HomeMy WebLinkAbout247-13 RESOLUTIONRESOLUTION NO.247-13
A RESOLUTION APPROVING A BUDGET ADJUSTMENT IN THE TOTAL
AMOUNT OF $22,750,000.00 TO APPROPRIATE PROCEEDS FROM THE
2013 SALES AND USE TAX BONDS FOR STREET 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
$22,750,000.00 to appropriate proceeds from the 2013 Sales and Use Tax Bonds for street
projects.
PASSED and APPROVED this 3rd day of December, 2013.
APPROVED:
ATTEST:
By:4&�U" A'X�
SONDRA E. SMITH, City Clerk/Treasurer
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City of Fayetteville, Arkansas
Budget Adjustment Form
Budget Year Division: Accounting & Audit I Request Date
2013 Department: Finance Director
BUDGET ADJUSTMENT DESCRIPTION / JUSTIFICATION
12/3/2013
V13.1030
Legistar
Adjustment Number
To recognize the proceeds from the 2013 Sales and Use Tax Bond Issue and the corresponding expenditures for the
street program.
CITY\kspringer I Legistar#/Date: 2013-0176 / 11/19/2013
11/14/2013 3:20 PM
Prepared By
Division Head
Kevin Springer
cn=Kevin Springer, o=City of Fayetteville,
y- F
rkansas, ou=Budget Director, „
.-•-e6%11Tkspringer@fayetteville-ar.gov, c=US
2013.11.1415:22:24-06'00'
Budget Director
Legistar Title 2013—SALES—TAX BOND —PROCEEDS
Budget & Information Management Use Only
Type: A B C D E P
General Ledger Date
Posted to General Ledger
Checked / Verified
Initial Date
Initial
Date
Account Name
TOTAL BUDGET ADJUSTMENT
Account Number
22,750,000 22,750,000
Increase / (Decrease)
Expense Revenue
Project.Sub
Number
**ADD**Street improvements
4520.9555.5809.00 >
22,311,675
06035 1
**ADD**Bond Issuance Cost
**ADD**Bond Discount
4520.9555.7506.00 >
4520.9555.7507.00 -:>
433,625
4,700
06035 1
06035 1
Proceeds from bond sales
4520.0952.6884.00 u
22,750,000
06035 1
H:\Budget\Budget Adjustments\2013_Budget\LEGISTAR\2013_1203\BA_2013-0176_2013_SALES_TAX_BOND_PROCEEDS_20131203.x(htAf 1
Marsha Hertweck
Submitted By
City of Fayetteville Item Review Form
2013-0176
Legistar File Number
December 3, 2013
City Council Meeting Date - Agenda Item Only
N/A for Non -Agenda Item
Action Required:
Finance
Department
IRequest City Council approval to appropriate the proceeds of the 2013 Sales and Use Tax Bonds
for Street Projects. This is the third phase of bond funding for the Streets program.
Does this item have a cost? NO
$0.00
Cost of this request
4520-9555-5809-00
Account Number
06035
Project Number
Budgeted Item?
Previous Ordinance or Resolution #
Original Contract Number:
$0.00
Category or Project Budget
Funds Used to Date
$0.00
Remaining Balance
Budget Adjustment Attached? YeS
Com ts:
0113
// /// �//J
Trans. Bond Street Imp.
Program or Project Name
Street Improvements
Program or Project Category
Sales Tax Construction
Fund Name
V20130812
cEHTE6�11
r , Ae
DEPARTMENTAL CORRESPONDENCE
TO: Mayor Lioneld Jordan and Fayetteville City Council
Thru: Don Marr, Chief of Staff
FROM: Paul A. Becker, Finance Director
DATE: November 15, 2013
SUBJECT: Appropriation Authority for 2013 Sales and Use Tax Bond Issue Proceeds
Background:
Pursuant to the passage of Ordinance 5619 on September 17, 2013, the Sales and Use
Tax Capital Improvement Bonds, Series 2013 have been sold. To proceed with the
identified transportation projects it is necessary to create a new program in the Sales Tax
Construction Fund and appropriate the proceeds in accordance with the attached budget
amendment.
Recommendation:
It is recommended that the attached budget amendment be approved so that planned work
can commence in the fiscal year 2013.
Budget Impact:
The attached budget amendment will fund capital projects in the Sales Tax Construction
Fund in the amount of $22,311,675.
RESOLUTION NO.
A RESOLUTION APPROVING A BUDGET ADJUSTMENT IN THE TOTAL
AMOUNT OF $22,750,000.00 TO APPROPRIATE PROCEEDS FROM THE
2013 SALES AND USE TAX BONDS FOR STREET 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
$22,750,000.00 to appropriate proceeds from the 2013 Sales and Use Tax Bonds for street
projects.
PASSED and APPROVED this 31 day of December, 2013.
APPROVED:
LIONELD JORDAN, Mayor
ATTEST:
an
SONDRA E. SMITH, City Clerk/Treasurer