Title
Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2015-2016 Annual Budget and Amending the 2016 - 2020 Capital Improvements Program, to Provide Funds for the Land Acquisition Project (PK2262)
Summary
COUNCIL GOAL: Financially Sound Government
MEETING DATE: May 17, 2016
DEPARTMENT: Parks and Recreation Department
CONTACT: Rhoda L. Savage, Director of Parks and Recreation
RECOMMENDED CITY COUNCIL ACTION:
• Approval of the Ordinance.
ITEM SUMMARY:
• This Ordinance amends the FY2015-2016 annual CIP budget and the 2016 - 2020 Capital Improvement Program, by increasing the budget by $75,000. The additional $75,000 would be transferred from the Parkland Dedication Zone 3 Fund to the Parks Construction Fund and appropriating the funds to CIP project PK2262 Land Acquisition Project.
BACKGROUND INFORMATION:
• An accompanying Resolution to enter into a sales agreement to purchase 62 acres south of US380 and west of Gray Branch Road is also on this agenda for Council’s consideration.
• The ability to purchase the proposed land is contingent on amending the project budget as proposed.
• Finally, an additional $30,000 is added to cover any unforeseen cost associated with the purchase of the land. These funds may / or may not be expended.
FINANCIAL SUMMARY:
• This Ordinance amends the FY2015-2016 annual CIP budget and the 2016 - 2020 Capital Improvement Program, by increasing the budget by $75,000 and transferring $75,000 from the Parkland Dedication Zone 3 Fund to the Parks Construction Fund and appropriating the funds to CIP project PK2262 Land Acquistion Project.
BOARD OR COMMISSION RECOMMENDATION: N/A