HomeMy WebLinkAbout25-071 Resolution Authorizing Funding and 2025 Budget Amendments and Transfers 2025 Collector Road Rehabilitation Project, City Project 25-03 CITY OF LAKEVILLE
RESOLUTION NO. 25-071
Resolution Authorizing Funding and 2025 Budget Amendments and Transfers
2025 Collector Road Rehabilitation Project, City Project 25-03
WHEREAS,2025 Collector Road Rehabilitation,City project 25-03,is programmed in the adopted
Lakeville 5-year Capital Improvement Plan (2025-2029).
NOW,THEREFORE,BE IT RESOLVED,by the City Council of the City of Lakeville,Minnesota:
The estimated project cost is $724,431 and anticipated funding sources are listed below. City staff
is hereby authorized to amend the 2025 budgets (if needed as the project is completed) and make
the appropriate transfers between funds with respect to the project funding sources up to 10%
above the estimated costs.Funding transfers may include loans between funds to cover engineering
and other costs incurred on the project in advance of receiving other funding.
Funding Source Amount
Property Tax Levy(Bonds) $ 692,007
Water Operating 13,251
Sanitary Sewer Operating 19,174
$ 724,431
ADOPTED by the Lakeville City Council this 5th day of May 2025.
CITY OF LAKEVILLE:
1
Luke M. Hellier, Mayor
Ann Orlofsky,City Clerk
Proiect Financing
Funding for the project was programmed in the adopted Lakeville 5-year Capital
Improvement Plan (2025-2029). The following is a breakdown of the anticipated costs.
• Project Costs: Total
Cost Ty�e Amount
Construction Contract (McNamara $ 546,716
Contractin
Engineering/design/survey costs 95,686
Bonding costs 52,968
Contingency 27,336 ''
Other costs 1,725
$ 724,431
• Project Costs: Financing
Funding Source Amount
Property Tax Levy(Bonds) $ 692,007
Water Operating 13,251
Sanitary Sewer Operating 19,174
$ 724,431