| AGENDA ITEM SUMMARY
Consider approval and authorize the drawdown of up to/not to exceed $2.5 million from the City of Griffin's MEAG Municipal Competitive Trust Short-term Portfolio in incremental draws as needed for certain purchases and maintenance, and amend the budget accordingly. City Manager Kenny Smith will address.
SPECIAL CONSIDERATIONS OR CONCERNS: |
During the City Commission workshop on February 23, 2016, the consensus of the commission was to fund certain critical projects with funds from the Municipal Competitive Trust Short-term Flexible Operating Account. Projects include: $409,560 for property acquisition; $1,465,000 for One Griffin Center (OGC) HVAC replacement and elevator upgrades; $380,000 for OGC building repairs, painting and OGC elevator repairs; $245,440 as contingency for unanticipated issues with repair/installation/acquisition services; Since the discussion and memo dated March 10, 2016, additional maintenance issues have arisen including plumbing replacements at the Police Dept ($30,000) and Welcome Center HVAC and moisture repairs ($137,000) which should be available in contingency and not require additional funds.
Staff recommends approval.
Current balance in the MEAG MCT STP is $9,114,029.42 as of February 29, 2016 in addition to $5,570,376.68 in an MCT STP investment account. Total balance after the $2.5 Million transfer will be $12,184,406.10 of which not to exceed $2 million is dedicated to AMI infrastructure in 2016. The resolution and budget amendment appropriates $2.5 Million ($245K Contingecy, $380K Repairs and Maintenance, $1.465 Million Capital Outlay - Furniture & Fixtures, and $410K Capital Outlay - Land Acquisition. | | | |