HomeMy WebLinkAbout18-007CITY OF LAKEVILLE
RESOLUTION NO: 18-07
RESOLUTION AUTHORIZING FUNDING FOR CITY IMPROVEMENT
PROJECT 15-02 (2015 STREET RECONSTRUCTION)
WHEREAS, the City of Lakeville has recommended the final acceptance of City
Improvement project 15-02; and
WHEREAS, the actual costs for the project were less than anticipated; and
WHEREAS, the City Council had authorized a transfer of $500,000 from the General
Fund for the purposes of funding the 2015 street reconstruction project phase I ($300,000) and
phase 2 ($200,000) per resolution #15-63.
NOW, THEREFORE, BE IT RESOLVED, the final estimated costs of the 15-02 project
(including phases one and two) are $21,729,225. Anticipated funding sources are listed below.
Staff is hereby authorized to amend the 2017 budgets and make the appropriate transfers
between funds, effective December 31, 2017, with respect to the funding sources up to 10% above
the estimated costs.
Anticipated Funding Source
Amount
Bond proceeds (2015 and 2016)
$ 18,676,161
Tax levy
49,986
Special Assessments (prepayments)
389,040
Transfers (General Fund)
500,000
Other (interest)
34,785
Water Operating Fund
2,589,621
Sewer Operating Fund
160,024
Transfer of unspent bond proceeds to related Debt Service
Fund
(370,392)
Transfer to Construction Improvement Fund
(300,000)
$ 21, 729,225
ADOPTED by the Lakeville City Council this 16th day of January 2018
Douglas P. Anderson, Mayor
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Charlene Friedges, City Cle k