Title
A Resolution authorizing an amendment to the Fiscal Year 2016-2017 Annual Budget to recognize as revenue a $3,900,000 transfer from Capital Improvement Fund Balance and to appropriate such funds to put toward the cost of the Trolley Depot/Fire Station 2 Building Construction project.
Body
During the development negotiations and the final agreement for the former Trolley Depot site, the City received from the Developer a $3,900,000 settlement to potentially put toward the cost of a new Trolley Depot facility.
As indicated in the Fiscal Year 2017 to 2021 Capital Improvement Plan (CIP), the funding for the new facility was anticipated for Fiscal Year 2017-2018. Staff is now requesting that the project funding date be moved from Fiscal Year 2017-2018 to Fiscal Year 2016-2017 to allow the start of the more advanced portion of the design phase.
To enable this work to commence, an amendment to the Fiscal Year 2016-2017 annual budget is required to transfer from Capital Improvement Fund Balance and recognize as revenue the $3,900,000 settlement, and to appropriate such funds to put toward the cost of the project.