CC Minutes 09/08/2008 - Laserfiche WebLink

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CASSELBERRY CITY COMMISSION Minutes of September 8, 2008 - Regular Meeting Page 5 of 17 Budget Impact: The construction assessment is applied to the costs incurred by the City for the construction of the wall. This is essentially the repayment of a loan that was spread over a ten-year period. This is the fifth year of the assessment. The maintenance assessment is held in a special revenue fund to be used for the maintenance and repair of the wall. This assessment will continue for the life of the wall. The City of Casselberry is obligated to pay associated maintenance costs effective 2014 for the 19 properties that are being removed from the assessment role for the Red Bug flyover project. Recommendation: The City Manager and the Finance Director recommended approval of Resolution 08- 1924. D. Budaet Amendment #08-060 - City of Orlando Iron Bridge Wastewater Treatment Plant Expansion Project BTR #08-060: Explanation of Request: Amend the budget to authorize additional spending for the Iron Bridge Expansion Project due to an increase in the estimate to complete the project over what was originally made by City of Orlando engineers. Account Number Account Description Amount INCREASE: 401-0753-535.34-08 Iron Bridge Expansion Project $1,430,686 401-0000-389.90-00 Other Non -Operating Sources $1,430,686 Introduction: City Commission approval is requested to recognize the additional funding and corresponding budget amendment necessary to fund the recent construction change order for the City of Orlando's Iron Bridge Wastewater Treatment Plant Expansion Project. Budget Impact: As of January 31, 2008, the City of Casselberry has paid $4,214,295 towards upgrades at the Iron Bridge Plant. The outstanding balance owed by the City is $1,586,027. As there is only $155,524 remaining in the budget for the expansion project, a budget amendment in the amount of $1,430,503 is necessary. Recommendation: The City Manager and the Public Works Director recommended approval of Budget Amendment BTR #08-060. E. Budget Amendment #08-066 - Transfer from Infrastructure Surtax Fund to Allow for the Payment of Interest on the Infrastructure Surtax Revenue Note- Series 2007 Issued November 2007 to Finance the North Winter Park Drive Extension Project BTR #08-066: Explanation of Request: Appropriate funds to pay interest due for Fiscal Year 2008 on Infrastructure Surtax Revenue Note, Series 2007 issued this year.