Title
Consideration of and action on an ordinance to amend the Fiscal Year 2023-2024 Budget for the Capital Improvements Fund to replace the traffic signal detection system at Lambuth and Center Street.
Body
Summary:
Due to roadway repairs at the intersection of Lambuth and Center Street, the existing traffic signal detection loop must be torn out. To replace the detection system at this intersection with the same type of system, it will cost $15,000.00; however, for $23,980.00, the entire intersection can be replaced with a new and improved traffic signal detection system.
The Fiscal Year 2023-2024 Capital Improvements Fund Budget does not include funds to replace the traffic signal system at Lambuth and Center Street. To complete this project a budget amendment in the amount of $24,000.00 is necessary. The Traffic Department is requesting to use contingency in the Capital Improvements fund to cover the remaining cost. There are currently $431,800.00 of contingency funds available.
Fiscal/Budgetary Impact:
Add $24,000.00 to the Fiscal Year 2023-2024 Capital Improvements Budget (Account No. 090-405-49030, Improvements) to be funded from the Contingency balance (Account No. 090-900-45100), which is available for this purpose.
Recommended action
Approve the ordinance to amend the Fiscal Year 2023-2024 budget to replace the traffic signal detection system at Lambuth and Center Street.