Title
A Resolution ratifying an amendment to the Fiscal Year 2016-2017 Annual Budget to recognize as revenue a $1,700,000 transfer from the Coral Gables Impact Fee Fund, and to appropriate such funds to put toward the cost of the Public Safety Building Construction project.
Body
The Coral Gables Impact Fee Fund has accumulated just over $1,700,000 in Public Safety Impact fees since the inception of the program. The use of these funds is restricted for enhancement public safety projects only. That said, applying these funds toward the cost of the Public Safety Building project is very much consistent with their intended use.
The project is entering the design phase and sufficient funds must be appropriated to cover some of the initial costs of the project, i.e., design and construction manager at risk (CMAR).
An amendment to the Fiscal Year 2016-2017 annual budget is required to recognize as revenue a $1,700,000 transfer from the Coral Gables Impact Fee Fund, and to appropriate such funds to put toward the cost of the Public Safety Building Project.