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Oxnard staff: $23.66 million available balance; resurfacing uses mixed funding sources
Summary
Staff said the neighborhood resurfacing project has a staff-estimated total cost of $4,384,787 and will be funded from a mix of general fund, Measure O, RMRA, CDBG, lease revenue bonds and utility operating funds; staff said ongoing maintenance will not increase Streets Division operating costs.
Tamara Ojeda told the council the neighborhood resurfacing project (PW2609, project C2209) is funded from multiple sources and that the project has an estimated total available project budget balance of $23,660,000.
Ojeda listed the funding sources as the general fund; Measure O; the Road Maintenance and Rehabilitation Act fund; the Community Development Block Grant fund; the 2014 lease revenue bond fund; the water operating fund; and the wastewater operating fund. She said staff recommends authorizing $730,798 in additional funds (a $365,399 contingency and $365,399 for engineering and city staff), which are described in the presentation as 10% of the contract cost each.
She also stated that the ongoing maintenance cost for this project "will have no new impacts on the Streets Division's operating budget in comparison to the annual operating costs in prior years." The transcript records those statements but does not provide further budget detail or allocations by fund in the excerpt.
