SUBJECT/RECOMMENDATION:
Title
Approve Joint Participation Agreement (JPA) G1K66 between the City of Clearwater and the State of Florida Department of Transportation (FDOT), authorize a transfer from Airpark Fund reserves of $6,403.60, authorize the appropriate officials to execute same and adopt Resolution 20-23.
Body
SUMMARY:
FDOT JPA Agreement G1K66 provides 80% grant funding for the Clearwater Airpark Vehicle Replacement Project, with Airpark Reserves providing a 20% match. This agreement provides for the purchase of a vehicle and associated accessories to replace a 2008 pickup truck. The project cost is $32,018.00 with FDOT contributing $25,614.40, Airpark Fund providing a $6,403.60 match.
APPROPRIATION CODE AND AMOUNT:
A mid-year budget amendment will establish Capital Improvement project G2012, Clearwater Airpark Vehicle Replacement, recognizing a budget increase of $25,614.40 in FDOT grant revenues and a transfer of Airpark Fund reserves of $6,403.60 to provide required matching funds.
USE OF RESERVE FUNDS:
Funding for the City’s portion of this agreement will be provided by mid-year budget amendment allocating Airpark Fund reserves in the amount of $6,403.60 to capital improvement project G2012, Clearwater Airpark Vehicle Replacement. The remaining balance of Airpark Fund reserves after 25% working capital reserves is approximately $544,170 or 85% of the current Airpark Fund operating budget.