SUBJECT:     ADOPTION OF APPROPRIATION ORDINANCE AND FUNDING SOURCES RESOLUTION AMENDMENTS IN THE CITY-WIDE CONSTRUCTION AND CONVEYANCE TAX FUND, CENTRAL FUND AND THE GENERAL FUND TO PROVIDE AN ADDITIONAL $2,967,000 FOR THE TUERS-CAPITOL GOLF COURSE PROJECT

 

COUNCIL DISTRICT:  7

 

 

RECOMMENDATION

 

The City Council adoptionapproval of the following Appropriation Ordinance and Funding Source Resolution amendments:

 

City-Wide Construction and Conveyance Tax Fund:

 

1.      Increase the estimate for Interfund Transfers by $1,088,000

2.      Establish an appropriation for the Tuers-Capitol Golf Course project in the amount of $1,088,000.

 

Central Fund:

 

1.      Increase the estimate for Earned Revenue by $1,088,000.

2.      Increase the Transfer to the City-Wide Construction and Conveyance Tax Fund by $1,088,000.

 

General Fund:

 

1.      Establish an appropriation for the Tuers-Capitol Golf Course project in the amount of $1,879,000.

2.      Reduce the Future Capital Projects Reserve by $1,879,000.

 

BACKGROUND

 

The Public Works and Conventions, Arts and Entertainment Departments will bring forward a recommendation for additional services for the Tuers-Capitol Golf Course project elsewhere on this same agenda. The additional services are needed for the completion and operation of this new golf course.

 

ANALYSIS

 

A portion of the additional costs are proposed to be funded from an increase in estimated Construction and Conveyance Tax revenues to the City-Wide Construction and Conveyance Tax Fund ($1,088,000).  These revenues are first deposited in the Central Fund and then transferred to the City-Wide Fund.  An additional $1,879,000 is also proposed to be taken from the Future Capital Projects Reserve to provide total additional funding of $2,967,000.  This reserve will be replenished should additional fund balance become available following the close of the fiscal year.

 

PUBLIC OUTREACH

 

N/A

 

COORDINATION

 

This report was coordinated with the Public Works and Conventions, Arts and Entertainment Departments.

 

 

LARRY D. LISENBEE

Budget Director

 

I hereby certify that there will be available for appropriation in the Central Fund and City-Wide Construction and Conveyance Tax Fund in the Fiscal Year 2000-01 moneys in excess of those heretofore appropriated therefrom, said excess being at least $1,088,000.

 

 

LARRY D. LISENBEE

Budget Director