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Home My WebLink About141-13 RESOLUTIONRESOLUTION NO. 141-13 A RESOLUTION APPROVING A BUDGET ADJUSTMENT IN THE TOTAL AMOUNT OF $201,621.00 TO TRANSFER ESCROW BALANCES TO CERTAIN TRANSPORTATION BOND PROJECTS 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, a copy of which is attached as Exhibit "A", in the total amount of $201,621.00 to transfer escrow balances to certain transportation bond projects. PASSED and APPROVED this 18'' day of June, 2013. APPROVED: ATTEST: By: a .i,z A, n-� SONDRA�E. SMITH, City Clerk/Treasurer :��•'' C,\T Y 0/, . FAYETTEVILLE ��' City of Fayetteville, Arkansas Budget Adjustment Form Budget Year Division: Engineering Request Date 2013 Department: Development Services &t 4 -3f2013 V11.0425 Adjustment Number BUDGET ADJUSTMENT DESCRIPTION / JUSTIFICATION Moving Escrow - off site improvements(projects are complete) to Payments from Property Owners (Transportation Bond sub -projects). Division (? H ( Prepared By: Date J 93 Reference: Date Departme T ctor Date TOA Qk 6" Finance Director Date �/-yr3 Date �l 1.3 Date Budget & Research Use Only Type: A B C General Ledger Date Posted to General Ledger Checked / Verified kspringer D E P Initial Date Initial Date TOTAL BUDGET ADJUSTMENT 201,621 201,621 Increase / (Decrease) Project.Sub Account Name Account Number Expense Revenue Number Pymts by property owners 4470.0947.4420.00 16,516 06035 3100 Pymts by property owners 4470.0947.4420.00 22,579 06035 2500 Pymts by property owners 4470.0947.4420.00 45,653 06035 2500 Pymts by property owners 4470.0947.4420.00 42,153 06035 2400 Pymts by property owners 4470.0947.4420.00 31,518 06035 2600 Engineering Contra Servs 4470.9470.5314.04 16,516 06035 3100 Engineering Contra Servs 4470.9470.5314.04 22,579 06035 2500 Engineering Contra Servs 4470.9470.5314.04 45,653 06035 2500 Engineering Contra Servs 4470.9470.5314.04 . 42,153 06035 2400 Engineering Contra Servs 4470.9470.5314.04 31,518 06035 2600 Pymts by property owners - 4470.0947.4420.00 43,202 06035 2500 Engineering Contra Servs 4470.9470.5314.04 43,202 06035 2500 J:\EXCEL\Transportation Bonds\Escrow off site improvements\BA Off Site Excrow to Pmts. by Prop Owner 05132013 version 2 1 of 1 City of Fayetteville Staff Review Form City Council Agenda Items and Contracts, Leases or Agreements 6/18/2013 City Council Meeting Date Agenda Items Only Chris Brown Gl Engineering Development Services Submitted By Division Department Action Required: Approval of a Budget Adjustment to Transfer from Escrow Account to Transportation Bond Projects -�2 a 1) 62-1 $ .14 68,614) Cost of this request 4470.0947.4420.00 Account Number 06035 various sub -projects Project Number Budgeted Item U'S $ 9,184,147.00 Category / Project Budget $ (158,419.00) Funds Used to Date $ 9,342,566.00 Remaining Balance Budget Adjustment Attached Transportation Bond Improves. Program Category / Project Name various sub -projects Proj 06035 Program / Project Category Name Transportation Bonds Fund Name �J pp S) 31//3 O,A� = �of 1 I16%y l� oS'?)-70)3 Previous Ordinance or Resolution # Department Director Date Original Contract Date: 6-3W3 Original Contract Number: orney Date Finance and Internal Services Director Date Received in City 0 5-5 1— i s? 0 1 a 5 5 R C, V D Clerk's Office Chief of S ff Date EN E Received in 3/ Mayor's Office May r Crate Comments: Revised January 15, 2009 • a e eVl e ARKANSAS® To: Fayetteville City Council Thru: Mayor Lioneld Jordan Don Marr, Chief of Staff Jeremy Pate, Development Services Director From: Chris Brown, City Engineer C-1-1 Date: May 30, 2013 CITY COUNCIL AGENDA MEMO MEETING DATE OF JUNE 18, 2013 THE CITY OF FAYETTEVILLE, ARKANSAS Subject: Budget Adjustment to Transfer Escrow Balances to Transportation Bond Projects INTRODUCTION When development occurs in Fayetteville, the developer is usually required to construct improvements to City infrastructure. The nature and extent of these improvements is commensurate with the impact that a particular development has on surrounding infrastructure as well as on the state of the infrastructure itself. In some cases, rather than requiring the developer to construct improvements, the City accepts a cash payment in lieu of improvements. When large infrastructure projects are impacted, the developer is sometimes required to only contribute a portion of the cost. All of these developer contributions are deposited into an escrow account. When the City moves forward with improvements to infrastructure that has received developer contributions, the funds are then moved over from the escrow account into the project account. At this time, there are several projects that have funds in escrow that need to be moved into project accounts. These projects include: • Rupple Road (Starry Night to Mount Comfort Road) • Rupple Road (Persimmon to Martin Luther King Blvd.) • Highway 265 (Crossover Road) • Cato Springs Road • Old Wire Road • Zion Road (College to Vantage) Highway 265 and Cato Springs Road are nearing completion, and the section of Zion Road that received these developer funds is complete. City funds in excess of the escrow funds available for these projects have already been expended; therefore the escrow funds for these projects will be transferred to the Van Asche Drive Project. RECOMMENDATION Recommended escrow transfers are as follows: 1) Rupple Road -Starry Night View to Mount Comfort Road (Project Number 06035.3100): $16,516 2) Highway 265 ($22,579), Cato Springs Road ($45,653), and Zion Road ($43,202) to Van Asche Drive (Project Number 06035.2500) $111,434 3) Rupple Road -Persimmon to MLK (Project Number 06035.2400) $42,153 4) Old Wire Road (Project Number 06035.2600) $31,518 Total transfer amount to projects is $201,621. BUDGET IMPACT This action will result in additional funds to Van Asche Drive, Rupple Road, (2 project numbers) and Old Wire Road. RESOLUTION NO. A RESOLUTION APPROVING A BUDGET ADJUSTMENT IN THE TOTAL AMOUNT OF $201,621.00 TO TRANSFER ESCROW BALANCES TO CERTAIN TRANSPORTATION BOND PROJECTS 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, a copy of which is attached as Exhibit "A", in the total amount of $201,621.00 to transfer escrow balances to certain transportation bond projects. PASSED and APPROVED this 181h day of June, 2013. APPROVED: U80 LIONELD JORDAN, Mayor ATTEST: SONDRA E. SMITH, City Clerk/Treasurer