TITLE
HOLD a public hearing and consider an ordinance amending the FY 2016 Annual Budget and Plan of Municipal Services of the City of Killeen by increasing Certificates of Obligation 2011 fund accounts by $434,000 to fund Stagecoach Road Reconstruction Phase II.
SUMMARY
AGENDA ITEM
Budget Amendment for Stagecoach Road Reconstruction Phase II
ORIGINATING DEPARTMENT
Finance
BACKGROUND INFORMATION
Various projects are funded through the Capital Improvement Program (CIP). The CIP is funded through the issuance of revenue bonds, general obligation bonds, and certificates of obligation and can be used only for purposes outlined in the bond covenant.
In July 2013, the council approved staff recommendation to award a contract to McLean Construction for the Stagecoach Road Reconstruction Phase II (CCMR 13-087R).
In October 2014, the council approved staff recommendation to award a contract to Gary W. Purser Construction for the Elms Road Extension Project (CCMR 14-139R).
In March 2015, the council approved additional funding for contingency-related expenditures and change orders for the Stagecoach Road Reconstruction and Elms Road Extension projects (CCMO 15-015).
DISCUSSION/CONCLUSION
The City of Killeen approves the CIP budget along with the Annual Budget and Plan of Municipal Services in September each year. Although staff provides estimates based upon the best information at the time, the budget needs to be amended periodically as more accurate information becomes available. Changes in scope, schedules, or a shortage of funds due to unforeseen circumstances require that a budget amendment be approved by City Council.
Additional funds are needed to complete the Stagecoach Road Reconstruction Phase II project.
FISCAL IMPACT
The 2011 Certificates of Obligation Fund will increase by $434,000 for Stagecoach Road Reconstruction Phase II to finish the project. Upon approval, changes to the FY ...
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