Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2014-2015 Annual Budget and Amending the 2015-2019 Capital Improvements Program, to Provide Additional Funds for ST9158 US 380 from Custer Road to Lake Forest Drive
Summary
COUNCIL GOAL: Direction for Strategic Growth
MEETING DATE: March 17, 2015
DEPARTMENT: Development Services/Engineering
CONTACT: Gary Graham, PE, PTOE, CIP and Traffic Manager
RECOMMENDED CITY COUNCIL ACTION:
· Approval of the Ordinance
ITEM SUMMARY:
· The current budgeted amount for this project is $59,619.05 which is for construction. TxDOT has closed out the project and conducted a final audit for the project. TxDOT has determined the City's final total project cost to be $65,094.98. TxDOT has requested the City contribute an additional $5,475.93 to the project.
· This Ordinance amends the FY2014-2015 annual budget and the 2015-2019 CIP for US 380 Widening from Custer Road to Lake Forest (ST9158) by appropriating $5,500 of fund balance from the Street Construction Fund to the US 380 Widening from Custer Road to Lake Forest (ST9158).
BACKGROUND INFORMATION:
· TxDOT conducted a final audit on the project and has determined that additional funds are due from the City in the amount of $5,475.93.
· The final audit indicated that the construction cost and the construction engineering amounts higher than as outlined in the Local Project Advance Funding Agreement (LPAFA) between TxDOT and the City.
· The additional funds will come from the Fund Balance in the Street Construction Fund.
FINANCIAL SUMMARY:
· The financial summary below details the transfer of funds for US 380 from Custer Road to Lake Forest Drive (ST9158):
BOARD OR COMMISSION RECOMMENDATION:
· N/A