Title
Committee Report: Finance (Paper #332-15 Mayor’s Communication relative to completion of roadwork)
The Standing Committee on Finance to whom was referred Paper #332 Series of 2015 having considered the same make the following report: Committee recommends that the following resolve be adopted:
Resolved: That it is the sense of the City Council that the Mayor authorize the attached Roadwork Plan Proposal #3 for the continuation of the roadwork associated with water main replacement, which also includes a plan for the allocation of Reserve Account and Chapter 90 funds, per the attached schedule dated May 26, 2015.
Roadwork Proposal #3
(May 26, 2015)
Remaining Costs 10 Streets (page 1) $1,490,000.00
Estimated Costs to complete 8 Streets
in 2015 already prepped (p2) $1,600,200.00
Estimated Costs to design 9 Streets
already surveyed for 2016 (p4) $ 80,850.00
Estimated Costs to Survey
and Design 24 Streets (p5) $ 281,700.00
Estimated Cost to Survey
and Design Remaining Streets (p6) $ 265,440.00
$3,718,190.00
Amounts Owed for prior contracts $ 557,300.00
Total Needed to be ready to
complete all streets by EOY 2016 $4,275,490.00
Reserve Account/Chapter 90
Account Combination * $1,,400,000.00
Remaining Bond Funding $1,700,000.00
Chapter 90 Funding 2015 $1,175,490.00
Suggested method of Funding $4,275,490.00
Further Mayor sends down $1,600,000 Bond to continue program $200,000 per Ward for ripping up streets.
At $300 per ft this will provide 666 Ft
* Mayor chooses the mix of funds to use. Either it comes from Chapter 90 or the Revenue Reserve Account or a combination. He will have to send down transfer request to the Council and Bond request with exact streets agreed to with Councillors on the next phase.
COUNCILLOR MURPHY FOR THE COMMITTEE