Title
ORDINANCE AMENDING THE BUDGET OF THE CITY OF DULUTH FOR 2019 BY INCREASING THE BUDGET BY $700,000 TO COMPLETE THE MINNESOTA SLIP PROJECT INCLUDING THE RETURN OF THE WILLIAM A IRVIN.
Body
CITY PROPOSAL:
The city of Duluth does ordain:
Section 1. That ordinance 18-060-O passed and approved December 17, 2018, is hereby amended by appropriating an additional $700,000 from the city’s reserve fund for the completion of the Minnesota Slip project as follows:
General Fund
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700 Transfers and other Functions $10,687,300 $11,387,300
Total General Fund $89,145,600 $89,845,600
Section 2. That this ordinance shall take effect immediately upon its passage.
Statement of Purpose
STATEMENT OF PURPOSE: This ordinance transfers $700,000 out of the city’s reserves into the city’s general fund to complete the Minnesota Slip project including the return of the William A Irvin. The Project has incurred additional unanticipated costs due to unforeseen conditions due to the age and deterioration of the seawall infrastructure. In addition, the complexity of the removal of the William A Irvin and the delay in it’s planned return has an impact on overall project costs. City reserves currently exceed the maximum amount (ten percent of expenses) specified in the City’s reserve policy.