2012/07/25 Council Agenda Packet

EVERETT CITY COUNCIL AGENDA ITEM COVER SHEET 3 PROJECT: An Ordinance closing a special Consent COUNCIL BILL# C-6 ID-(5-7— construction fund entitled Action Originating Department Public Works "Water and Sewer System First Reading Contact Person Matt Welborn Improvements Fund,"Fund Second Reading Phone Number (425)257-8974 339, as established by Third Reading FOR AGENDA OF July 25,2012 Ordinance No.2693-03 and Public Hearing amended by Ordinance No. Initialed by: 3039-07 Department Head CAA Council President Location Preceding Action Attachments Department(s) Approval Various locations within Ordinance No. 2693-03 Proposed Ordinance Public Works,Admin the Utilities system Ordinance No. 3039-07 Ordinance No. 3213-11 Amount Budgeted $257,297,468 Expenditure Required $257,297,468 Account Number(s): 339 5600=00000a Budget Remaining $0 Additional Required $0 DETAILED SUMMARY STATEMENT: On May 28,2003, Council adopted Ordinance No. 2693-03 establishing Fund 339 to accumulate costs associated with critical system improvements to the City of Everett water and sewer system with an initial budget appropriation of$113 Million. On November 28, 2007, Council authorized additional funds for the continued Capital Improvement Program (CIP)for the water and sewer system. These funds have now been expended and on March 9,2011, Council adopted Ordinance No. 3213-11 establishing a new construction fund,Fund 336,to provide funding for capital construction projects from 2011 to 2014. All projects in Fund 339 have been completed and there are neither additional expenses to be incurred nor additional revenues to be received. RECOMMENDATION(Exact action requested of Council): Adopt an Ordinance closing a special construction fund entitled"Water and Sewer System Improvements Fund,"Fund 339, as established by Ordinance No. 2693-03 and amended by Ordinance No. 3039-07. 25