File #: 20-0008    Name: ST227 Budget Amendment
Type: Ordinance Status: Approved
In control: City Council Regular Meeting
On agenda: 1/7/2020 Final action: 1/7/2020
Title: Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2019-2020 Annual Budget and Amending the 2020-2024 Capital Improvements Program to Provide Funds for the Bloomdale Road Extension Project (ST4227)
Attachments: 1. Ordinance

Title

Consider/Discuss/Act on an Ordinance Amending the Fiscal Year 2019-2020 Annual Budget and Amending the 2020-2024 Capital Improvements Program to Provide Funds for the Bloomdale Road Extension Project (ST4227)

 

Summary

 

COUNCIL GOAL:                     Direction for Strategic & Economic Growth

                     (1A: Establish regional and infrastructure incentives to increase economic growth)

 

MEETING DATE:                     January 7, 2020

 

DEPARTMENT:                      Development Services / Engineering

 

CONTACT:                       Nicholas Ataie, P.E., Engineering CIP Manager

                     Jason Horn, P.E., Civil Engineer

 

RECOMMENDED CITY COUNCIL ACTION:                     

                     Approval of the Ordinance.

 

ITEM SUMMARY: 

                     This Ordinance amends the Fiscal Year 2019-2020 Annual Budget and the 2020-2024 Capital Improvement Program to provide funding for the design and construction of the Bloomdale Road Extension Project (ST4227) for a total of $2,119,972.

 

BACKGROUND INFORMATION: 

                     On November 5, 2019, the City Council approved a new interlocal agreement with Collin County to increase the estimated project cost to $12,500,000 and requesting a Collin County project contribution of $6,119,972 (increase of $2,119,972). This is an approximately 49% project funding contribution by Collin County. 

                     On December 16, 2019, Collin County approved the new interlocal agreement increasing their maximum project contribution from $4,000,000 to $6,119,972 utilizing previously unallocated Collin County bonds.

                     A budget amendment is needed in order to increase the project budget by the increased Collin County funding participation.

                     There is a companion agenda item for a construction contract related to this project also included in this council session.

FINANCIAL SUMMARY: 

                     With this amendment, the total project budget Bloomdale Road Extension Project (ST4227) will increase from $11,300,000 to $13,419,972.