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HomeMy WebLinkAbout125 - 10/20/2015 - APPROPRIATING PRIOR YEAR RESERVES IN THE CAPITAL PROJECT FUND FOR THE BUILDING ON BASICS INTERSECTIO ORDINANCE NO. 125, 2015 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROPRIATING PRIOR YEAR RESERVES IN THE CAPITAL PROJECT FUND FOR THE BUILDING ON BASICS INTERSECTION IMPROVEMENTS AND THE STREET OVERSIZING FUND INTO THE CAPITAL PROJECTS FUND FOR THE TIMBERLINE ROAD - DRAKE ROAD TO PROSPECT ROAD IMPROVEMENT PROJECT AND THE CULTURAL SERVICES AND FACILITIES FUND FOR THE ART IN PUBLIC PLACES PROGRAM WHEREAS, in 2011, the Engineering Department completed an Arterial Intersection Priority Study which classified the Timberline and Prospect intersection as a top priority for needed safety and operational improvements; and WHEREAS, in 2013, the budget for the project was established as part of the Building on Basics(BOB) Intersection Improvements Project; and WHEREAS, the project will be constructed in 2016; and WHEREAS, between conceptual planning in 2013 and construction in 2016, construction prices will have risen between 30% to 50%; and WHEREAS, due to escalating construction costs, additional funds in the amount of $1,300,000 from available prior year reserves BOB taxes in the Capital Projects Fund and $200,000 of available prior year reserves in the Street Oversizing Fund have been identified by City staff to be used for the project; and WHEREAS, one percent of the appropriation for the construction project, ($13,000) must be transferred to the Cultural Services.and Facilities Fund for a contribution to the Art in Public Places (APP) program, with $10,140 reserved for the APP artwork project and $2,860 reserved for the maintenance of the artwork and operations of the APP program; and WHEREAS, Article V, Section 9, of the City Charter permits the City Council to make supplemental appropriations by ordinance at any time during the fiscal year, provided that the total amount of such supplemental appropriations, in combination with all previous appropriations for that fiscal year, does not exceed the current estimate of actual and anticipated revenues to be received during the fiscal year; and WHEREAS, City staff has determined that the appropriation of the revenue as described herein will not cause the total amount appropriated in the Capital Projects Fund or the Street Oversizing Fund to exceed the current estimate of actual and anticipated revenues during fiscal year 2015. NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: - 1 - Section 1. That there is hereby appropriated from prior year reserves in the Capital Projects Fund the sum of ONE MILLION THREE HUNDRED THOUSAND DOLLARS ($1,300,000) for expenditure in the Capital Projects Fund for the Timberline and Prospect BOB Intersection Improvements Project. Section 2. That there is hereby appropriated from prior year reserves in the Street Oversizing Fund the sum of TWO HUNDRED THOUSAND DOLLARS ($200,000) and is authorized for transfer to and expenditure in the Capital Projects Fund for the Timberline and Prospect BOB Intersection Improvements Project. Section 3. That the unexpended appropriated amount of TEN THOUSAND ONE HUNDRED FORTY DOLLARS ($10,140) in the Capital Projects Fund for the Timberline and Prospect BOB Intersection Improvements Project is authorized for transfer to the Cultural Services and Facilities Fund and appropriated therein for the Art in Public Places Art Project. Section 4. That the unexpended appropriated amount of TWO THOUSAND EIGHT HUNDRED SIXTY DOLLARS ($2,860) in the Capital Projects Fund for the Timberline and Prospect BOB Intersection Improvements Project is authorized for transfer to the Cultural Services and Facilities Fund and appropriated therein for the Art in Public Places Program Maintenance and Operations. Introduced, considered favorably on first reading, and ordered published this 6th day of October, A.D. 2015 and to be presented for final passage on the 20th day of October, A.D. 2015. . �pRT ... O: •.2N ~� SAL U: 1. ayor ATTEST: :o COLO City Clerk Passed and adopted on final reading on the 20th day of October, A.D. 2015. of FORrC . p Or SEAL : Mayor ATTEST: C�LORA�� City Clerk - 2 -