HomeMy WebLinkAbout253-17 RESOLUTIONFhYE}f
113 West Mountain Street
Fayetteville, AR 72701
(479) 575-8323
Resolution: 253-17
File Number: 2017-0667
SPRING STREET PARKING DECK FUND:
A RESOLUTION TO CLOSE THE SPRING STREET PARKING DECK FUND, TRANSFER
ABOUT $243,431.00 REMAINING IN THAT FUND TO THE PARKING FUND AND TO
APPROVE THE ATTACHED BUDGET ADJUSTMENT
WHEREAS, the Spring Street Parking Deck has been completed with all expenses now paid out of
the Spring Street Parking Deck Fund leaving a balance of about $243,431.00; and
WHEREAS, this balance should be transferred to the Parking Fund which is charged with paying off
the bonds that funded the Spring Street Parking Deck Fund.
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 closes the Spring Street
Parking Deck Fund, transfers about $243,431.00 remaining in that fund to the Parking Fund and
approves the attached budget adjustment.
PASSED and APPROVED on 12/5/2017
Page 1
Attest:
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Sondra E. Smith, City Clerk Treas►4("�rrrrf�r`
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City of Fayetteville, Arkansas 113 West Mountain Street
Fayetteville, AR 72701
(479) 575-8323
Text File
File Number: 2017-0667
Agenda Date: 12/5/2017 Version: 1 Status: Passed
In Control: City Council Meeting File Type: Resolution
Agenda Number: A. 8
SPRING STREET PARKING DECK FUND:
A RESOLUTION TO CLOSE THE SPRING STREET PARKING DECK FUND, TRANSFER ABOUT
$243,431.00 REMAINING IN THAT FUND TO THE PARKING FUND AND TO APPROVE THE
ATTACHED BUDGET ADJUSTMENT
WHEREAS, the Spring Street Parking Deck has been completed with all expenses now paid out of the Spring
Street Parking Deck Fund leaving a balance of about $243,431.00; and
WHEREAS, this balance should be transferred to the Parking Fund which is charged with paying off the
bonds that funded the Spring Street Parking Deck Fund.
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 closes the Spring Street Parking
Deck Fund, transfers about $243,431.00 remaining in that fund to the Parking Fund and approves the attached
budget adjustment.
City of Fayetteville, Arkansas Page 1 Printed on 12/6/2017
Paul Becker
Submitted By
City of Fayetteville Staff Review Form
2017-0667
Legistar File ID
12/5/2017
City Council Meeting Date - Agenda Item Only
N/A for Non -Agenda Item
11/15/2017
Submitted Date
Action Recommendation:
CHIEF FINANCIAL OFFICER (110)
Division / Department
Closure of the Parking Deck Construction Fund and transfer of the remaining cash balance to the Parking Fund and
approval of the attached budget adjustment.
Budget Impact:
4560.900.9560-7602.15
Account Number
Parking Deck Construction Fund
Project Number
Budgeted Item? No Current Budget
Funds Obligated
Current Balance
Does item have a cost? Yes Item Cost
Budget Adjustment Attached? Yes Budget Adjustment
Remaining Budget
Previous Ordinance or Resolution #
Original Contract Number:
Comments;
Fund
Project Title
$ 243,431.00
$ 243,431.00
Approval Date:
V20140710
CITY OF
jjx�
FAYETTEVILLE
ARKANSAS
MEETING OF DECEMBER 5, 2017
TO: Mayor and City Council
FROM: Paul A Becker, Chief Financial Officer
DATE: November 15, 2017
CITY COUNCIL MEMO
SUBJECT: Closure of the Parking Deck Construction Fund and transfer of the
remaining cash balance to the Parking Fund and approval of the attached budget
adjustment.
RECOMMENDATION:
To close the Parking Deck Construction Fund and transfer the remaining cash balance to the
Parking Fund and to approve the attached budget adjustment.
DISCUSSION:
The final expenditures associated with the construction of the Spring Street Parking Deck have
been completed. As of November 2017, a total of $243,431 remains unexpended in the fund.
Since a portion of funding for this construction fund was transferred from the Parking Fund and
because the debt service payments which pay off the bonds issued (which was the primary
funding source for this project) is made from the Parking Fund, it is recommended that the
remaining balance in the Construction Fund be transferred to the said Parking Fund.
BUDGET/STAFF IMPACT:
There is no expenditure of funds associated with this request.
Attachments:
Staff Review form
City Council Memo
Budget Adjustment
Mailing Address:
113 W. Mountain Street www.fayetteville-ar.gov
Fayetteville, AR 72701
City of Fayetteville, Arkansas - Budget Adjustment Form (Legistar)
Budget Year Division Adjustment Number
/Org2 CHIEF FINANCIAL OFFICER (1 10)
2017
Requestor: Barbara Fell
BUDGET ADJUSTMENT DESCRIPTION / JUSTIFICATION:
To close the Parking Deck Construction Fund and transfer the remaining cash balance to the Parking Fund.
COUNCIL DATE: 12/5/2017
LEGISTAR FILE ID#: 2017-0667
11 /15/2017 9:22 AM
Budget Director Date
TYPE:
DESCRIPTION:
GLDATE:
RESOLUTION/ORDINANCE
POSTED:
TOTAL 41,541 41,541 v.20170707
Increase / (Decrease) Proiect.Sub#k
Account Number Exr)ense Revenue Proiect Sub AT Account Name
4530.900.9560-5314.00
4560.900.9560-5804.00
4560.900.9560-5307.00
4560.900.95 60-5314.00
4560.900.95 60-5804.00
4560.900.95 60-5804.00
4560.900.9560-5801.00
4560.900.95 60-5804.00
4560.900.9560-5210.00
4560.900.9560-5804.00
4560.900.9560-5801.00
4560.900.9560-5307.00
4560.900.9560-7602.15
4560.900.9560-4999.99
(19,346) -
1202
EX
**Professional Services - :
(90,185)
1203
EX
Building Costs - Building Costs
1,000
1301
EX
Audit Expense - :
(2,000)
1301
EX
Professional Services -
(34,859)
1301
EX
Building Costs - Building Costs
(37,534)
1601
EX
Building Costs - Building Costs
(180)
1602
EX
Fixed Assets - :
(10,493)
1602
EX
Building Costs - Building Costs
(3,469)
1603
EX
Minor Equipment - :
2,216
1603
EX
Building Costs - Building Costs
(4,040)
1701
EX
Fixed Assets - :
(3,000)
9001
EX
Audit Expense -
243,431
EX
Transfers To Funds - Parking Fund
41,541
RE
**Use Fund Balance - Current
C:\Users\losmith\AppData\Roaming\L5\Temp\baf57d4a-8bc0-4fc4-bb24-1 ec2d2f4f75a 1 of 2
Account Number
Increase / (Decrease) Project.Sub#
Expense Revenue Project Sub AT
4
Account Name
C:\Users\losmith\AppData\Roaming\L5\Temp\baf57d4a-8bc0-4fc4-bb24-1 ec2d2f4f75a 2 of 2