Item Coversheet

AGENDA ITEM SUMMARY

ITEM SUMMARY:

Consider approval to amend the City of Griffin's Fiscal Year 2015-2016 Operating and Capital Budget in the amount of $10,722,998.00 for the issuance of 2016 General Obligation Sales Tax (GOST) Bonds. Chief Financial Officer Markus Schwab will address.


SPECIAL CONSIDERATIONS OR CONCERNS:

A budget amendment is required to properly record funding sources and uses related to the issuance of GOST Bonds.

STAFF RECOMMENDATION:

Staff recommends approval.

FINANCIAL IMPACT:

The resolution and budget amendment appropriates $10,722,998.00 to revenue from bond proceeds and $10,722,998.00 to expenditures:

  • $2,904,173.00 - building debt payoff
  • $4,350,000.00 - new fire station and fire truck
  • $3,250,000.00 - Historic City Hall renovations
  •    $218,825.00 - Bond issuance costs and fiscal agent fees

ATTACHMENTS:
File NameDescription
AGENDA_ITEM_160308_BA_Resolution_for_GOST_Bonds.docResolution and Budget Amendment
Submitted by:

 Meeting Date:

Markus Schwab, Chief Financial Officer

3/8/2016

Reviewed by:

 
Kenny Smith, City Manager