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Budget <br />This project was authorized by the City Council as part of the 2008-09 Capital <br />Improvement Program, with an approved budget of $2,500,000. This funding includes <br />Gas Tax, General Fund, Proposition 42, and Measure B monies. In addition to this <br />funding, the remaining balance in last year's Annual Resurfacing Project (CIP No. <br />075003) in the amount of $784,090 was transferred into this project. These funds were <br />augmented by previously collected developer funds ($58,432). <br />The final project funding and expenditures are summarized in Attachment 1 to this <br />report, indicating total project expenses of $2,067,068. <br />Deductive contract change orders in the amount of $42,202.12 were a result of a net <br />decrease in the contract quantities of asphalt concrete. Once a Fiscal Year 2009/2010 <br />CIP project has been established and upon award of contract, a recommendation for <br />the transfer of the project balance will be made. The balance remaining is $1,237,562. <br />Submitted by: <br />~ /~ ,' <br />r`~?_ <br />r :'~~ ,- <br />Brian Dolan <br />Director of <br />Community Development <br />Fiscal Review: <br />~~~_~ <br />~~.~ v~ ~~.~_E,~---- <br />~ Dav d P. C, Ivei' <br />Director of Finance <br />Approv by: <br />Nelson Fialho <br />City Manager <br />Attachment: <br />1. Summary of Project Funding and Expenditures <br />Page 3 of 3 <br />