Adopting a Resolution closing completed improvement projects, or completed phases within specific projects, and transferring funds pursuant to the City Charter, Section 11.10; and to transfer the stated amounts to fund active projects listed in Item No. 2 of the attached Resolution.

Attached is a prepared resolution closing completed projects, or completed phases within specific projects, and authorizing transfers of the unexpended balances or transfers to fund project deficit balances. The project funds were created and financed pursuant to City Charter, Section 11.10.

The amount of funds transferred to active projects as listed in item two of the resolution include funds as noted, for net funds transferred amount of $29,724,100.53.

Destination Medical Center $13,601,617.77
Land and Building $3,414,636.95
Flood Control $ 67,703.43
Major Street Improvement $729,671.91
Non-Construction CIP $2,000.00
Sewer and Water $7,216,312.36
Basic Construction $89,904.52
Sidewalk Projects  $3,010,429.76
Airport $79,317.00
Tax Abatement Projects $1,142,110.42
Parks $370,396.41
Total Funds Transferred    $29,724,100.53

In aligning with the City Council's Strategic Priority of providing Quality Services in concert with the foundational principle of Fiscal Responsibility & Sustainability, the Finance Department reviews project balances on a semi-annual basis, bringing any funding/closing transfers forward to maintain record keeping accuracy, complete projects, and allow multi-phase projects to move forward into future phasing. 

The City Council reviews and approves Capital Asset Transfers semi-annually. The transfers are based on Capital Improvement Plans approved during the budget process.

Semi-annual transfers of funding keeps City CIP finances and corresponding projects in line with projected budgets and the available resources, and maintains bookkeeping accuracy in close to real time, reducing the reconciliation time and complexity at the end of the year.  

No alternative actions are suggested at this time.