HomeMy WebLinkAboutR-11463 authorizing use of Unreserved Working Capital Fund for Reservoir No. 2 Cover Replacement Project (Spec. No. 20000034-2)R 11463
RESOLUTION NO. 11463 (2023 SERIES)
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN LUIS
OBISPO, CALIFORNIA, AUTHORIZING USE OF UNRESERVED
WORKING CAPITAL FUND TO SUPPORT THE RESERVOIR NO. 2
COVER REPLACEMENT PROJECT, SPECIFICATION NUMBER
2000034-2
WHEREAS, in June of 2019, City Council approved the 2019-21 Financial Plan,
which identified funds for Reservoir Maintenance, including the Reservoir No. 2 Cover
Replacement Project (Project) and a balance of $714,146 was carried forward to the
Project account for design and construction efforts; and
WHEREAS, in June of 2021, City Council approved the 2021-23 Financial Plan
which identified the Reservoir No. 2 Cover Replacement project with a budget of
$960,000 for design and construction efforts; and
WHEREAS, in June of 2023, City Council approved the 2023-25 Financial Plan
which identified the Reservoir No. 2 Cover Replacement project with the budget of
$200,000 to support construction efforts; and
WHEREAS, in May of 2023, staff transferred $999,279.70 from the Water Fund
Undesignated Capital account to support construction efforts for the Reservoir No. 2
Cover Replacement project (Project); and
WHEREAS, the Project total cost is estimated to be $3,328,417.26 and the
available project balance is $2,752,007, therefore, an additional $576,410.26 is needed
to fund the construction contract; and
WHEREAS, to fund the Project, a transfer of $60,379.26 from the Water Fund
Undesignated Capital account will be made, which has a balance of $296,224.24 to
supplement partial funding needed; and
WHEREAS, to provide funding to fully support the total construction contract for the
Project, staff is recommending City Council approve the use of an additional $516,031 from
the Unreserved Working Capital Fund; and
WHEREAS, a balance of $12,545,850 is available in the Unreserved Working
Capital fund.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis
Obispo as follows:
DocuSign Envelope ID: 93AED697-984E-46B3-BC24-10049EDD6F05
Resolution No. 11463 (2023 Series) Page 2
R 11463
SECTION 1. The City Council appropriates $516,031 from the Unreserved
Working Capital Fund to the Reservoir No. 2 Cover Replacement project account
2000034.
Upon motion of Council Member Pease, seconded by Council Member
Shoresman, and on the following roll call vote:
AYES: Council Member Francis, Pease, Shoresman, Vice Mayor Marx, and
Mayor Stewart
NOES: None
ABSENT: None
The foregoing resolution was adopted this 5th day of December 2023.
___________________________
Mayor Erica A. Stewart
ATTEST:
__________________________
Teresa Purrington
City Clerk
APPROVED AS TO FORM:
__________________________
J. Christine Dietrick
City Attorney
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the
City of San Luis Obispo, California, on ______________________.
___________________________
Teresa Purrington
City Clerk
DocuSign Envelope ID: 93AED697-984E-46B3-BC24-10049EDD6F05
12/7/2023 | 3:34 PM PST