HomeMy WebLinkAbout2/2/2000 - STAFF REPORTS (12) rr
DATE: February 2,2000
TO: City Council
FROM: Assistant City Manager
AIRPORT TERMINAL EXPANSION PROJECT-BUDGET APPROPRIATION
RECOMMENDATION:
It is recommended that City Council appropriate$249,135 from the Airport and Passenger Facility
Charge(PFC)Funds to cover closeout costs of the Terminal Expansion Project.
BACKGROUND:
The Airport Terminal Expansion program was financed via two bond issues,Airport and PFC. Each
of those issues required that construction funds be set aside in a reserve so that they could earn
interest while waiting expenditure for construction. In Fiscal 1998-99,the interest earnings(account
436102 in each activity) exceeded our budget estimate by some $249,135.
FY 98-99
Budget Actual Over
415-3 6102 Airport $400,000 $528,926 $128,926
410-36102 PFC 500,000 620,209 120,209
$900,000 $1,149,125 IM9,135
These earnings were not appropriated into the construction accounts where they were needed to
cover costs; instead,they were allowed to flow to retained earnings at the close of the budget year.
Staff is going through the final closeout of the 39 contracts related to terminal expansion and some
of the interest earnings will be needed to settle final change orders. It is expected that when
everything is closed out there will remain $150,000 to $200,000 in the construction frmd. The
Airport's priority for any remaining fiords would be a baggage belt in the expanded ticket wing and
a contribution towards the Airport art program.
Budget resolutions appropriating the fiends from retained earnings to the construction accounts are
attached for City Council consideration.
W6
ALL F. SMOOT,AAE
Assistant City Mana
APPROVED
a City Manager
ATTACHMENT
Resolutions
10#9
RESOLUTION NO. 19737
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, AMENDING THE BUDGET FOR
THE 1999-00 FISCAL YEAR.
WHEREAS Resolution 19541, approving the budget for the fiscal year
1999-00 was adopted on June 16, 1999; and
WHEREAS the City Manager has recommended, and the City Council
desires to approve, certain amendments to said budget;
NOW THEREFORE BE IT RESOLVED that the Director of Finance is
authorized to record inter-fund cash transfers as required in
accordance with this Resolution, and that Resolution 19541,
adopting the budget for the 1999-00 fiscal year is hereby amended
as follows:
SECTION 1. ADDITIONS
FUND Activity Account Amount
Nor.
6325 56019
$120,209
Title:
Airport PFC Terminal Expansion Terminal
Construction
Purpose:
To cover costs associated with Airport Terminal expansion.
SECTION 2 . SOURCE
FUND Activity Account Amount
No.
410 29302
$120,209
Title:
Airport PFC Retained Earnings
Adopted this 2nd day of February 2000
AYES: Members Jones, Hodges, 0den and Reller-Spurgin
NOES: None
ABSENT: None
ABSTAIN: Mayor Kleindienst
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
City Clerk City Manager
REVIEWED AND APPROVED AS TO FORM
RESOLUTION NO. 19738
OF THE CITY COUNCIL OF THE CITY OF PALM
SPRINGS, CALIFORNIA, AMENDING THE BUDGET FOR
THE 1999-00 FISCAL YEAR.
WHEREAS Resolution 19541, approving the budget for the fiscal year
1999-00 was adopted on June 16, 1999; and
WHEREAS the City Manager has recommended, and the City Council
desires to approve, certain amendments to said budget;
NOW THEREFORE BE IT RESOLVED that the Director of Finance is
authorized to record inter-fund cash transfers as required in
accordance with this Resolution, and that Resolution 19541,
adopting the budget for the 1999-00 fiscal year is hereby amended
as follows:
SECTION 1. ADDITIONS
FUND Activity Account Amount
No.
415 6326 56019 $128,926
Title:
Airport Terminal Expansion Terminal
Construction
Purpose:
To cover costs associated with Airport Terminal expansion.
SECTION 2. SOURCE
FUND Activity Account Amount
No.
415 29302 $128,926
Title:
Airport
Retained Earnings
Adopted this - 2nd day of February 2000
AYES: Members Jones, Hodges, Oden and Reller-Spurgin
NOES: None
ABSENT: None
ABSTAIN: Mayor Kleindienst
ATTEST: CITY OF PALM SPRINGS, CALIFORNIA
By
City Clerk City Manager
REVIEWED AND APPROVED AS TO FORM Iwo