SUBJECT
title
Approve a CIP Amendment and budget transfer to CR 557 Widening Project Grant Fund for the FY 24/25 Budget. ($89,434 one-time transfer).
body
DESCRIPTION
On April 2, 2021, Polk County entered into a State-Funded Grant Agreement (FPN: 445143-1-44-01) for the right-of-way acquisition phase of the CR 557 Widening Project with FDOT, wherein FDOT agreed to assist the right-of-way funding of the project in the amount of $5,000,000.00.
Due to the timing of acquisition expenses towards the end of the fiscal year, a CIP Amendment and budget transfer is needed to increase the budget for FY 24/25 in the amount of $89,434.00 to make the Fund whole and provide for close-out of this fund. This CIP Amendment does not increase the overall approved CIP total project budget. It moves approved budget forward to FY 24/25 that was not spent in the previous fiscal year.
RECOMMENDATION
Request Board approve a CIP Amendment and budget transfer in the amount of $89,434.00 to increase the FY 24/25 CR 557 Widening State-Funded Grant budget from $4,500,000.00 to $4,589,434.00
FISCAL IMPACT
Upon approval of the CIP Amendment, $89,434.00 will be transferred from the Special Revenue Grant Fund, Reserve for Contingency to the CR 557 Widening Grant Fund within the CR 557 PHI Widening CIP Project.
CONTACT INFORMATION
Gloria Reyes
Administrative Services Manager
Roads and Drainage Division
863-535-2211
Jay M. Jarvis, P.E., Director
Roads & Drainage Division
863-535-2200