HomeMy WebLinkAbout10/17/2018 6HAGENDA BILL
CITY OF BREMERTON 6H
CITY COUNCIL
SUBJECT: Authorize Transfer of Funds to Study Session Date: October 10, 2018
Close -Out Washington Avenue Connector COUNCIL MEETING Date: October 17, 2018
Project Department: Finance/Engineering
Presenter: M. Riley/T. Knuckey
Phone: (360) 473-5303
SUMMARY: The City created Fund 334 to account for the Washington Avenue Connector project.
While the project was completed under the $4.5 million budget (total cost was $4,344,385), the
budget anticipated specific expenditures from each of 5 funds, and these funds were transferred into
the Washington Avenue Connector Fund for the project. Now that the project is complete, a
reconciliation of actual costs has been completed. Actual expenditures for Water and Wastewater
were less than the budget amounts, and therefore are owed back money. Actual expenditures for
Street and Stormwater exceeded the budget amounts, and therefore they owe money to the
Washington Avenue Connector Fund.
ATTACHMENTS: 1) Washington Avenue Connector Project Reconciliation & Close -Out Summary
FISCAL IMPACTS (Include Budgeted Amount): Not included in 2018 budget.
STUDY SESSION AGENDA: ® Limited Presentation ❑ Full Presentation
STUDY SESSION ACTION: ® Consent Agenda ❑ General Business ❑ Public Hearing
RECOMMENDED MOTION: Move to approve the transfer of funds to close out the Washington
Avenue Connector Fund and to adjust the 2018 approved budget, as follows:
• Transfer $68,000 of REET funds to Washington Ave Connector Fund
• Transfer $27,000 of Stormwater Capital funds to Washington Ave Connector Fund
• Transfer remaining balance in Washington Ave Connector Fund to Water Capital Fund
($70,000) and Wastewater Capital Fund ($116,000)
COUNCIL ACTION: P Approve ❑ Deny ❑ Table ❑ Continue ❑ No Action
Form Updated 01/02/2018