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Title
Ordinance amending the FY 2011/2012 Capital Improvement Projects Budget in order to reimburse the LRPM GRANT shortage of $413,094 for the Lake Ridge Extension Project
Presenter
Jim Sparks, Director of Transportation
Recommended Action
approve
Analysis
The Lakeridge Extension project right-of-way acquisition and mitigation projects are both complete with TxDOT handling administration and construction. The LRPM GRANT fund is currently $413,094 short and needs to be reimbursed from the available balance in the Street Capital Projects Fund.
In about two years, TxDOT will conduct a final audit on the Lakeridge Extension project and will either refund the City a portion of the construction funds that we submitted prior to the start of construction or invoice the City for the overruns. At that time, a new project will be opened to accept the payment or pay the invoice. By handling this matter today, we can close this project now for the City's annual audit.
Financial Consideration
Funding of $413,094 is available by approving an ordinance transferring and appropriating from the unobligated fund balance in the Street Capital Projects Fund (400192) to LRPM Grant (Lakeridge Extension).
Body
AN ORDINANCE OF THE CITY OF GRAND PRAIRIE, TEXAS, TEXAS, AMENDING THE FY 2011/2012 CAPITAL IMPROVEMENT PROJECTS BUDGET BY TRANSFERRING AND APPROPRIATING $413,094 FROM THE UNOBLIGATED FUND BALANCE IN THE STREET CAPITAL PROJECTS FUND (400192) TO LRPM GRANT (LAKERIDGE EXTENSION)
WHEREAS the Lakeridge Extension project right-of-way acquisition and mitigation projects are both complete with TxDOT handling administration and construction; and
WHEREAS the LRPM GRANT fund is currently $413,094 short and needs to be reimbursed from the available balance in the Street Capital Projects Fund; and
WHEREAS TxDOT will conduct a final audit on the Lakeridge Extension project and will either refund the City a portion of the construction funds priviously ...
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