AGENDA #4e
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TO: |
Roger L. Stancil, Town Manager |
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FROM: |
Kay Johnson, Finance Director |
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SUBJECT: |
Budget Amendments for Bond-Funded Capital Projects |
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DATE: |
January 8, 2007 |
Enactment of the attached budget amendments would appropriate a total of $4.95 million in bond funds from the October 17, 2006 sale of bonds authorized by the voters in November 2003. Of the total amount, $1.65 million was authorized for street improvements, $1.5 million for library facilities, $800,000 for open space, and $1 million for parks and recreation.
In November 2003, the voters authorized the sale of $29.36 million in bonds. The Town Council approved a schedule including four sale dates for the bonds. The first sale of $4 million took place in fall of 2004, the second sale of $4.95 million took place on October 17, 2006. The remaining bonds are currently scheduled for sales of $11.455 million in the fall of 2008 and $8.955 million in the fall of 2009 as shown in the table below.
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2004-05 |
2006-07 |
2007-08 |
2008-09 |
2009-10 |
TOTALS |
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Public Buildings |
500,000 |
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500,000 |
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Sidewalks and Streets- |
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Sidewalk Construction |
600,000 |
600,000 |
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600,000 |
800,000 |
2,600,000 |
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Pedestrian Amenities |
100,000 |
50,000 |
75,000 |
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125,000 |
350,000 |
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Neighborhood Traffic Calming and Pedestrian and Bicycle Safety Improvements |
300,000 |
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100,000 |
250,000 |
650,000 |
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Downtown Streetscape Improvements |
500,000 |
1,000,000 |
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250,000 |
250,000 |
2,000,000 |
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Total Streets |
1,500,000 |
1,650,000 |
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1,025,000 |
1,425,000 |
5,600,000 |
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Library Facilities |
500,000 |
1,500,000 |
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7,480,000 |
6,780,000 |
16,260,000 |
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Open Space |
1,200,000 |
800,000 |
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2,000,000 |
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Parks/Recreation Facilities |
300,000 |
1,000,000 |
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2,950,000 |
750,000 |
5,000,000 |
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Total |
4,000,000 |
4,950,000 |
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11,455,000 |
8,955,000 |
29,360,000 |
The attached budget amendments would authorize spending for the bond proceeds received in October. The allocation to streets of $1.65 million is subdivided into three types of projects: $600,000 for sidewalk construction to continue the sidewalk master plan; $50,000 for pedestrian amenities; and $1 million for continuing streetscape improvements in the downtown.
The allocation of $1.5 million to library facilities is intended for completion of the design phase, with allocations for the actual building of the library planned for the next two bond sales in fall of 2008 ($7.48 million) and fall of 2009 ($6.78 million).
The allocation to open space of $800,000 will cover the cost of previous open space purchases and will leave about $230,000 for future open space purchases.
The allocation of $1 million for Parks and Recreation Facilities has been planned as the funding sources for greenways. We recommend that the Council distribute the $1,000,000 in Park bond funds for greenways in the following manner:
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Bolin Creek Trail |
550,000 |
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Morgan Creek Trail |
300,000 |
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Dry Creek Trail |
150,000 |
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Total Recommended Allocation |
1,000,000 |
We believe that the Bolin Creek Trail has the greatest potential for higher costs because of land/easement acquisition and upcoming costs for detailed design. We are currently in the midst of public review of the draft Bolin Creek Trail concept plan. All options explored so far would likely have significant costs.
The Morgan Creek Trail project has the next highest potential for higher cost because of the many bridge crossings and the need to secure floodwater permits from State and federal agencies. These funds would pay for the detailed design stage with an anticipated bid date in 2008.
We have just started the concept plan process for the Dry Creek Trail. The concept plan is anticipated to be completed in 2007. More significant expenditures are not anticipated until sometime in 2008.
That the Council enact the attached budget ordinances increasing the Town’s bond project ordinance funds as follows: $1.65 million for street improvements, $1.5 million for library facilities, $800,000 for open space, and $1 million for parks and recreation.