Title
Department of Transportation recommending the Board approve and authorize the Chair to sign a budget amendment increasing revenue and appropriations to allow for the use of $175,000 in developer funds to complete a grind and pavement overlay on the upper segment of Bass Lake Road (4/5 vote required).
FUNDING: Bass Lake Special Revenue Fund (3670729).
Body
DISCUSSION / BACKGROUND
On September 17, 2017(Legistar 16-0195, Item 22), the Board approved a Development Agreement (Agreement) with Lennar Winncrest, LLC (Developer) for the Hawk View Residential Project. The Agreement included a requirement that the Developer complete a grind and pavement overlay on the upper segment of Bass Lake Road, with the option to allow the Developer to pay the County to complete the work. The Developer selected the option to pay the County and the funds were placed in a special revenue fund.
The Department of Transportation (Transportation), completed the grind and pavement overlay work this fall. At the time the FY 2022-23 budget was prepared, an operating transfer from the special revenue fund to Transportation was not included. A budget transfer is required to allow for Transportation to be reimbursed for the work that has been completed on Bass Lake Road.
ALTERNATIVES
If the Board chose not to approve this budget transfer, the Road Fund would not be reimbursed and the Developer funds would not be used for the work required by the Agreement. Should the Developer funds not be utilized within the time frame initially agreed upon, they will need to be returned to the Developer.
PRIOR BOARD ACTION
See Discussion/Background section above.
OTHER DEPARTMENT / AGENCY INVOLVEMENT
N/A
CAO RECOMMENDATION / COMMENTS
Approve as recommended.
FINANCIAL IMPACT
If approved, the budget transfer will increase Operating transfers out from the Bass Lake Special Revenue Fund (3670729) by $175,000 and reduce Appropriation for Contingency by the same amount. The amendment would also increase Operating Transfers In to Road Fund Maintenance and Road Maintenance - Construction by $175,000 in order to reimburse Road Fund Maintenance for the road maintenance project. There is no change to net County cost as a result of the budget transfer.
CLERK OF THE BOARD FOLLOW UP ACTIONS
1) The Clerk of the Board will obtain the Chair’s signature on the original budget transfer and will forward the budget transfer to the Auditor/Controller for processing.
STRATEGIC PLAN COMPONENT
Infrastructure
CONTACT
Rafael Martinez, Director
Department of Transportation
Becky Morton, Chief Fiscal Officer
Chief Administrative Office, Community Development Finance and Administration