Travis County Commissioners Court
June 19, 2007
Item 14
>> 14. Consider and take action on additional funds for the phase two improvements in precinct one.
>> good morning.
>> good morning, judge. Tnr and jessica from tbo is joining us to help explain the funding options that you may want to consider. This is for the east metro park, the final phase of improvements for the park. We actually awarded through the court a few weeks ago a construction contract for the vertical work that needs to be completed out there. And our intention was to use state bi board to finish out the fields and acquire the park benches, that sort of thing and also the lighting for the park. After we awarded the construction contract, we had about 1 million remaining in our budget and when we looked at the costs of the amenities we came up short on the funds needed to complete the park. This request is to increase the budget for the park by million so we can complete the purchases and finish out the park. There are a couple of source of funds that you can consider, and jessica, you may want to lead us through that.
>> -- which is your budget transfers on page 13 of the memo currenting those funding options for the court. The table at the bottom -- and unfortunately I didn't catch that it ran on to the second page, I apologize for that. The first funding option is your 2001 bond funds. There is savings identified by the department for the east metro project, the northeast metro project phase ii and the southeast project phase ii and both the northeast and southeast projects are complete and so these are realized savings and they are eligible to be used on the east metro project described. The second funding option are the 2005 bond funds only those related to east metro and the third set of options there is a variety of certificates of obligation that have park improvements related to them. We have posted today on item 20 and I know we didn't call it up, so I'm not sure -- I'll just tell you that we did post that third option for the court to consider. It's not the recommended option by pbo but it is at the court's pleasure. The recommended option is to use the most restricted source which is the 2001 bond fund.
>> I received communications from the precinct two and four Commissioners basically advocating that park funds in their respective precincts be left there for future use, and that leaves options two and three, and two, we come up with an additional 200,000, but we need 2.6 --
>> 1.6.
>> oh, okay.
>> and I believe we are proposing to get that from a co reserve, I was shown that in a backup memo, and then the bond savings, they were largely administrative costs and when you set aside bonds you set another a certain percentage for the administration of the bonds and we didn't spend near as much on that function as we planned for, and so you have a large chunk of change sit thrg from 2001, and also administrative cost savings we anticipate out of the 2005 bonds out of precinct one. And so in this option, it all comes out of precinct one.
>> and the only comment is with this scrubbing is will leave those reserved very minimal for the scrubbing we have scheduled in December.
>> I move that's what we do, that we talk those and augment those by whatever we need to with the co reserves and so that leaves impact the funds allocated for precincts --
>> that would be a total of 1.6 million that we need.
>> right.
>> from the administrative costs and the co reserves after scrubbing.
>> that is my understanding.
>> I want to make sure that is clear.
>> that's right, so a total of 1.6 million.
>> and you just say defiffively that the councilmembers would like to have theirs left --
>> and so
>> [indiscernible] options two and three. Right?
>> that is my understanding, judge, we are going to use precinct one monies and the reserve.
>> all in favor, that passes by unanimous vote.
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Last Modified:
Wednesday, June 20, 2007 8:59 PM