HomeMy WebLinkAboutCity Council Resolution 17-044 - Budget Adjustment Resolution - Prospect Road MedianRESOLUTION NO. 17-044
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SARATOGA
TO ADJUST THE FY 2017/18 CAPITAL IMPROVEMENT PLAN BUDGET IN ORDER
TO APPROPRIATE ADDITIONAL FUNDS FOR THE PROSPECT ROAD
IMPROVEMENTS PROJECT
WHEREAS, the Prospect Road Improvements Project was bid on in May 2017;
WHEREAS, the City Council desires that the City proceed with the Project as soon as
possible;
WHEREAS, an estimated budget of $5,613,240 is needed for the construction contract;
WHEREAS, a portion of the budget for the project, in the amount of $1,082,000, is
available in the City Roadway Improvements CIP;
WHEREAS, a portion of the budget for the project, in the amount of $229,504, will be
reimbursed by the City of San Jose for work done in San Jose's jurisdiction;
WHEREAS, it is necessary to appropriate this funding to the Prospect Road Improvements
Project CIP by transferring the funds and adjusting the Fiscal Year 2017/18 CIP Budget as
follows:
Account Description
Account Amount
To appropriate Revenue and Expense for Project (9122-006):
Increase revenue appropriation for CIP Fund
Increase expense appropriation for CIP Fund
Increase revenue appropriation for Gas Tax Fund
Increase expense appropriation for Gas Tax Fund
To appropriate Transfer from Project (9111-003):
Increase expense appropriation for CIP Fund
Decrease expense appropriation for CIP Fund
Increase expense appropriation for Gas Tax Fund
411.9122-006.49999
411.9122-006.81161
481.9122-006.49999
481.9122-006.81161
$600,000
$600,000
$482,000
$482,000
411.9111-003.99999
411.9111-003.81161
481.9111-003.99999
$600,000
($600,000)
$482,000
Decrease expense appropriation for Gas Tax Fund 481.9111-003.81161 ($482,000)
To appropriate Revenue and Expense for City of San Jose 's cost share of Project (9122-006):
Increase revenue appropriation for CIP Fund 411.9122-006.49999 $229,504
Increase expense appropriation for CIP Fund 411.9122-006.81161 $229,504
NOW, THEREFORE, BE IT RESOLVED that the City Council of the City of Saratoga
hereby approves the above adjustments to the Fiscal Year 2017/18 CIP Budget.
BE IT FURTHER RESOLVED, the above and foregoing resolution was passed and adopted at
a regular meeting of the Saratoga City Council held on 5th day of July, 2017 by the following
vote:
AYES: Mayor Emily Lo, Vice Mayor Mary -Lynne Bernald, Council Members E. Manny
Cappello, Howard A. Miller, Rishi Kumar
NOES:
ABSENT:
ABSTAIN:
TEST:
‘ 14."
C al Bothelio, City Clerk
Emily Lo, Mayor
DATE: —7/131701" 1