HomeMy WebLinkAbout2015-03-09 Ordinance 5309Ordinance No. 5309
ORDINANCE OF THE COUNCIL OF THE CITY OF PALO ALTO AMENDING THE
BUDGET FOR FISCAL YEAR 2015 TO ESTABLISH A NEW CAPITAL PROJECT IN THE
AMOUNT OF $368,500 IN THE CAPITAL IMPROVEMENT FUND FOR A
RESIDENTIAL PREFERENTIAL PARKING PROJECT (PL-15003), TO BE OFFSET BY A
TRANSFER FROM THE GENERAL FUND IN THE SAME AMOUNT WHEREBY THE
TRANSFER IS FUNDED WITH $250,000 IN REVENUE FROM THE NEIGHBORHOOD
PARKING PRESERVATION DEPOSIT AND A CONTRIBUTION OF $118,500 FROM
THE GENERAL FUND BUDGET STABILIZATION RESERVE.
The Council of the City of Palo Alto does ORDAIN as follows:
SECTION 1.
A. Pursuant to the provisions of Section 12 of Article Ill of the Charter of the City of
Palo Alto, the Council on June 16, 2014 did adopt a budget for Fiscal Year 2015; and
B. In June 2012, a public benefit contribution from Lytton gateway established a
$250,000 Neighborhood Parking Preservation Deposit (Ordinance 5158); and
C. On December 2, 2014, Council directed staff to establish a new Residential
Preferential Parking (RPP) program in the Downtown neighborhoods; and
D. The program requires the fabrication and installation of new signage; and
E. McGuire-Pacific Contractors submitted the most advantageous proposal to
the City in the amount of $368,500; and
SECTION 2. Therefore, Two Hundred and Fifty Thousand Dollars ($250,000) from the
Neighborhood Parking Preservation Deposit is recognized as revenue in the General Fund and
with a decrease in the General Fund Budget Stabilization Reserve in the amount of One
Hundred and Eighteen Thousand and Five Hundred Dollars ($118,500) a transfer from the
General Fund to the Capital Improvement Fund in the amount of Three Hundred and Sixty Eight
Thousand Five Hundred Dollars ($368,500) is established to be appropriated to the new
Residential Preferential Parking Project (PL-15003).
SECTION 3. As provided in Section 2.04.330 of the Palo Alto Municipal Code, this
ordinance shall become effective upon adoption.
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SECTION 4. The Council of the City of Palo Alto hereby finds that this is not a project
under the California Environmental Quality Act and, therefore, no environmental impact
assessment is necessary.
INTRODUCED AND PASSED: March 9, 2015
AYES: BERMAN, BURT, DUBOIS, FILSETH, SCHARFF, SCHMID, WOLBACH
NOES:
ABSENT: HOLMAN, KNISS
ABSTENTIONS:
NOT PARTICIPATING:
ATTEST:_/
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·f*'Y4'\City Clerk Mayor
APPROVED:
~,.Director of Administrative Services
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