Funds Transfer Spec. Ass to StrMEMORANDUM
February 10, 2003
TO:The Honorable Mayor and City Council Members
FROM:Michael C. Van Milligen, City Manager
SUBJECT:Transfer of Excess Special Assessment Fund Balance to Street
Construction Fund
Administrative Services Manager Pauline Joyce is recommending City Council
authorization to transfer the excess Special Assessment Fund balance to the Street
Construction Fund. This revenue source is assumed in the FY 2004 budget
recommendation.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Mic ael C. Van Milligen
MCVM/jh
Attachment
cc: Barry Lindahl, Corporation Counsel
Cindy Steinhauser, Assistant City Manager
Pauline Joyce, Administrative Services Manager
MEMORANDUM
February 7, 2003
TO:Michael C. Van Milligen, City Manager
FROM:Pauline Joyce, Administrative Services Manager
SUBJECT:Transfer of Excess Special Assessment Fund Balance to Street
Construction Fund
The purpose of this memorandum to request City Council authorization to transfer
excess Special Assessment Fund balance to the Street Construction Fund.
The Fiscal Year 2004 capital improvement budget anticipates using $800,000 in excess
fund balance from the Special Assessment Fund in support of street construction
projects. This fund has built up excess balance over the years as a result of several
factors including: passage of the 1 cent local option tax in February 1988 that provided
for 30% of the tax proceeds to reduce street special assessments by 75%; Iow
commercial bank interest rates compared to the State maximum allowed rate, and
interest earnings on the fund balance. The City's Bond Counsel, William Noth, has
confirmed that these excess funds can be transferred to another fund as long as the
proceeds are used for the same general purpose as the odginal special assessment
bond issue. The last Special Assessment Bond issue was for $500,000 in Fiscal Year
1987 and $300,000 in Fiscal Year 1988. The last payment on these issues was made
in 1996 and 1997 respectively.
The requested action step is for City Council to adopt the attached resolution
authorizing the transfer of excess special assessment funds to the street construction
fund.
cc: Barry Lindahl
Preparer: Barry A. Lindahl Address: 300 Main Street Suite 330 Dubuque IA 52001 Telephone:
563 583-4t t 3
RESOLUTION NO. 46-03
AUTHORIZING THE TRANSFER OF EXCESS SPECIAL ASSESSMENT FUNDS TO
THE STREET CONSTRUCTION FUND
WHEREAS, the City is required by Iowa law to maintain a Special
Assessment Fund for outstanding special assessment bonds;
AND WHEREAS, the City's current Special Assessment Fund is
approximately $800,000.00;
AND WHEREAS, there are now no outstanding special assessment bonds;
AND WHEREAS, the City Council finds that the excess balance of the
Special Assessment Fund should be transferred to another appropriate fund.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY
OF DUBUQUE, IOWA AS FOLLOWS:
Section t. The Finance Director is hereby authorized and directed to
transfer the balance of the Special Assessment Fund to the Street Construction
Fund.
Passed, approved and adopted this 17th day of
Attest:
February ,2003.
Roy D. Buol, Mayor Pro-Tem
Jeanne F. Schneider, CMC
City Clerk
F:~USERSttsteckle~Lindahl~Resol utions~AuthorizingTransSpecAssessF~nsFds.a28,doc
FebmaD' 7~ 2003
STP-A-2100(630)--86-31
Dubuqne County
CRy of Dubuque
Gus Psihoyos~ P.E.
Assi~mt City- Engineer
Engineerin~Division
50 West 13"' Street
Dubuque, tA 52001-4864
SUBJECT: Intersections Project and Five-Lane Widening Prqieat on U.S, 20 (Dodge Street)
Dear Gus:
Since ci~ flmds will be used for a consultant on the referenced fi,~e-lane widening projecI from Old
Highway Road m the Northwest Arteri'd on U,S. 20 (Dodge Street), the oily can hire any consu~mt
that the city chooses to work on this project. However, this prQect is a continuation of the existing
intersections project.
Since the staging for this five-linde widening project with the intersections project is imperative to the
traveling public, it is importmat that the five-lzme x*hdening project be added to the plans for the
intersections project to be let in Ames during the month of July. That way, during the time of
construction Bruce Kuehl, District Constracfion Engineer~. mat his staff wilt be able to stage the
construction of the left and right turn lanes for the intersections project with the ~veqane vddening
project
If the fly.lane project is not incorporated in the plans with the intersections projeet, Bruce Kueh} and
his construction staff will not be able to have any control over the coordination of the intersections
project and the fiv-e-lane widening project. Therefore, we could have both projects goi~lg on at the
same time and that would create confu~sion and frustration for the traveling motorist through this
corridor.
If you have any questions regm'ding the information ia this letter, please feel free to contact me ar the
above phone number.
Very truly yours,
l~oger R. Walton? P~E.
District Local Systems Engineer
Pm~b