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HomeMy WebLinkAboutIR 8157 INFORMAL REPORT TO CITY COUNCIL MEMBERS No, 8157 TE To the Mayor and Members of the City Council Subject: Status of 1990 & 1993 Central City Street Project Funding X rm The purpose of this informal report is to inform the City Council of a shortfall in funding to complete 1990 & 1993 CIP central city (neighborhood) street projects and to recommend options for covering this shortfall. A detailed presentation on this topic was presented to the City Council's Facilities and Infrastructure Committee on October 13, 1998 (see attached presentation). To date, 84 projects have been completed at a cost of $19.18 million while 123 projects are under contract ($37.10 million). Funding for these projects ($56.28 million) has depleted all available funds. There are no funds available to award construction contracts for the 16 projects ($5.74 million) remaining in the 1990 & 1993 CIPs (see attached list). Therefore, the shortfall is $5.74 million. A number of factors have contributed to the funding shortfall: (1) construction costs 13% over bond approved amounts, (2) under budgeting for Engineering services, (3) loss of funding (CDBG, Assessments, Council District Undesignated funds), and (4) significant project expansions and additions. To address this shortfall, staff recommends $5.3 million be transferred to Central City streets from the Assessment Revolving Fund ($2.2 million from the current cash balance of $2.4 million) and from other projects within the 1993 CIP ($3.1 million). (A detailed explanation is provided on page 4 of the attachment.) Regarding the remaining $438,500 shortfall, staff proposes the following options: (1) postpone an equal amount ($438,500) in the remaining $5.74 million of projects to be awarded until funds are available from construction contingencies reserved for projects under contract, or (2) utilize $54,813 from each Council District's Undesignated Funds, (see attached report on balances per district). During the Pre-Council meeting of October 20, 1998, staff will seek the City Council's approval of the $5.3 million recommendation above as well as the City Council's preferred option for addressing the remaining $438,500 shortfall. In addition to the above, staffs presentation to the Facilities and Infrastructure Committee also included concerns about possible funding shortfalls for the Rosedale project (1-35W to Forest Park) and the 1998 CIP. Staff will bring forth preventative strategies to address each during upcoming months. 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