HomeMy WebLinkAbout200-18 RESOLUTION113 West Mountain Street
Fayetteville, AR 72701
(479)575-8323
Resolution: 200-18
File Number: 2018-0489 •
SALES & USE TAX CAPITAL IMPROVEMENT BONDS:
A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT RECOGNIZING REVENUE GENERATED
FROM INTEREST PAID ON FUNDS FOR THE SALES & USE TAX CAPITAL IMPROVEMENT
BONDS SERIES 2013 PROJECT IN THE AMOUNT OF $37,286.91
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 to this Resolution, revenue generated from interest paid on funds for
the Sales & Use Tax Capital Improvement Bonds Series 2013 Project in the amount of $37,286.91.
PASSED and APPROVED on 9/18/2018
Attest:
Sondra E. Smith, City Clerk Treasurer
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Page 1 Printed on 9124118
' City of Fayetteville, Arkansas 113 West Mountain Street
Fayetteville, AR 72701
1 (479)575-8323
Text File
File Number: 2018-0489
Agenda Date: 9/18/2018 Version: 1 Status: Passed
In Control: City Council Meeting File Type: Resolution
Agenda Number: A- 11
SALES & USE TAX CAPITAL IMPROVEMENT BONDS:
A RESOLUTION TO APPROVE A BUDGET ADJUSTMENT RECOGNIZING REVENUE
GENERATED FROM INTEREST PAID ON FUNDS FOR THE SALES & USE TAX CAPITAL
IMPROVEMENT BONDS SERIES 2013 PROJECT IN THE AMOUNT OF $37,286.91
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS:
Sin 1: That the City Council of the City of Fayetteville, Arkansas hereby approves a budget adjustment, a
copy of which is attached to this Resolution, revenue generated from interest paid on funds for the Sales & Use
Tax Capital Improvement Bonds Series 2013 Project in the amount of $37,286.91.
City of Fayetteville, Arkansas Page 1 Printed on 912512018
City of Fayetteville Staff Review Form
2018-0489
Legistar File ID
• 9/18/2018
City Council Meeting Date - Agenda Item Only
N/A for Non -Agenda Item
Paul Libertini 8/31/2018 ENGINEERING (621)
Submitted By Submitted Date Division / Department
Action Recommendation:
A Resolution to approve a Budget Adjustment in the amount of $37,286.91 to recognize revenue generated from interest paid
on funds for the Sales & Use Tax Capital Improvement Bonds Series 2013 Project.
4520.800.9555-5809.00
Account Number
06035.1
Project Number
Budgeted Item? NA
Does item have a cost? NA
Budget Adjustment Attached? Yes
Budget Impact:
Sales Tax Construction Project
Fund
Transportation Bond Street Improvements
Project Title
Current Budget $
Funds Obligated $
Current Balance
Item Cost
Budget Adjustment
233,372.00
26,027.00
37,287.00
Remaining Budget
V20180321
Purchase Order Number: Previous Ordinance or Resolution #
Change Order Number: Approval Date:
Original Contract Number:
Comments:
CITY OF
FAYETTEVILLE
ARKANSAS
MEETING OF SEPTEMBER 18, 2018
TO: Mayor and City Council
THRU: Don Marr, Chief of Staff
Garner Stoll, Development Services Director
Chris Brown, City Engineer
FROM: Paul Libertini, Staff Engineeu;�P'Ile
DATE: August 31, 2018
CITY COUNCIL MEMO
SUBJECT: A Resolution to approve a Budget Adjustment in the amount of $37,286.91
to recognize revenue generated from interest paid on funds for the Sales &
Use Tax Capital Improvement Bonds Series 2013 Project.
RECOMMENDATION:
Staff recommends City Council approval of a resolution to recognize revenue in the amount of
$37,286.91 from interest paid on bond funds.
BACKGROUND:
The City issued bonds in 2006, 2009, 2013 and 2015 for the Capital Improvement Program.
DISCUSSION:
This item is to recognize the interest paid to date on the Bonds Series 2013 so that the funds
may be used on a capital improvement transportation project.
BUDGET/STAFF IMPACT:
This item will add $37,286.91 to the Transportation Bond Street Improvements Project.
Attachments:
None.
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 ENGINEERING (621)
2018
Requestor: Chris Brown
BUDGET ADJUSTMENT DESCRIPTION / JUSTIFICATION:
Recognize revenue in the amount of $37,286.91 which was generated from the interest paid on funds for the Sales &
Use Tax Capital Improvement Bonds Series 2013 Project.
RESOLUTION/ORDINANCE
COUNCIL DATE: 9/18/2018
LEGISTAR FILE ID#: 2018-0489
L i31 H c,f tcAe4,vy
8/31/2018 4:53 PM
Budget Director
TYPE:
DESCRIPTION:
GLDATE:
POSTED:
Date
TOTAL 37,287 37,287 v.20180627
Increase / (Decrease) Proiect.Sub#
Account Number Expense Revenue Project Sub AT Account Name
4520.800.9555-5809.00 37,287 - 06035 1 EX Street Improvements - Street Improveme
4520.900.0952-4707.33 - 37,287 06035 9011 RE Interest - Street Project 2013
H:\Budget\Budget Adjustments\2018_Budget\CITY_COUNCIL\2018-09-18\2018-0489 BA 2013 Bond Interest Revenue Recognitioih of 1