HomeMy WebLinkAbout56-12 RESOLUTIONRESOLUTION NO. 56-12
A RESOLUTION APPROVING A BUDGET ADJUSTMENT IN THE
AMOUNT OF $123,042.00 RECOGNIZING REVENUE FROM THE
UNIVERSITY OF ARKANSAS FOR ITS COST -SHARE PORTION OF
CONSTRUCTION OF OAK RIDGE TRAIL
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 a
budget adjustment in the amount of $123,042.00 recognizing revenue from the University of
Arkansas for its cost -share portion of construction of Oak Ridge Trail. A copy of the budget
adjustment is attached to this Resolution as Exhibit "A".
PASSED and APPROVED this 20th day of March, 2012.
APPROVED: ATTEST:
By: • • • tei_ ' /_-_-10.t.a.(K•
SONDRA E. SMITH, City Clerk/Treasurer
• • .c•`11
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:FAYETTEVILLE :
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City of Fayetteville, Arkansas
Budget Adjustment Form
V11.0425
Budget Year
BY 2012
Division: Citywide
Department: Citywide
Request Date
3/20/2012
Adjustment Number
BUDGET ADJUSTMENT DESCRIPTION / JUSTIFICATION
This budget adjustment recognizes revenue collected in 2011 for Oak Ridge Trail which is the University of
Arkansas' portion of construction costs.
Division
Bu get Director
De artm t rector
-P.C1
Finance Director
3 -1-1Z
Date
//l f
Date
Date
2-45
Date
-/.2
Date
Date
Prepared By: John Nelson
Reference:
jnelson
Budget & Research Use Only
Type: A B C
General Ledger Date
Popted to.General Ledger
Checked / Verified
E P
Initial Date
Initial Date
TOTAL BUDGET ADJUSTMENT 123,042 123,042
Increase / (Decrease) Project.Sub
Account Name Account Number Expense Revenue Number
Trails
Use of Prior Fund Balance
4470.9470.5814.05
123,042 02016 . 1
4470.0947.4999.97 123,042
K:\01_Financial Services\Budget\2012 Budgeffransportation\Budget Adjustments\BA Form 2012_02016.1001 1 of 1
Matt Mihalevich
Submitted By
City of Fayetteville Staff Review Form
City Council Agenda Items
and
Contracts, Leases or Agreements
3/20/2012
City Council Meeting Date
Agenda Items Only
Engineering
Division
Action Required:
Development Services
Department
A resolution approving a budget adjustment in the amount of $123,042 recognizing revenue from the University of
Arkansas for Oak Ridge Trail.
Cost of this request
Account Number
Category / Project Budget
Project Number
Budgeted Item
Funds Used to Date
rc, te47
Program Category / Project Name
TrC1 I
141 ve c.i.Zfr
Program / Project Category Name
Tax
Remaining Balance Fund Name
Budget Adjustment Attached
X
Department D actor
19; 6i4A11,
Date
Date
Previous Ordinance or Resolution #
Original Contract Date:
Original Contract Number:
Finance
3 -S -26t -z
Finance and Internal Services Director Date
Comments:
Revised January 15, 2009
"MWile
THE CITY OF FAYETTEVILLE, ARKANSAS
DEPARTMENT CORRESPONDENCE
ARKANSAS
www.accessfayetteville.org
CITY COUNCIL AGENDA MEMO
To: Mayor and City Council
Thru: Don Marr, Chief of Staff
Jeremy Pate, Development Services Director
Chris Brown, City Engineer OP
From: Matt Mihalevich, Trails Coordinator Or'.
Date: March 1, 2012
Subject: Resolution to approve a budget adjustment and recognize revenue from the University of Arkansas
RECOMMENDATION
Staff recommends approval of a budget adjustment in the amount of $123,042 to recognize revenue from the University of
Arkansas for a cost share on the Oak Ridge Trail.
