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CITY COMMISSION AGENDA ITEM |
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Department: |
Finance |
Commission Meeting Date: October 9, 2018 |
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Staff Contact: |
Danielle Buschkoetter, Interim Finance Director |
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Recommendations/Options/Action Requested: |
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Adopt on first reading, Ordinance No. 9567, establishing capital improvement funds and providing for the budgeted transfer from other city funds lawfully available for improvement purposes to the capital improvements funds, including moneys in the City’s general operating fund. |
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Executive Summary: |
On August 14, 2018 the City Commission approved the 2019-2023 Capital Improvement Plan (CIP). The CIP identified several funds to finance various capital projects. Staff recommends designating many of these funds as Capital Improvement Funds. This designation provides expanded investment authority which will likely generate higher yields from investments.
Ordinance No. 9567 designates and establishes capital improvements funds pursuant to the authority of K.S.A. 12-1,118, and any amendments thereto, may provide for the budgeted transfer of moneys from other city funds lawfully available for improvement purposes to the designated capital improvement funds.
Moneys in such fund may be invested in accordance with the provisions of K.S.A. 10-131, and amendments thereto, with interest thereon credited to such fund. The capital fund designation allows the City to invest under the same statues that apply to the investment of bond proceeds. This gives the City more flexibility for long-dated capital programs/projects since K.S.A. 10-131 does not prescribe a maximum tenor for the investments, instead indicating that the investments should not run longer than the anticipated timing of the use of the funds.
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Strategic Plan Critical Success Factor |
Sound Fiscal Stewardship |
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Fiscal Impact (Amount/Source): |
The named funds will likely generate higher yields from investments as they will be invested for longer terms. |
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Attachments: |
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(for CMO use only) |
☐TM ☐DS ☒CT ☐BM |