AGENDA #4b
MEMORANDUM
TO: Mayor and Town Council
FROM: W. Calvin Horton, Town Manager
SUBJECT: Establishment of Capital Project Funds for 1996 Bond Projects
DATE: May 8, 2000
The attached four budget ordinances would establish multi-year capital project ordinance funds to account for projects funded from bonds approved by the voters in 1996 as follows:
· Open Space and Greenway Acquisitions $3,000,000
· Streets and Sidewalk Improvements $3,000,000
· Police and Fire Facilities $2,000,000
· Public Works Facilities $ 500,000
Total $8,500,000
In 1996, voters in Chapel Hill approved bonds for various projects totaling $13.5 million.
The Council established an initial capital project ordinance fund of $5 million to account for three Parks and Recreation bond projects: for completion of the Northside Gymnasium, development of Homestead Park, and remaining funds for a community center and pool.
In the remaining bond projects totaling $8.5 million as noted above, only limited expenditure activity has occurred to date which is already being accounted for by projects. However, an overall budget for each of the bond categories has not yet been formally adopted. The attached ordinance would establish an overall fund budget for each of the bond categories in accord with the total bond authorization for each category.
Individual project accounts would be established within each bond fund for as many different projects as needed. The budget amount for each project category would be in accord with project allocations already made by the Council, or in accord with future allocations to be determined by the Council.
That the Council adopt the four attached budget ordinances establishing an overall capital project ordinance fund to account for each of the 1996 bond projects.