BACKGROUND:
The City of Fayetteville applied for the 2009 Arkansas Recreational Trails Grant for the Oak Ridge Trail in collaboration
with the University of Arkansas and was awarded $116,534 in federal -aid funds. A willingness to apply for this grant was
approved on May 19th of 2009 by resolution 111-09 and an Agreement of Understanding between the City of Fayetteville
and the Arkansas State Highway and Transportation Department was approved on January 5`h, 2010 by resolution 07-10.
Construction of the Oak Ridge Trail is now complete and the trail is experiencing significant use by University of
Arkansas students as well as residents of the surrounding area. Oak Ridge Trail begins at the intersection of Center Street
and Frisco Trail and continues 0.5 miles west along the north side of Center Street and along a wooded hillside to
terminate at Garland Ave, just south of Yocum Hall. (see attached map)
On December 27'11, 2010, an Agreement of Understanding was approved to outline the partnership responsibilities of the
City of Fayetteville and the University of Arkansas. This agreement stipulated that the University would provide half of
the required 20% matching funds, which equals $14,566.75 and half of the overall project costs that exceed the grant
funding amount once the project is complete and the numbers are calculated. Project costs to be shared totaled
$391,752.86 and after the grant reimbursement of $116,534, the remaining $275,218.86 was divided in half for a total
reimbursement from the University of $137,609.43, including their $14,566.75 match. The matching funds have been
recognized through resolution 07-10 so only the remaining $123,042.00 remains to be recognized at this time.
BUDGET IMPACT:
A check in the amount of $137,609.43 was received on December 13`11, 2011 from the University of Arkansas. Once
recognized, these funds should be placed in the Trail Development Capital Improvement Construction Fund as shown on
the attached budget adjustment.
RESOLUTION NO.
A RESOLUTION APPROVING A BUDGET ADJUSTMENT IN THE
AMOUNT OF $123,042.00 RECOGNIZING REVENUE FROM THE
UNIVERSITY OF ARKANSAS FOR ITS COST -SHARE PORTION OF
CONSTRUCTION OF OAK RIDGE TRAIL
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 a
budget adjustment in the amount of $123,042.00 recognizing revenue from the University of
Arkansas for its cost -share portion of construction of Oak Ridge Trail. A copy of the budget
adjustment is attached to this Resolution as Exhibit "A".
PASSED and APPROVED this 20th day of March, 2012.
APPROVED: ATTEST:
By: By:
LIONELD JORDAN, Mayor SONDRA E. SMITH, City Clerk/Treasurer
I K HAS A SECURITY VOID BACKGROUND PATTERN - DO NOT CASH IF THE WORD VOID IS VISIBLE n
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CITY OF FAYETTEVILLE.
113 W MOUNTAIR:ST
FAYETTEVILLE, AR 72701
ORIGINAL CHECK HAS AN ARTIFICIAL WATERMARK ON REVERSE SIDE - HOLD AT AN ANGLE TO VIEW
L L0940 211' 1: LO 3 LO LOS 51: 209090 3360
Check Date:
Check Number:
Check Amount:
Payee:
Address:
Vendor ID:
Payment ID:
University of Arkansas, Fayetteville
Accounts Payable
***Handling Instructions ***
PO Attachment Required
12/12/2011
11109402
$137,609.43
City of Fayetteville
113 W Mountain St
Fayetteville, AR 72701
Invoice Number:
Invoice Paid Amount:
Customer ID:
Remittance Advice:
102801-01-001
001070911
6687208 Invoice Date:
137,609.43 Invoice Discount Amount:
PO Num:
Attn: Peggy Bell. Cost share of Oak Ridge Trail.
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Pak -R?c45.e. 71-41
10/21/2011
6687208
1()-rn\j', 0A011&., 1001
Oak Ridge Trail
aisting Multi -Use Trail
• Existing Natural Surlace Trail
- ---• Park Trail
Street Linkage