03 - Laserfiche WebLink

It will be necessary for all thirteen agencies that are members of ACAP to fund the remaining estimated close-out cost $1,580,000 (which is the amount over the initial $300,000 contributed). This contribution would be paid in two parts, as follows': • The first part, $75,385 would cover the $980,000 in remaining close-out costs, which has been invoiced and is due immediately. • The second part of up to $46,154 would be allocated toward contingent liabilities, and invoiced and paid in a later installment based on clear documentation of need. Staff is recommending that Council approve the entire amount of $121,539, with the understanding that only $75,385 is being invoiced/paid at this time; and the remainder will be invoiced as need is identified. This will allow ACAP to proceed on an orderly path of close out and to pay those precise costs currently identified, and to have access to funds to meet projected needs as those needs are specifically identified and documented. It is critical that these funds be allocated by the middle of May 2011 before the initial $300,000 contribution is exhausted. The following table summarizes the financial needs of ACAP identified to date and the commitments made by or being asked of member agencies: AMOUNT AMOUNT by INSTALLMENT AMOUNT AMOUNT PAID/DUE REMAINING NEEDED PER To DATE BALANCE MEMBER Date Amount April $1,880,000 1s` Installment $300,000 $25,000 2011 $300,000 $1,580,000 (As identified to May date) 2nd Installment $980,000 $75,385 2011 $980,000 $600,000 Balance $600,000 $46,154 Unknown Totals to Date $1,880,000 $146,539 $1,280,000 Submitted by: Fiscal Review: Approve by: e • than P. Lowell Emily Wagner Nelson Fialho City Attorney Director of Finance City Manager ' Each of the twelve member cities is being asked to make cash contributions; the amount owed Alameda County will be reduced by comparable amounts to the cities' cash contributions. Page 4 of 4