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.