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HomeMy WebLinkAbout042 - 05/04/1993 - APPROPRIATING FUNDS IN THE CAPITAL PROJECTS FUND FOR THREE CHOICES 95 PROJECTS ORDINANCE NO. 42, 1993 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING FUNDS IN THE CAPITAL PROJECTS FUND FOR THREE CHOICES 95 CAPITAL PROJECTS WHEREAS, the estimated cost of the recommended construction for three Choices 95 capital projects (Prospect/Shields Intersection; Prospect/ Taft Hill Intersection; and Prospect, Shields to Taft Hill ) exceeds the project budgets by Two Hundred Forty-two Thousand Dollars ($242,000) ; and WHEREAS, the increase in the estimated construction costs for the aforementioned projects is the result of bids on the projects which exceeded the original project budget estimates; and WHEREAS, Staff is recommending reducing the cost of these projects by $132,000 and increasing project funds by $110,000; and WHEREAS, Article V, Section 14, of the Charter of the City of Fort Collins (the "Charter") authorizes the City Council to transfer by ordinance, upon the recommendation of the City Manager, any unexpended appropriated amount or portion thereof from one fund to another, provided that the purpose for which the transferred funds are to be expended remains unchanged or the purpose for which the funds were initially appropriated no longer exists; and WHEREAS, Article V, Section 4, of the Charter requires that capital projects be itemized in the budget by individual project; and WHEREAS, the result of such itemization is that each individual capital project in the budget is treated as a separate fund; and WHEREAS, City Council finds that increasing appropriations for the construction of improvements to said projects is in the best interests of the City; and WHEREAS, the additional ONE HUNDRED TEN THOUSAND DOLLARS ($110,000) needed for the Prospect/Shields Intersection, Prospect/Taft Hill Intersection, and the Prospect, Shields to Taft Hill Choices 95 capital projects is available for transfer from existing appropriations within the Street Oversizing Fund. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS that the amount of ONE HUNDRED TEN THOUSAND DOLLARS ($110,000) in previously appropriated, unexpended funds is hereby authorized for transfer from the Street Oversizing Fund to the Capital Projects Fund - Choices 95 capital projects and appropriated therein for the purpose of establishing a project contingency related to the construction of the Prospect/Shields Intersection, Prospect/Taft Hill Intersection, and Prospect, Shields to Taft Hill capital projects. Introduced, considered favorably on first reading, and ordered published this 20th day of April , A.D. 1993, and to be presented for final passage on the 4th day of May, A.D. 1993. ttayor ATTEST: City Clerk Passed and adopted on final reading this 4th day of May, A.D. 1993. a or ATTEST: 4 u City Clerk