7C, Resolution 2010-010 Ordering Advertisement for 2010 PMP

Home Browse Search

Financial Implications The estimated total proj ect cost for the improvements is $1,196,768, including contingency, engineering and overhead fees as outlined in the Assessment Policy. The City's portion of the project costs are currently budgeted from the PIR and Utility Enterprise Funds (sanitary sewer, surface water management and watermain funds). A proj ect cost summary is listed in the table below. The budgeted amount includes total costs programmed in years 2009, 2010 and 2011. Roadway costs include a 37% overhead; utility costs include 30% overhead. Project Cost Summary Fund Budgeted Engineer's Estimate Watermain Enterprise Utility $ 75,000 $ 148,392 Sanitary Sewer Enterprise Utility $ 20,000 $ 139,562 Surface Water Management Utility $ 175,000 $ 167,557 PIR/Assessments $ 532,000 $ 741,257 State Aid (street and storm sewer) $ 300,000 $ 0 Total $ 1,102,000 $ 1,196,769 Amount received from assessments $ 370,629 Amount funded by the City $ 826,139 The watermain and sanitary sewer improvements identified in the feasibility report have a greater estimated cost than what was included in the budget. The City will also need to utilize more funds from the PIR for the roadway improvements, since State Aid funds will not be used on this proj ect. The finance director has indicated that these funds currently have sufficient balances to accommodate the increase. Assessments As detailed in the feasibility report, two preliminary assessment rates have been established, for reconstruction and for mill and overlay. The table below lists the estimated assessment rate per residential equivalent units (REU) based on the latest engineer's estimate. City Council Meeting \�1Vle�ro-inet.us\ardenhills�Admin\Council�Agendas & Packet Information\2010\3-8-10 Regular�Packet Information\7C 3-8- l OMemo_201 OPMP_ApprovePlansSpecs-OrderAdForBid.doc Page 3 of 4