Board of Directors Regular Meeting Agenda


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Meeting Date: 10/26/2016  

SUBJECT MATTER:
Receive, consider and act upon transfers of funds to establish a Parks and Recreation Capital Projects Fund and authorize such Fund to be utilized for the purchase of property from the YMCA;
FISCAL IMPACT:

Establish a $6.0 million Parks and Recreation Capital Projects Fund by transferring existing monies in the Capital Contingency Account and the Transportation Fund.

BACKGROUND:
The purpose of this agenda item is to:
(A) authorize the transfer of funds to establish the Parks and Recreation Capital Projects Fund approved by the Board in the 2017 Budget, and;
(B) authorize the Parks and Recreation Capital Projects Fund to be utilized for the purchase of property from the YMCA that has been approved by the Board of Directors. 
 
In the adopted 2017 Budget, the Board authorized the establishment of a $6.0 million Parks and Recreation Capital Projects Fund as a potential funding source for various capital projects that were under consideration by the Board during the 2017 budget process but for which a final decision had not been made as of the date the budget was adopted.  Among the projects being considered were the purchase of property in the Village of Creekside Park from the YMCA and participation in the funding of an Olympic Trials Pool and a facility/multipurpose building at Bear Branch Sportfields.
 
During the budget process, the Board indicated that the existing balance in the Capital Contingency Account and a portion of the balance that was authorized to be transferred from the Transportation Fund to the Capital Contingency Account should be used to establish a Parks and Recreation Capital Projects Fund.  Please reference the highlighted portions of the attached “2017 Budget Fund Balance Allocation Worksheet” presented to the Board during the budget workshops that reflect these fund transfers.  A summary of the fund transfers follows:
 


 $3,909,971     Existing balance in the Capital Contingency Account
 $4,628,158     Transfer unspent 2014-2016 transportation initiatives to the Capital Contingency Account
 $8,538,129     New balance in the Capital Contingency Account
($6,000,000)    Transfer funds to a Parks and Recreation Capital Projects Fund
 $2,538,129     Balance to remain in Capital Contingency Account

Subsequent to the adoption of the 2017 Budget, the Board authorized the purchase of property from the YMCA in the amount of $4.5 million.  Although the Purchase and Sale Contract for the land and facility has not yet been finalized, staff anticipates closing on the property by the end of 2016 and seeks confirmation from the Board that the Parks and Recreation Capital Projects Fund should be utilized to fund the property purchase.
 
RECOMMENDATION:

Authorize the transfer of monies from the Transportation Fund and the Capital Contingency Account to establish a Parks and Recreation Capital Projects Fund, and authorize utilization of the Parks and Recreation Capital Projects Fund to fund the YMCA property acquisition of $4.5 million plus associated closing costs.
 

Attachments
2017 Budget Fund Balance Allocation Worksheet


    

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