HomeMy WebLinkAboutAGENDA REPORT 1992 1007 CC REG ITEM 08MITEM . M
MOORPARK
799 Moorpark Avenue Moorpark, California 93021 (805) 529 -6864
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TO: The Honorable City Council
FROM: Ken Gilbert, Director of Public Works
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DATE: September 29, 1992 (Meeting of 10 -7 -92) BY fly/
SUBJECT: Consider Budget Amendment to Fund Prior Year
Project [Traffic Signal: Peach Hill Rd &
Spring Rd]
OVERVIEW
This requests approval of a budget amendment to fund expense to be
incurred this fiscal year for a capital improvement project
budgeted last year.
DISCUSSION
A. Construction Delays
The Budget for Fiscal Year 1991/92 included a project for the
construction of a traffic signal at the intersection of Peach
Hill Road and Spring Road ($134,000). It was anticipated that
this project would be completed long before the end of the
fiscal year. However, the Contractor for this project declared
bankruptcy and the bonding company had to take over the project.
These problems have caused delays in completing the work. Staff
is in the process of finalizing certain outstanding matters with
the Bonding company and their contractor and expects to make
final payment in the near future.
B. Project Funding
Last Year's Budget showed the primary funding source for this
project to be a loan from the Gas Tax Fund to the Spring
Road /Tierra Rejada Road AOC. in addition, a portion of the
project is funded by a grant under Cycle I of the State -Local
Partnership Program.
C. Grant
On the basis of the estimated project costs included in the
grant application, the amount of the maximum grant proceeds is
$23,870. However, grant eligible expenses are restricted to
PAUL W. LAWRASON JR. JOHN E. WOZNIAK SCOTT MONTGOMERY BERNARDO M PEREZ ROY E. TALLEY JR.
Mayor Mayor Pro Tern Councilmember Councilmember Councilmember
Printed On Recycled Paper
Spring / Peach Hill Traffic Signal
October 1992
Page 2
actual project construction costs, plus ten per cent (10 %) for
engineering and administration. Although actual final costs
have not yet been determined, they are estimated as follows:
Description Amount
Construction Costs 69,250
Contingency (5 %) 6.750
Sub -Total 76,000
Engineering (10 %) 7,600
Sub -Total 83,000
Grant Percentage (23 %) 19,000
Local Share 64,000
D. Total Project Expenses
A re -cap of project
expenses is as
follows:
Description
Prior Years
FY 1992193
Total
Design
14,000
14,000
Construction
76,000
76,000
Administrative &
5,400
50,400
Legal Costs
Contract
12,200
1,000
13,200
Administration /
Inspection
(91 -32 & 91 -52)
Total
31,600
77,000
108,600
E. FY 1992/93 Budget Amendment
It is recommended that the budget be amended to fund the subject
project as follows:
-Funding Source Amount ($)
State Local Partnership Program 19,000*
Spring Road AOC (Loan from Gas Tax Fund) 58,000
Total 77,000
* Anticipated revenue
Spring / Peach Hill Traffic Signal
October 1992
Page 3
RECOMMENDATION
Approve the appropriation of funds and the amendment of the FY
1992/93 Budget as set forth above.
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