LRB � RESEARCH AND ANALYSIS SECTION ANALYSIS

NOVEMBER 29, 2006 AGENDA                       ITEM 34, FILE 060994

 

FINANCE & PERSONNEL COMMITTEE                                  JAMES CARROLL  

File #060994 is a substitute resolution authorizing the sale and issuance of general obligation bonds for the housing of machinery and equipment.

Background and Discussion

 
  1. The Comptroller�s Office annually submits initial-borrowing resolutions for projects and programs approved in the adopted budget.

  1. The resolution authorizes the sale of general obligation bonds in the amount of $28,209,700 for public buildings for housing machinery and equipment.
 
  1. The table below shows the projects and the amount of borrowing authorized by this resolution.
 
Capital Project Amount
City Hall Complex Remodeling     $100,000
Space Planning Facilities   $150,000
Sanitation Headquarters Modifications $2,260,500
Facility Systems Program   $1,099,500
Facilities Exterior Upgrade Program      $178,700
Environmental Remediation Program      $469,000
City Hall Restoration Program $15,000,000
Health Dept. Exterior Building Maintenance      $111,000
       Health Dept. Interior Building Maintenance      $240,000
Health Dept. Client Tracking System Replacement     $100,000
Muni Garages /Outlying Facilities Remodeling        $50,000
Major Capital Equipment   $6,100,000
DER Worker�s Compensation System     $400,000
DPW Two Way Radio Replacement      $150,000
DOA E-Mail Storage      $350,000
DOA- Server Consolidation/Storage Area      $49,000
DOA- HRMS Upgrade     $710,000
DOA � E- Benefits    $167,000
City Clerk License Management System   $525,000

Total

 $28,209,700
 

Fiscal Impact 

Until the actual structuring of the debt issue is determined by the Public Debt Commission, details relating to the long-term fiscal impact will not be known. Depending on actual sale date in 2007, a maximum of 6 months interest would be incurred during the year.  If sold after July 1, 2007, there would be no fiscal impact in 2007. 

Cc:  Marianne Walsh       Prepared by:

Craig  Kammholz      Jim Carroll,  X8679   Mark Nicolini      LRB Fiscal Review

                W. Martin Morics                                                                                   November 22, 2006

                Richard Li