RESOLUTION NO. _____________
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF FOSTER CITY
APPROVING THE TRANSFER OF ESTIMATED EXCESS FUNDS IN THE AMOUNT OF $3,490,558 FROM THE CITY CIP FUND (FUND 301) RECREATION CENTER REBUILD PROJECT (CIP 301-678) TO THE CAPITAL ASSET ACQUISITION AND REPLACEMENT FUND (CAAR FUND 326)
CITY OF FOSTER CITY
WHEREAS, at the regular City Council meeting on January 31, 2022, the City Council directed staff to proceed with the “build-to-budget” option for the Recreation Center Rebuild Project in an amount not-to-exceed $55 million and to proceed with utilizing $36 million funding from CAAR Fund 326 and $19 million from General Fund Reserves, and confirmed this fund transfer by adopting Resolution No. 2022-26; and WHEREAS, with the adoption of the FY 2024-25 budget, the total project budget for CIP 301-678 is $64,992,328, out of which $64,525,328 has already been approved by the Council and the remaining $467,000 (sourced from Park Facility Impact Fees) is programmed for FY 2025-26; and
WHEREAS, at the regular City Council meeting on September 3, 2024, the City Council adopted a resolution to award a construction contract to BHM Construction, LLC for the base bid amount of $40,647,000, and with the contingency and bid alternates, the total estimated project cost is $61,034,770; and WHEREAS, at the regular City Council meeting on September 3, 2024, the City Council directed staff to return with a resolution transferring the estimated excess funds of $3,490,558 from the CIP 301-678 and returning it to CAAR Fund 326; and WHEREAS, the funds are appropriate to return to the CAAR Fund 326 as they were derived from the following three sources pursuant to Resolution 2012-75 (1) proceeds realized as a result of the sale of real property; 2) principal and interest payments on loans associated with the sale of real property; or, 3) investment earnings on pooled cash and/or investments in the fund; and
WHEREAS, the funds are appropriate to return to the CAAR Fund 326 as the entirety of the $36 million funds that was originally appropriated by the Council using the CAAR Fund to partially fund the project costs would not be used, and therefore, the excess remaining funds would be returned to the CAAR Fund.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Foster City that the above recitals are true and correct.
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BE IT FURTHER RESOLVED, that the Council hereby approves the transfer of the estimated remaining unused funds of $3,490,558 from the CIP 301-678 to CAAR Fund 326.
PASSED AND ADOPTED as a resolution of the City Council of the City of Foster City at the regular meeting held on the 16th day of September 2024, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
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PATRICK SULLIVAN, MAYOR
ATTEST:
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PRISCILLA SCHAUS, CITY CLERK