HomeMy WebLinkAbout08418ORDINANCE NO. 8418
AN ORDINANCE BUDGETING AND APPROPRIATING AN
INCREASE OF $1,036,777 TO THE MINNEQUA LAKE
CONSTRUCTION PROJECT NO. ML0603, TRANSFERRING
$237,600 TO ML0603 FROM CP1020, AND TRANSFERRING
$399,177 TO ML0603 FROM THE GENERAL FUND
DESIGNATED PROJECT RESERVE
BE IT ORDAINED BY THE CITY COUNCIL OF PUEBLO, that:
SECTION 1.
An increase of $1,036,777 is hereby budgeted and appropriated for the
Minnequa Lake Phase 1 Construction Project, ML0603 from the following revenue
sources:
Lower Arkansas Valley Water Conservancy District $400,000
CP1020 - Lake Minnequa Phase 2 Project $237,600
General Fund Designated Project Reserve $399,177
SECTION 2.
$237,600 is hereby transferred from Minnequa Lake Phase 2 Construction
Project CP1020 to the Minnequa Lake Phase 1 Construction Project, ML0603.
SECTION 3.
$399,177 is hereby transferred from the General Fund Designated Project
Reserve to the Minnequa Lake Phase 1 Construction Project, ML0603.
SECTION 4.
This Ordinance shall become effective upon final passage and approval.
INTRODUCED November 28, 2011
BY: Judy Weaver
COUNCILPERSON
PASSED AND APPROVED: December 12, 2011
Background Paper for Proposed
ORDINANCE
DATE: NOVEMBER 28, 2011 AGENDA ITEM # R-3
DEPARTMENT: PLANNING AND COMMUNITY DEVELOPMENT
JERRY M. PACHECO, DIRECTOR
TITLE
AN ORDINANCE BUDGETING AND APPROPRIATING AN INCREASE OF $1,036,777
TO THE MINNEQUA LAKE CONSTRUCTION PROJECT NO. ML0603,
TRANSFERRING $237,600 TO ML0603 FROM CP1020, AND TRANSFERRING
$399,177 TO ML0603 FROM THE GENERAL FUND DESIGNATED PROJECT
RESERVE
ISSUE
Should City Council approve an increase in the budget and appropriation of funds for
the Minnequa Lake Phase 1 Project, ML0603 from the Lower Arkansas Valley Water
Conservancy District (LAVWCD), from CP1020, and from the General Fund Designated
Project Reserve, and transfer $399,177 to ML0603 from the General Fund Designated
Project Reserve?
RECOMMENDATION
Approval of the Ordinance.
BACKGROUND
This Ordinance budgets and appropriates additional funds in the amount of $1,036,777
for the Minnequa Lake Phase 1, ML0603 Project. These funds increase the total
budget and appropriation for the Minnequa Lake Phase 1 Project from $3,994,419 to
$5,031,196, which provides the total amount of funds to close out the capital project.
The additional funds were provided by the LAVWCD in the amount of $400,000 and
$399,177 from the General Fund Designated Project Reserve. In addition, the City has
received permission from HUD to reprogram HUD-EDI funds in the amount of $237,600
(see attached Exhibit 1) from the HARP III - PWHP07 and Minnequa Lake Phase 1 –
ML0603 Projects to the Minnequa Lake Phase 2 Project – CP1020. As a result of the
reallocation of the HUD – EDI funds to the Minnequa Lake Phase 2 – CP1020 Project,
the Ordinance transfers $237,600 from CP1020 to the Minnequa Lake Phase 1 –
ML0603 Project.
FINANCIAL IMPACT
The increase in the budget and appropriation for the project is being provided from the
following revenue sources:
Lower Arkansas Valley Water Conservancy District $400,000
CP1020 - Lake Minnequa Phase 2 Project $237,600
General Fund Designated Project Reserve $399,177
The General Fund Designated Project Reserves of $399,177 that have been held for
the Minnequa Lake Phase 1 project will be transferred into the Minnequa Lake Phase 1
– ML0603 Project. Due to the reallocation of HUD-EDI funds into Minnequa Lake
Phase 2 – CP1020, the transfer of funds in the amount of $237,600 into Minnequa Lake
Phase 1 will result in a net zero impact to the Minnequa Lake Phase 2 Project. A
spreadsheet showing the original Minnequa Lake Phase 1 Project budget, appropriation
and revenues, along with the adjustments that will be made, subject to the approval of
this Ordinance, is attached as Exhibit 2.