Minutes 12/13/2005 - Laserfiche WebLink

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December 13, 2005 Background: ? City Council has identified six capital projects as constituting their top priority during the strategic Capital Improvements Program (CIP) planning process conducted during this past summer for the purpose of smoothing the projected gap between capital expenditures and available bond financing. The new Churchland Library construction project and the Port Infrastructure neighborhood transportation improvement (Maersk) project were both deemed to be a top priority. ? Additionally, City Council has requested the restoration of previously reprogrammed CIP funding to ensure a more timely completion of the Hodges Ferry fire station renovation project. Discussion: ? City Council has expressed its strong support to accelerate the timeline for the new Churchland Library construction project and to improve the neighborhood transportation infrastructure required to accommodate the $450 million Maersk port expansion project. ? Additionally, City Council has expressed its support for renovation of the Hodges Ferry fire station. ? Financial Impact : The proposed ordinance will reprogram funds totaling $3,343,000 in the FY 06 CIP from various capital projects to these capital projects, which will result in no additional cost to the City. Staff Recommends: Adoption of an Ordinance to reprogram funds totaling $3,343,000 within the 2005-2006 Capital Improvement Fund for various capital projects. Vision Principle: Robust and Prospering Economy. Next Steps Following Council Action: ? The CFO will ensure that a budget transfer action is processed to implement the reprogramming of funds totaling $3,343,000 in the FY 06 CIP in accordance with this ordinance. This ordinance will become effective immediately. Motion by Mr. Heretick, and seconded by Ms. Randall, to adopt the following ordinance, and was adopted by the following vote: “ORDINANCE TO REPROGRAM $3,343,000 WITHIN THE 2005-2006 CAPITAL IMPROVEMENT FUND FOR VARIOUS CAPITAL PROJECTS.” Ayes: Heretick, Moody, Psimas, Randall, Smith, Whitehurst, Holley Nays: None 05 - 576 - Adoption of an ordinance to reprogram funds totaling $1,078,799 within the 2005-2006 General Fund Operating Budget for debt service on the City’s 2005 General Obligation and Refunding Bonds. Vision Principle: Robust and Prospering Economy. Background: ? The City sold and issued its 2005 General Obligation (GO) & Refunding Bonds – Series A and B (Tax-Exempt) and C (Taxable) on October 18, 2005. ? The amortization schedules of debt service (principle and interest) payments due on these bonds require the payment of interest on April 1, 2005 totaling $1,338,798.46 from General Fund Operating Budget.