City of Oak Creek

Common Council Report

Meeting Date: 03-18-08

Item No.:

Recommendation: That the Common Council approve Resolution No. 10648-031808 amending the adopted 2008 Budget to accurately disclose the anticipated expenditures and revenues for the new Street Department construction.

Background: In order to award a contract for the construction of the street department addition the adopted 2008 budget must be amended to accurately disclose the additional expenditure and revenue(s). The resolution includes a total anticipated expenditure of $8 million. However, this amount is liberal and should be sufficient to cover the construction contract amount as well as construction contingencies and additional anticipated work necessary for the project but that will be completed outside of the general contract.

Fiscal Impact: This project will be completed with a mixture of borrowed funds and cash on hand. Staff will work closely with the city’s financial advisor to prepare financial data for a bond anticipation note. That data will be presented to the Council at the March 31, 2008 meeting.

Prepared and Submitted by: Patrick DeGrave City Administrator

Fiscal Review by: Beverly A. Buretta, CMC City Clerk