HomeMy WebLinkAbout1992-11-10 - AGENDA REPORTS - PROJ 90 21 BUDGET ADJUSTMENT (2)AGENDA REPORT
City Manac
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j Anthony J. NisicKed,
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CONSENT CALENDAR
DATE: November 10, 1992
SUBJECT: MAGIC MOUNTAIN PARKWAY - VALENCIA BOULEVARD TO BOUQUET
CANYON ROAD (S.R. 126 PHASE 5) PROJECT 90-21
BUDGET ADJUSTMENT
DEPARTMENT: Community Development
BACKGROUND
This subject project consists of the widening of Magic Mountain Parkway from Valencia Boulevard
to Bouquet Canyon Road and replacement of the bridge over the south fork of the Santa Clara
River. The estimated total project cost for this multi-year project is approximately $9.35 million,
and Council previously authorized budget in the amount of $300,000 which allowed design and
right-of-way services to proceed.
On June 9, 1992 Council approved City/State Cooperative Agreement No. 4078. Under the terms
of this agreement, the State has agreed to reimburse the City up to $8.044 million for right-of-way
and construction costs. In addition, Newhall Land and Farm has agreed to pay $1 million towards
this project as partial satisfaction of conditions which were placed on the Valencia Town Center.
In order to record the total cost of the project, Council approval is necessary to adjust the total
budget by $9.044 million in appropriation and recognize $9.044 million in revenue. This will
increase the total Capital Improvement Project budget for 1992-93 to $22.3 million.
RECOMMENDATION
Authorize the City Managerto increase the Capital Improvement Project Fund's estimated revenues
and expenditure appropriations for the subject project by $9.044 million.
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