ITEM TITLE:
#17- 41 - Appropriating $2,727,603 from General Fund Balance for Proposed 2017 and 2018 Projects, and Re-allocating Capital Project and Major Maintenance Reserve Funds to Reflect Closed and De-prioritized Projects
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $2,727,603
Unencumbered Balance: $77.6MM
Funding Source: Unassigned General Fund Balance
RECOMMENDATION:
Approve
SUMMARY STATEMENT:
The proposed resolution captures the “Top 30” projects list for 2017-2018, plus eleven additional projects recommended identified by staff and Council as high-priority during the June, 2017 workshops. Attachment 2017-2018 Projects List itemizes the resulting work-list through 2018.
The resolution also reflects the following proposed changes to Capital Projects Reserve and Major Maintenance Reserve funds:
• Re-appropriation of funds to reflect concluded projects
• Adjustment of project contingency balances to equal 5% of appropriated funds
• Re-appropriation of funds to reflect select projects that are not scheduled to commence prior to the end of calendar-2018
• Depletion and re-allocation of Project Planning Reserve funds totaling $2.4MM
There remain numerous funded projects in the construction or close-out phases (works in progress, “WIP”), or that are not scheduled to commence before 2019. These are itemized in the attachment Pending and WIP.
• Pending projects: 23 projects with $6.1MM in budgeted funds. Staff proposes leaving this funding intact pending a full review and scheduling of all deferred and regular/ongoing maintenance, at which time these projects will be either plotted on the resulting multi-year schedule, or closed and re-allocated.
• Works in Progress: 22 projects with approximately $10.7MM in remaining budgeted funds.