

          41,768.00

             41,768.00

                    -  

City Hall Parking Lot

     1,850,000.00

        1,850,000.00

                    -  

Transportation Improvements

     1,801,441.47

        1,142,903.47

       (658,538.00)

 

 $17,000,000.00

 $    17,000,000.00

 $                  -  

This action does not result in a net impact on Library project expenditures.  The cost of the project remains the same.  The only change is the source of funds for the Library FF&E.

 

Options:

1.  Adopt the ordinance to reallocate the 2004 Capital Improvement Bond funds; or

2.  Such alternative action as the Commission may deem appropriate

 

 

 

Fiscal Impact

This is a reallocation between projects.  There is no increase in expenditures as a result of this recommended change.

 

 

Submission Date and Time:    12/6/2007 11:01 AM____

 

Department: ______________________

Prepared by:  ______________________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                     

Attorney Review :       Yes___  No ____

                                                

_________________________________            

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. __________________                                     

                              

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 REALLOCATING THE 2004 CAPITAL IMPROVEMENT BOND FUNDS; AND PROVIDING AN EFFECTIVE DATE.

 

            WHEREAS, the City Commission of the City of Leesburg adopted a project budget for the 2004 Capital Improvement Bonds which they felt was in the best interest of the citizens of  the city of Leesburg, and

 

            WHEREAS, it is now necessary to amend the reallocate funds between projects of the 2004 Capital Improvement Bonds, and

 

            WHEREAS, such action was not anticipated in the original allocation of funds between projects;

           

            NOW THEREFORE BE IT ENACTED BY THE PEOPLE OF THE CITY OF LEESBURG, FLORIDA THAT THE 2004 CAPITAL IMPROVEMENT BONDS SHALL BE REALLOCATED AMONG THE VARIOUS PROJECTS PURSUANT TO THE FOLLOWING:

 

 

 

Current

Proposed

 

Project

Budget

Budget

Difference

 

 

 

 

Library, New

 $  6,352,941.18

 $     7,011,479.18

 $      658,538.00

Public Works Facility

     1,905,882.35

        1,905,882.35

                    -  

Library, Old (Rehab)

          55,768.00

             55,768.00

                    -  

Canal Street

     1,410,458.00

        1,410,458.00

                    -  

Gymnasium & Land

     3,581,741.00

        3,581,741.00

                    -  

Community Center

          41,768.00

             41,768.00

                    -  

City Hall Parking Lot

     1,850,000.00

        1,850,000.00

                    -  

Transportation Improvements

     1,801,441.47

        1,142,903.47

       (658,538.00)

 

 $17,000,000.00

 $    17,000,000.00

 $                  -  

 

            THAT 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 26th day of November 2007.

 

 

                                                                            __________________________

                                                                             Mayor

 

ATTEST:

 

__________________________

City Clerk