TITLE
HOLD a public hearing and consider an ordinance amending the FY 2015 Annual Budget and Plan of Municipal Services of the City of Killeen by increasing Certificate of Obligation 2014 Fund revenue accounts by $256,000 and expenditure accounts by $659,675, to fund Killeen Fort Hood Regional Trail - Segment 3 (Westside Trail) project.
SUMMARY
AGENDA ITEM
Budget Amendment to Fund Killeen Fort Hood Regional Trail, Segment 3
ORIGINATING DEPARTMENT
Public Works
BACKGROUND INFORMATION
In cooperation with the Federal Highway Administration, the Texas Highway Commission issued a call for project nominations for the statewide Transportation Enhancement Program (TE) on August 30, 2012. The call began on September 14, 2012, and closed on November 16, 2012. In two previous project calls, the City of Killeen (COK) had secured funding for two (2) hike and bike trails. Those projects (CCM/R 12-091R) have been extremely successful and beneficial to the City of Killeen.
On July 26, 2013, the City received notification that it had been selected to receive $1,455,498 for a TE award. The City of Killeen's proposed project ranked fourth out of 81 prospective projects that were submitted to the Texas Department of Transportation (TxDOT). On February 11, 2014, the City Council authorized a reimbursement resolution (CCM/R 14-023R) which included funding for the Westside Trail (Killeen Fort Hood Regional Trail Segment 3) project. On March 25, 2014, City Council authorized entering in an advance funding agreement with TxDOT for the TE award as documented by the Transportation Enhancement Program (CCM/R 14-035R).
DISCUSSION/CONCLUSION
The City of Killeen approves the CIP budget along with the Annual Budget and Plan of Municipal Services in September on an annual basis. Staff provides estimates based upon the best available information at the time, and the budget periodically needs to be amended as more accurate information becomes available. Changes in scope, schedules, or the project having remaining funds due to favorable bids or not enough funds due to unforeseen events requires that a budget amendment be approved by City Council. City Staff is recommending the City Council award a construction contract to the lowest responsible bidder meeting the specifications, RM Rodriguez Construction, LP, in the amount of $2,109,000. Additional funds are needed to cover related expenditures and change orders for the Killeen Fort Hood Regional Trail - Segment 3 (Westside Trail) project.
FISCAL IMPACT
Funds in the amount of $256,000 will be transferred into Fund 348 via a residual equity transfer. Due to timing of the budgeting process, it was uncertain what amounts would be expended out of the 348 fund during FY 13-14; therefore, there is currently a reconciliation difference between the two budgets that needs to be corrected. This budget amendment consolidates the funding into the Fund 348.
Revenues
|
|
|
Original |
Budget |
Amended |
|
Account |
Description |
Budget |
Increase |
Budget |
|
348-0000-371.93-47 |
Transfer In (347) |
$0 |
$256,000 |
$256,000 |
Expenditures
|
|
|
Revised |
Budget |
Amended |
|
Account |
Description |
Budget |
Increase |
Budget |
|
348-3490-800-58-81 |
Westside Trail |
$1,803,888 |
$659,675 |
$2,463,543 |
RECOMMENDATION
Staff recommends that City Council approve the attached ordinance amending the FY 2015 Annual Budget and Plan of Municipal Services increasing capital project fund revenue accounts by $256,000 and expenditures accounts by $659,675.