HomeMy WebLinkAboutIR 6978 INFORMAL REPORT TO CITY COUNCIL MEMBERS No. 6978
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�pffQ)?p To the Mayor and Members of the City Council October 23, 1984
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�TeXPy Subject: Financial Status of City/Council Police Administration
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Facility and Jail Project
In response to the Council's request for a report on the financial sta-
tus of the City/County Police Administration Facility and Jail Project,
the following information is provided:
Total Estimated Project Cost - $20,200,000
Tarrant County Share - 53,7769976
City of Fort Worth Share - 14,423,033
City funds appropriated for the project to date total $15,610,496 and
include $14,000,000 approved in the 1978 CIP and $1,610,496 appropriated
from the Capital Project Reserve Fund on May 8, 1979 ($725,000) and
January 13, 1981 ($885,496). Thus, approximately $500,000 of the money
from reserves will be required to complete the project, and approxi-
mately $1.1 million will be available to transfer back to the Capital
Project Reserve Fund when the facility is completed.
In researching this issue, it was discovered that staff had assumed the
entire $1.6 million would be transferred back to the Capital Project
Reserve Fund when the status of that Fund during 1984-85 was discussed
during the budget work sessions.
Taking into account the $500,000 required for the City/County project
and the $1.5 million budgeted for capital purchases during the 1984-85
fiscal year, with revenues during the year of approximately $900,000
from D/FW, $1,434,000 from CentrePort Joint Venture, and $330,000 from
FWTA the 1984-85 year-end balance of the Capital Project Reserve Fund
will be approximately $3,829,000. This amount does not include any
interest earnings and assumes no additional expenditures or transfers
during the year.
* * * * * * * * * *
Should you desire additional information, it will be provided upon
request.
6.•-i Robert L. Herchert .
City Manager
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ISSUED BY THE CITY MANAGER FORT WORTH, TEXAS -