HomeMy WebLinkAbout02/06/2019 5FAGENDA BILL
CITY OF BREMERTON
CITY COUNCIL
5F
SUBJECT: Budget Adjustment to Close Out Study Session Date: January 23, 2019
Lebo Boulevard Construction Fund COUNCIL MEETING Date: February 6. 2019
Department: Financial Services
Presenter: Mike Riley
Phone: (360) 473-5303
SUMMARY: The Lebo Boulevard Reconstruction Project was completed in 2018. The City created a
separate fund to track the street work, while the utility work was reported in the applicable utility
capital funds. The project was funded, in part, by a Transportation Improvement Board (TIB) Grant.
The street and stormwater work was grant eligible, and the City elected to use the stormwater work
to meet its match requirement. At completion, the City received $5,241,025 from TIB. The street
costs totaled $5,008,522. The excess funds (including interest earned) will be transferred to the
Stormwater Capital Fund and the Lebo Boulevard Construction Fund will be closed.
ATTACHMENTS:
FISCAL IMPACTS (Include Budgeted Amount): Authorize a budget adjustment to transfer -out
remaining cash and interest earnings in Fund 317 to Fund 484. The transfer amount is estimated to
be between $233,000 and $238,000.
STUDY SESSION AGENDA: ❑x Limited Presentation ❑ Full Presentation
STUDY SESSION ACTION: o Consent Agenda ❑ General Business ❑ Public Hearing
RECOMMENDED MOTION: Move authorize the transfer -out of remaining excess funds (cash and
interest earnings) from the Lebo Boulevard Construction Fund 317 to the Stormwater Capital Fund
484 and close the Lebo Boulevard Construction Fund.
1
COUNCIL ACTION: ❑ Approve
Form Updated 01/02/2018
❑ Deny ❑ Table ❑ Continue ❑ No Action