Title
Ordinance in the Amount of $34.5 Million Establishing the Parks and Recreation Bond Fund Budget
Body
Department: Finance
Council District: All
Public Hearing:
Advertising Date/By:
Contact 1 and Phone: Richard Lusk, Finance Director 373-2077
Contact 2 and Phone: Marlene Druga, Deputy Finance Director, 373-2077
PURPOSE: In order to spend Parks and Recreation Bond funds, the City Council is required to adopt a capital project budget ordinance for the $34,500,000 Parks and Recreation Bonds approved by voters in the November 8, 2016 General Obligation Bond referendum.
BACKGROUND: On November 4, 2008, voters approved the issuance of $34,500,000 in General Obligation Parks and Recreation Bonds to buy, build, improve or otherwise equip City parks and recreation facilities.
BUDGET IMPACT: Adoption of the attached Parks and Recreation Bond Fund capital project budget ordinance in the amount of $34,500,000 will establish appropriations for the life of the projects. Parks and Recreation projects are scheduled to be funded in phases over the next seven years, with a portion of the projects funded with bond anticipation notes issued in FY 16-17.
RECOMMENDATION / ACTION REQUESTED: The Finance Department requests City Council approval of the attached capital project budget ordinance establishing the Parks and Recreation Bond Fund budget in the amount of $34,500,000.