AGENDA #4k

MEMORANDUM

TO:                  Mayor and Town Council

FROM:            W. Calvin Horton, Town Manager

SUBJECT:       Budget Amendment for the Percent for Art Plan

DATE:             September 27, 2004

 

The attached amendment would provide a budget for the pooled funds and art funds for the completed tennis/basket ball court renovations as approved in the Percent for Art Plan.

BACKGROUND AND DISCUSSION

The Council adopted the 2003-04 Public Art Plan on September 8, 2003.  The Plan provides that the Town pool the Percent for Art Funds for capital projects in the current year’s budget as shown below:

 

The projects are budgeted in the Town’s annual Capital Improvement Program Fund.  Because the funds will need to accumulate over more than one year in order to amass enough for art projects, we need to budget the funds in the multi-year Capital Project Fund.  In addition, $2,400 authorized in 2003-04 needs to be transferred for the percent of art for the tennis/basketball court renovations ($240,000).  Funds from the tennis/basketball court renovations can only be used for art related to tennis/basketball courts, because of restrictions related to the financing agreement for the renovations.

 

RECOMMENDATION

 

That the Council enact the attached budget ordinance amendments to transfer appropriated funds for the pooled Percent for Art projects from the Capital Improvements Fund to the multi-year Capital Improvements Fund.

 

ATTACHMENT

 

  1. Memorandum of September 8, 2003 (p. 3).

 

AN ORDINANCE TO AMEND THE CAPITAL PROJECT ORDINANCE FOR VARIOUS CAPITAL PROJECTS (2004-09-27/O-3)

 

 BE IT ORDAINED by the Council of the Town of Chapel Hill that, pursuant to Section 13.2 of Chapter 159 of the General Statutes of North Carolina, the capital projects ordinance for various capital projects funded from a variety of sources is hereby amended as follows:

SECTION I

The capital projects as authorized by the Town Council includes various capital projects funded from grants, the Capital improvements Program funds, and other miscellaneous sources of revenue for a variety of projects extending beyond one fiscal year.

SECTION II

The Manager of the Town of Chapel Hill is hereby directed to proceed with the implementation of the project within the terms of grant agreements executed with the Federal Transit Administration and the funds appropriated herein.

SECTION III

SECTION IV

The Manager is directed to report annually on the financial status of the project in an information section to be included in the Annual Budget, and shall keep the Council informed of any unusual circumstances.

Copies of this project ordinance shall be entered into the Minutes of the Council and copies shall be filed within 5 days of adoption with the Manager, Finance Director and Town Clerk.

This the 27th day of September, 2004.