2003-04-14 Regular Meeting, Public Hearing and Workshop Meeting

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e e REQUEST FOR CITY COUNCIL AGENDA ITEM Agenda Date Requested: Aoorooriation Requested By: Cynthia Alexander, Source of Funds: Community Investment Department: FINANCE Account Number: Fund Balance Report: Resolution: Ordinance: Amount Budgeted: Exhibits: Amount Requested: 5170,000.00 Exhibits: Budgeted Item: YES NO SUMMARY & RECOMMENDATION The City of La Porte's CIP Plan includes Beautification and Signage throughout the City, an ongoing project since FY2000, which has previously been funded by Hotel/Motel Taxes. Staff has determined that a more appropriate funding source for this project would be the Economic Development Fund, which has been more appropriately renamed the "Community Investment" Fund to avoid confusion with the Section 4B Economic Development Fund. Per Council directive, staff has been working on various proposals for Beautification and Signage throughout the City. This includes welcome signs and beautification efforts at major entrances to the City, and you have just been presented with the culmination of one of our major efforts. In order to effectively implement Council's directive, we are requesting that the FY2003 Adopted Budget for the Community Investment Fund be amended in the amount of$170,OOO. We hope to expedite this project as requested at the last City Council retreat. The Community Investment Fund has sufficient fund balance to handle this expenditure (09/30/02 Audited balance - $637,279). Recommendation Staff recommends using a portion of the Community Investment Fund's available fund balance to finance this project. Action Required bv Council: Instruct the Director of Finance to amend (increase) the 2002-03 Adopted Budget for the Community Investment Fund (036) by $170,000, from $400,000 to $570,000. ger L/--~ -f) 3 Date