Item Coversheet



Staff:
Agenda:
John Richbourg, Finance Director
10/19/2015

MEMORANDUM
Cape Girardeau City Council

15-18



SUBJECT
Semiannual Summary of the Transportation Trust Funds I - IV

EXECUTIVE SUMMARY

The attached Exhibits ‘A’ and ‘B’ reflect the TTF IV activity through June 30, 2015 from its inception in January 1, 2011. These exhibits combined with the comments below comprise the Summary of the TTF I – TTF IV reports for the period ended June 30, 2015. Funding appears to be adequate to complete all projects that were anticipated to be completed through these funds except the Armstrong Drive project in TTF III. This project will not be completed because the costs of acquiring farm land needed to complete the project were too high to make the project feasible. Amounts available for this project (approximately $3.25 million) will now be used to fund improvements to various neighborhood streets throughout the city.  No Exhibits have been attached for TTF I, TTF II and TTF III.

BACKGROUND/DISCUSSION

Exhibit ‘A’ is divided into three sections. The top section shows actual expenditures, unexpended encumbrances (contracts entered into), and total committed expenditures for each trust fund project since the inception of the trust fund. The middle section shows all open contracts by contractor. The last section gives actual and projected revenue and expense information for the trust fund.

Significant data from Exhibit ‘A’ show that the TV IV had committed to $14,530,576.34 in project expenditures and had a current fund balance of $6,611,562.13. As of June 30, 2015 projected total revenues were $24,032,876.64. Revenue projections assumed current sales tax revenue plus future sales tax revenue based on no future annual growth, $915,000 in casino revenue, $53,125.00 in additional interest earnings on unexpended cash balances through the completion of all remaining projects, and $150,000 in payments from the Cape Special Road District that had not been included in the original projections.

Exhibit ‘B’ is a summary of committed and projected costs of  TTF IV. This exhibit shows the total current estimated costs being adjusted to reflect the latest engineering department cost estimates.
 
All projects have been completed for TTF I, TTF II, and TTF III except the Armstrong Drive project in TTF III. There is approximately $3.25 million left in TTF III to fund improvements to various neighborhood streets throughout the city.


GENERAL DIRECTION

ATTACHMENTS:
Name:Description:
EXHIBITS_A___B.pdfEXHIBITS A & B