HomeMy WebLinkAbout92-08 RESOLUTION4
RESOLUTION NO. 92-08
A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT IN THE
AMOUNT OF $20,119.00 TO RECOGNIZE INTEREST INCOME FROM THE
TIF PROJECT FUND AND ALLOCATE IT TO SIDEWALK
IMPROVEMENTS IN THE TIF DISTRICT
WHEREAS, interest earnings on the TIF Project Fund must be used for the TIF Project;
and
WHEREAS, a budget adjustment in the amount of $20,119.00 representing that income
should be approved so that the City will remain in conformance with state law and the TIF
Project Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS:
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves
the budget adjustment attached as Exhibit A in the amount of $20,119.00 to be allocated to
sidewalk construction in the TIF District.,,,,,`` yITR S.,,
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PASSED and APPROVED this 6th day of May, 2008.
APPROVED:
By:
DA COOD Mayor
ATTEST:
By:
•
:FAYETTEVILLE
..s,l :Q/(A N`, •
'pis/'�CiT�ty C'• i�J•�
SONDRA E SMITH, City Clerk/Treasurer
City of Fayetteville, Arkansas
Budget Adjustment Form
Budget Year
2008
Department: Citywide
Division: Citywide
Program: TIF Imp Fund Expense
Date Requested
5/6/2008
Adjustment Number
Project or Lem Added/Increased:
$20,119 is requested in the Hwy 71 East Square
Redevelopment District #1 capital project.
Project or Item Deleted/Reduced:
None. $20,119 from the TIF Capital Improvements Use of
Fund Balance.
Justification of this Increase:
The funding is needed to complete the improvement
work planned in the Tax Increment Financing District.
Justification of this Decrease:
Due to prior year investment earnings, there is $20,119 in
additional cash and investments remaining the TIF Capital
Improvements Fund that is unallocated to the project.
Increase Expense Budget (Decrease Revenue Budget)
Account Name Account Number Amount Project Number
Sidewalks
Account Name
4490 9490 5814 00 20,119 05038 1
Decrease Expense Budget (Increase Revenue Budget)
Account Number Amount
Use of Fund Balance
4490 0949 4999 99 20,119
Project Number
Approval Signatures
Requested By
Budget Director
epart Werk 17irector
Date
moi) -4
Finance Director
Mayor
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9- 1,10-6g
Date
Date
Budget & Research Use Only
Type: A B C D E
General Ledger Date
Approval Date
Posted to General Ledger
Posted to Project Accounting
Initial Date
Initial Dale
Initial Date
Terry Gulley
Submitted By
•
City of Fayetteville
Staff Review Form
City Council Agenda Items
or
Contracts
5/6/2008
City Council Meeting Date
Transportation
Division
Action Required:
Operations
Department
Approval of a budget amendment in the amount of $20,119.00 to increase the Hwy. 71 East Square Redevelopment
District #1 project budget to recognize prior year investment earnings.
20,119
Cost of this request
4490.9490.5814.00
Account Number
05038.1
Project Number
Budgeted Item
X
48,161.00
Category / Project Budget
24,721 84
Funds Used to Date
23,439.16
Remaining Balance
Budget Adjustment Attached
X
Hwy 71 East Square Redevelopment
District #1
Program Category / Project Name
Other Capital
Program / Project Category Name
TIF Capital Improvements
Fund Name
Department
L.__/c
City Attorney
Finance Director
i- i -k-
-
Original Contract Date.
Previous Ordinance or Resolution #
Date
Li -og
Date
Original Contract Number:
Received in Mayor's Office
Comments:
a e evi le
Y ARKANSAS
City Council Agenda Item
To: Mayor and City Council
Thru: Gary Dumas, Director of Operations 4,
From: Terry Gulley, Transportation Manage/P
Date: May 6, 2008
Subject: Hwy. 71 East Square Redevelopment District #1
Recommendation. Transportation Division staff recommends the approval of a
budget amendment in the amount of $20,119.00 to utilize prior year investment
earnings.
Background: A total of 7,275 linear feet of sidewalk was proposed to be
repaired, replaced, and constructed by the City's Transportation Division in the
Hwy. 71 East Square Redevelopment District $180,000.00 has been allocated
for this project and was funded by a portion of the sale proceeds from the
acquired property by the Redevelopment District to the developers of the
Mountain Inn.
Discussion: The project is currently in progress and nearing completion. In
order to expend the investment earnings acquired during prior years, a budget
amendment will be necessary to allocate this funding to the capital project
budget.
Budget Impact: Due to prior year investment earnings, there is $20,119.00 in
additional cash and investments remaining in the TIF Capital Improvements
Fund. Staff requests that this funding be allocated to the Hwy. 71 East Square
Redevelopment District #1 capital project.
RESOLUTION NO.
A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT
IN THE AMOUNT OF $20,119.00 TO RECOGNIZE INTEREST
INCOME FROM THE TIF PROJECT FUND AND ALLOCATE IT
TO SIDEWALK IMPROVEMENTS IN THE TIF DISTRICT
WHEREAS, interest earnings on the TIF Project Fund must be used for the TIF Project;
and
WHEREAS, a budget adjustment in the amount of $20,119.00 representing that income
should be approved so that the City will remain in conformance with state law and the TIF
Project Plan.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF FAYETTEVILLE, ARKANSAS*
Section 1: That the City Council of the City of Fayetteville, Arkansas hereby approves
the budget adjustment attached as Exhibit A in the amount of $20,119.00 to be allocated to
sidewalk construction in the TIF District.
PASSED and APPROVED this 6`h day of May, 2008.
APPROVED: ATTEST:
By: By:
DAN COODY, Mayor SONDRA E SMITH, City Clerk/Treasurer
(5.12.08) Clarice Pearman
From:
To:
Date:
Subject:
Attachments:
Res. 92-08
Clarice Pearman
Gulley, Terry
5.12.08 10:30 AM
Res. 92-08
92-08 TIF District Interest.Income.pdf
CC: Audit; Fell, Barbara
Terry:
Attached is a copy of the above resolution regarding a budget adjustment for TIF interest income. I am forwarding the budget
adjustment to Budget & Research. Please let me know if there is anything else needed. Have a good day.
Thanks.
Clarice