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Committee approves moving 2008 parks bond reappropriation to fund large neighborhood projects
Summary
The committee forwarded an ordinance to temporarily deappropriate and reappropriate roughly $17 million of 2008 Clean and Safe Neighborhood Parks Bond proceeds to cover near-term needs at several voter-approved projects, allowing the city to avoid borrowing costs while completing work on priority parks.
The Budget and Finance Committee moved to forward an ordinance that temporarily deappropriates about $17 million of proceeds from the 2008 Clean and Safe Neighborhood Parks Bond and reappropriates those funds to projects that will need funding in the coming months.
Dawn Kamalnavin of the Recreation and Parks Department told the committee the department is in a "banner year" of implementation for the 2008 bond: nearly every one of the 12 neighborhood parks called out in the bond will either start construction or be completed next year. She said Macaupin Square recently opened and that the reappropriation is being triggered by a need to provide funding for the Pelega Recreation Center, which the department described as one of the bond's largest projects with a total project budget the department said is over $20,000,000.
Kamalnavin said the deappropriation is temporary: funds will be reallocated from projects that do not need the full amount for the next three months so that the city does not keep borrowed funds outstanding and pay interest on unused appropriations; the department expects to return in February or March for a third and final bond sale that will replenish original project allocations.
The budget analyst pointed committee members to tables in the staff report listing source and destination projects and recommended approval. The committee heard no public comment and moved the item forward with recommendation.
