002 of 2011 - Budget Amendment No. 2 for FY 2010/2011 0 11-1
B 10-11
- SALT LAKE CITY ORDINANCE
No. 2 of2011
(Amending the Final Budget of Salt Lake City,
including the employment staffing document,
for Fiscal Year 2010-2011)
An Ordinance Amending Salt Lake City Ordinance No.67 of 2010 Which
Adopted the Final Budget of Salt Lake City,Utah,for the Fiscal Year Beginning July 1,
2010 and Ending June 30,2011.
PREAMBLE
On August 10,2010,the Salt Lake City Council adopted the final budget of Salt
Lake City,Utah,including the employment staffing document,for the fiscal year
beginning July 1,2010 and ending June 30,2011,in accordance with the requirements of
Section 118,Chapter 6,Title 10 of the Utah Code Annotated,and said budget,including
the employment staffing document,was approved by the Mayor of Salt Lake City,Utah.
The City's Budget Director,acting as the City's Budget Officer,prepared and
filed with the City Recorder proposed amendments to said duly adopted budget,including
the amendments to the employment staffing document necessary to effectuate the staffing
changes specifically stated herein,copies of which are attached hereto,for consideration
by the City Council and inspection by the public.
All conditions precedent to amend said budget,including the employment staffing
document as provided above,have been accomplished.
Be it ordained by the City Council of Salt Lake City,Utah:
SECTION 1. Purpose. The purpose of this Ordinance is to amend the final
budget of Salt Lake City,including the employment staffing document,as approved,
ratified and finalized by Salt Lake City Ordinance No.67 of 2010.
SECTION 2. Adoption of Amendments. The budget amendments,including
amendments to the employment staffing document necessary to effectuate the staffing
changes specifically stated herein,attached hereto and made a part of this Ordinance shall
be,and the same hereby are adopted and incorporated into the budget of Salt Lake City,
Utah,including the amendments to the employment staffing document described above,
for the fiscal year beginning July 1,2010 and ending June 30,2011,in accordance with
the requirements of Section 128,Chapter 6,Title 10,of the Utah Code Annotated.
SECTION 3. Filing of copies of the Budget Amendments. The said Budget
Officer is authorized and directed to certify and file a copy of said budget amendments,
including amendments to the employment staffing document,in the office of said Budget
Officer and in the office of the City Recorder which amendments shall be available for
public inspection.
SECTION 4. Effective Date. This Ordinance shall take effect on its first
publication.
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Passed by the City Council of Salt Lake City,Utah,this 18th day of
January ,2011.
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CHAIRPERSON
ATTEST:
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Transmitted to the Mayor on 1-28-2011
Mayor's Action: A Approved Vetoed
MA OR
ATTEST:
Y RECORDE
/ -; APPROVED AS TO FORM
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Bill No. 2 `Rpm S
Published: 2-5-201 •
HI3 ATTY-816265-v1-3udget_Amendment No_2_vf FY_2010-2011
3
Initiative Name:
Public Safety Building Bond Proceeds-CIP
Initiative Number:
BA#2 FY2011 Initiative#A-4
New Item
Initiative Discussion:
The Administration is requesting to sell the remaining voter authorized amount,
$100,000,000, of Public Safety GO Bonds for the construction of the PBS. A portion of the
$100,000,000 will be issued as traditional tax exempt bonds and the remainder of the
$100,000,000 will be issued as taxable Build America Bonds (BABs). The current BABs
program provides for a 35%subsidy(reimbursement from the Treasury Department of 35%of
the interest paid on our debt service payments). This subsidy is scheduled to expire on
December 31, 2010. The Administration would like to issue the bonds by the end of the
calendar year to take advantage of this 35%subsidy. It is undetermined what amount of the
$100,000,000 will be taxable and what amount will be tax-exempt because the split will be
not be determined until the date of sale of the bonds,which is currently contemplated to occur
in early November.
In addition, Engineering has indicated that they will be ready for the specialty consultants in
October with asbestos abatement to begin in December,demolition in January, excavation in
March and construction to begin after that. The funding will be used as follows: Specially
Consultants $190,000; Asbestos Abatement $200,000; Demolition $2,500,000 Excavating
$4,000,000; Foundation and Parking $14,000,000; Base Building $53,000,000; contingency,
fixtures, equipment, communications,special testing, art and bond costs including legal fees,
etc.,$26,110,000.
This request is to establish the remaining $100,000,000 budget necessary to begin the
construction of the PSB. Budget is being requested during this budget opening in order to
facilitate the construction time line.
THIS ITEM WAS DEFERRED TO A JANUARY 2011 COUNCIL MEETING.
Initiative#A-4