Title
Ordinance No. 16-50 amending Ordinance No. 15-86 (2016 Appropriation Ordinance) for a Supplemental Appropriation to the City-Funded CIP Fund in the Amount of $356,250 for the Construction of Several Traffic Signal Projects
Presenter:
Kathleen Krager, Transportation Manager
Body
Summary:
Traffic Engineering requests approval of the attached ordinance for a supplemental appropriation to the City-Funded CIP Fund in the amount of $356,250. The funding will be used to construct new traffic signal projects and reimburse the project for signals already constructed. The source of funds is the Deferred Revenue account.
Previous Council Action:
N/A
Background:
The Deferred Revenue account is a depository for payments received from developers to cover the construction costs of new development. Funds are collected from developers specifically for the installation of traffic signals needed as a result of development. The appropriation will fund the cost of new traffic signals being installed. If the signals have already been installed by the City, the funding will be used to replenish the traffic signal inventory. This item supports the City's strategic goal relating to investing in infrastructure.
Financial Implications:
The supplemental appropriation has no adverse effect on the 2016 Budget and does not affect the general fund balance. The funds are collected from developers specifically for the installation of traffic signals warranted due to expansion. Transferring the funds to the Traffic Engineering project account will relieve the General Fund of having to finance these improvements.
The Deferred Revenue account has $356,250 of available funds to make the transfer to the Signal Addition project account for the following traffic signals:
Oakwood/Dublin - traffic signal has been installed
Village Oaks LLC 3/7/14 (receipt #134045, 3/7/14) $ 40,000
Barnes/Antelope Ridge - traffic signal has been instal...
Click here for full text