M&C Review

COUNCIL ACTION:  Approved on 9/25/2018 - Ordinance Nos. 23416-09-2018 and 23417-09-2018
DATE: 9/25/2018 REFERENCE NO.: **L-16152 LOG NAME: 60WTRANSFER LAKEWORTH LOT SALE REVENUES
CODE: L TYPE: CONSENT PUBLIC HEARING: NO
SUBJECT:  

Authorize Acceptance of Fiscal Year 2018 Funds from the Sale of Platted Lake Worth Lots in the Amount up to $500,000.00, Authorize the Transfer from the Water Operating Fund in an Amount Up to $500,000.00 from Fiscal Year 2018 Available Funds to the Water and Sewer Capital Project Fund and Adopt Appropriation Ordinances (COUNCIL DISTRICT 7)

RECOMMENDATION:

It is recommended that the City Council:

  1. Accept funds in the amount up to $500,000.00 from the Sale of Platted Lake Worth Lots to Lessees Authorized by M&C L-15964;

  2. Adopt the attached Appropriation Ordinance increasing estimated receipts and appropriations in the Water Operating Fund in the amount up to $500,000.00 from accepted Lot sales funds;

  3. Authorize the transfer of previously appropriated funds in the Water Operating Fund in an amount up to $500,000.00 from available funds related to the sale of Lake Worth Lot sales to the Water and Sewer Capital Projects Fund for the funding of future Water and Sewer projects in and around Lake Worth; and

  4. Adopt the attached Appropriation Ordinance increasing estimated receipts and appropriations in the Water and Sewer Capital Project Fund in an amount up to $500,000.00 from accepted Lot sales funds.
 
DISCUSSION:

This Mayor and Council Communication (M&C) is to authorize the transfer of an amount up to $500,000.00 from the Water Operating Fund to the Water and Sewer Capital Projects Fund for funding future water and sewer capital projects in and around Lake Worth. The amount of funds being transferred are FY18 revenues from the sales of platted Lake Worth Lots to lessees authorized by Council Action M&C L-15964 on November 8, 2016. Revenue was deposited in the Water Operating Fund rather than the Lake Worth Trust Fund as noted in M&C L-15964 because the Lake Worth Trust Fund has been closed and since the Lake Worth Lots were recorded as an asset by the Water Department at the time of Lake Worth's creation.

This project is located in COUNCIL DISTRICT 7.

This M&C does not request approval of a contract with a business entity.
 
FISCAL INFORMATION/CERTIFICATION:

The Director of Finance certifies that upon approval of the above recommendations, funds will be available in the current capital budget, as appropriated, of the Water and Sewer Capital Projects Fund in Fiscal Year 2018.
TO
    Fund Department
ID		 Account Project
ID		 Program Activity Budget
Year		 Reference #
(Chartfield 2)		 Amount

FROM
    Fund Department
ID		 Account Project
ID		 Program Activity Budget
Year		 Reference #
(Chartfield 2)		 Amount
Submitted for City Manager's Office by:
Jay Chapa (5804)
Originating Department Head:
Chris Harder (5020)
Additional Information Contact:
Jan Hale (8438)
 
 
ATTACHMENTS
  60WTRANSFER LAKEWORTH LOT SALE REVENUES _56002_AO18.docx
  60WTRANSFER LAKEWORTH LOT SALE REVENUES_56001_AO18.docx