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HomeMy WebLinkAbout12198RESOLUTION NO. 12198 A RESOLUTION APPROVING THE TRANSFER OF APPROPRIATED STORMWATER FUNDS FROM STORMWATER PROJECTS TO BE DETERMINED (SW1199) TO CROSS DRAINAGE-LAKE AVENUE (SW1001) BE IT RESOLVED BY THE CITY COUNCIL OF PUEBLO, that: SECTION 1. Funds in the amount of $111,000 shall be transferred from Stormwater Projects to be Determined (SW1199) to Cross Drainage-Lake Avenue (SW1001). INTRODUCED: July 25, 2011 BY: Leroy Garcia COUNCILPERSON Background Paper for Proposed RESOLUTION AGENDA ITEM # M-1 DATE: July 25, 2011 DEPARTMENT: STORMWATER DEPARTMENT EARL WILKINSON, DIRECTOR TITLE A RESOLUTION APPROVING THE TRANSFER OF APPROPRIATED STORMWATER FUNDS FROM STORMWATER PROJECTS TO BE DETERMINED (SW1199) TO CROSS DRAINAGE-LAKE AVENUE (SW1001) ISSUE Should the City Council approve the transfer of $111,000 of available budget from Projects to Be Determined (SW1199) to Cross Drainage - Lake Avenue Project (SW1001)? RECOMMENDATION Approval of Resolution. BACKGROUND On December 13, 2010, City Council approved an agreement between the City of Pueblo and the Urban Renewal Authority of Pueblo, for the Lake Minnequa Urban Renewal Project. Under the agreement, the Stormwater Utility Enterprise was required to pay approximately $411,000 for certain stormwater improvements in a portion of the Project (Segment 3). Project SW1001 - Cross Drainage-Lake Avenue – was established for this purpose and currently has a balance of $290,263.75. Therefore, an additional $111,000 will be required to meet this requirement. FINANCIAL IMPACT Funds in the amount of $111,000 will be transferred from Projects to be Determined (SW1199) to Cross Drainage-Lake Avenue (SW1001).