From
Kathleen C. Mercer
Title
Ordinance amending the FY 2015/2016 General Fund, Capital and Lending Reserve Fund, Park Venue Fund, EPIC Sales Tax Fund, and the Capital Improvement Projects Budget for additional funding for the EPIC in the total amount of $13,316,962
Presenter
Tom Hart, City Manager
Recommended Action
Approve
Analysis
The City consulted with numerous stakeholders to share ideas and dreams for the City's EPIC mega project. EPIC has developed into a "Wow" design that will "make a splash: for the City and results in the need for additional funding request for contingency item and a wave pool, a revenue generating feature.
In pursuit of the state's procurement regulations, the City is required to possess funds available for the entire cost of the project to proceed with our EPIC project. Therefore, we request the City Council to approve additional funding mechanisms to achieve the community's EPIC dream.
The request for additional funding is fiscally sound and retains each funds' integrity, as well as, delivering all features involved with EPIC such as PlayGrand. The additional funding is not an operational (recurring) cost for the EPIC but only for construction cost.
The FY 2014/2015 General Fund year end balance has a surplus of $2,000,000. This $2,000,000 does not have any future intended purposes and is an unexpected surplus. Therefore, it is available to be allocated towards the Epic in the current FY 2015/2016 General Fund budget.
The FY 2015/2016 Capital and Lending Reserve Fund currently has an ending resource balance of $7,377,061. The amount to be loaned to the EPIC project is $2,272,319. The fund will be repaid by using 50% of the net proceeds generated by the EPIC water operations beginning in fiscal year 2018, along with any surplus sales tax that is received. It is also understood that the City Manager may request future loans from the Capital and Lending Reserve Fund which will require City Council approval.
The...
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