Description: AGENDAHED.JPG

 Item No:       5D.

 

Meeting Date:     April 8, 2013

 

From:                    Brandy McDaniel, Budget Manager and Jack Rogers, Gas Director

 

Subject:                Ordinance reallocating the 2007 Capital Improvement Bond for the Gas Fund

                                   

Staff Recommendation:

Staff recommends adoption of the attached ordinance reallocating the 2007 Capital Improvement Bond for the Gas Fund.

 

Analysis:

The following adjustments are required to reallocate the 2007 bond funds among the projects based on actual and projected expenditures.

 

Project                                                Current Budget         Proposed Budget                  Difference

Meters                                     $     -0-                         $    200,000                             $    200,000

Mains                                       $ 2,100,000                 $ 1,500,000                             $   (600,000)

Regulators                               $     -0-                         $    100,000                             $    100,000

Services                                   $    300,000                 $    600,000                             $    300,000    

                                                $ 2,400,000                 $ 2,400,000                             $      -0-

 

The original Bond issue project list included $2,100,000 to extend a main to the SW area which is not necessary at this time.  In order to continue to use up the funds on capital expenditures, the utility has requested moving $200,000 to the Meters category, $100,000 to the Regulators category, and $300,000 to the Services category to cover ongoing capital expenses.  The reallocation of projects is necessary to spend the bond funding first.

 

Options:

1.  Adopt the ordinance reallocating the 2007 Capital Improvement bond for the Gas Fund; or

2.  Such alternative action as the Commission may deem appropriate

 

Fiscal Impact

There is no fiscal impact to the Gas Fund.

 

Submission Date and Time:    4/3/2013 4:11 PM____

Department: ______________________

Prepared by:  ______________________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                     

Attorney Review :       Yes___  No ____

                                                

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head ________

 

Finance  Dept. __________________                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ___________________

 

Account No. _________________

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________


 

ORDINANCE NO.___________

 

AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA, REALLOCATING THE 2007 CAPITAL IMPROVEMENT BOND FUNDS; AND PROVIDING AN EFFECTIVE DATE.

 

WHEREAS, it is now necessary to relocate the 2007 Capital Improvement Bond for the Gas Fund and,

 

WHEREAS, such action was not anticipated in the original 2007 Capital Improvement Bond for the Gas Fund, and

 

WHEREAS, $600,000 is being transferred from the mains category with $200,000 being transferred to Meters, $100,000 being transferred to Regulators, and $300,000 being to Services and there is no fiscal impact on the Gas Fund other than the reallocation between projects,

 

            NOW THEREFORE, BE IT ENACTED BY THE PEOPLE OF THE CITY OF LEESBURG, FLORIDA:

 

SECTION I.

 

            This ordinance shall become effective upon its passage and adoption by the Leesburg City Commission in the manner provided by law.

 

PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the _____ day of _________ 2013.

 

 

 

                                                                            __________________________

                                                                             Mayor

 

ATTEST:

 

 

_________________________________

City Clerk