TITLE
The Mayor and City Council shall discuss and possibly take action to approve a budgetary transfer for the City Complex project from the General Governmental Bond Fund to the General Governmental CIP Fund in the amount of $8,572,688. Discussion and Action.
AGENDA ITEM DESCRIPTION
City policy requires Mayor and Council approve transfers between funds (inter-fund transfers) to ensure financial transparency. At the September 4, 2012 City Council Regular Meeting, Council approved cash financing a portion of the City Complex project versus debt financing this portion of the project with annual appropriation debt. As the funding source has changed from the approved FY12-13 adopted budget, an inter-fund budgetary transfer is necessary.
The FY12-13 adopted budget for this portion of the project is $8,572,688 in the General Governmental Bond Fund. Staff is requesting a budgetary transfer, for this amount, from the General Governmental Bond Fund to the General Governmental CIP Fund in order to cash finance the project.
It is important to note the adopted CIP plan estimated an additional $4,450,000 in funding would be required in FY13-14 to complete the project. Therefore, the total General Governmental cash financing is estimated to be $13,022,688 over the two year period.
STAFF RECOMMENDATION
Staff recommends the Mayor and City Council approve a budgetary transfer for the City Complex project from the General Governmental Bond Fund to the General Governmental CIP Fund in the amount of $8,572,688.