Title:
Title
Establishment of Multi-year Operating Project for the Habitat Project and Transfer of Funds
End
FileID
File ID: 2019-00696
Location
Location: Districts 4 and 6
Recommendation:
Recommendation
Adopt a Resolution: 1) establishing a Multi-year Operating Project for the Habitat Project (I01000600); 2) establishing an expenditure budget in I01000600 by transferring $30,000 from the General Fund (Fund 1001) available fund balance; and 3) appropriating $27,000 in the McKinley Village Alt Trans Imp Project (T15185100) by transferring from the General Fund (Fund 1001) the available fund balance for McKinley Park Street Lighting Project.
Contact: Claudia Lara, Treasury Analyst, (916) 808-2267; Brian Wong, Debt Manager, (916) 808-5811, Office of the City Treasurer
Body
Presenter: None
Attachments:
1-Description/Analysis
2-Resolution
Description/Analysis
Issue Detail: At its meeting on November 13, 2018, the City Council adopted Resolution No. 2018-0438 declaring as surplus the remaining bond proceeds (and accrued interest) for Midtown Street Lighting Assessment District No. 2003-05 (the “Midtown AD”) and Tahoe Park West Street Lighting Assessment District No. 2003-06 (the “Tahoe Park West AD”), a total of about $58,000, and ordering that the surplus be transferred to the General Fund. The City Council also directed during the meeting that the surplus funds for the Midtown AD be applied to the Midtown Streetlighting Project currently underway and that City staff work with District 6 on using the surplus for Tahoe Park AD to fund an appropriate project in that district.
The City Treasurer’s Office worked with the City Council and the Public Works Department to identify the McKinley Park Street Lighting Project (the “McKinley Project”) as the project that could be funded in part from the surplus for the Midtown AD. The McKinley Project (T15185102) is one of the priorities of the McKinley Village Alt Trans Imp Project (T15185100), which includes the installation of new streetlights in an area bounded by 27th Street, C Street, 29th Street, and E Street.
The City Treasurer’s Office also worked with District 6 to identify the Habitat for Humanity (the “Habitat Project”) as the project to fund with the surplus for the Tahoe Park West AD.
Policy Considerations: Resolution No. 2018-0235, section 13.2, requires City Council approval for the establishment of a Multi-Year Operating Project (“MYOP”).
Economic Impacts: Not applicable
Environmental Considerations: Approval of the recommendation is not a “project” subject to CEQA because it (a) has no potential to cause a significant effect on the environment and (b) concerns government fiscal activities that do not involve any commitment to any specific project that may result in a potentially significant physical impact on the environment. (14 Cal. Code Regs. §§ 15061(b)(3) and 15378(b)(4)).
Sustainability: Not applicable
Commission/Committee Action: Not applicable
Rationale for Recommendation: The City Council’s approval is needed to establish a MYOP for the Habitat Project and to transfer funds.
Financial Considerations: In accordance with the City Council’s direction on November 13, 2018, staff recommends that the City Council (1) establish the Habitat Project MYOP (I01000600); (2) establish an expenditure budget for the Habitat Project by transferring $30,000 from the General Fund (Fund 1001) to the Habitat Project MYOP (I01000600); and (3) transfer $27,000 from the General Fund (Fund 1001) to the McKinley Village Alt Trans Imp Project (T15185100).
Local Business Enterprise (LBE): Not applicable