An item was referred to the February 23, 2018 Finance and Citywide Projects Committee (FCWPC), to discuss projects that have been funded for neighborhood improvements and projects that are planned to move forward that have above ground shortfalls that rely on potential future funding sources.
The City Commission had awarded contracts having identified only the portion of the award associated with the underground utilities. Funding of the underground utilities for these anticipated capital projects were budgeted through rate increases and bond sales. Recently, the cost allocation for the above ground work has been inadequate to cover the costs and the possibility of utilizing the future anticipated proceeds of the General Obligation Bond was discussed to allow projects to proceed with underground work while the above ground funding mechanism is resolved.
The FCWPC made a motion to have the Administration identify an existing above ground funding source before moving forward with
neighborhood improvement projects.