ITEM TITLE:
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Consider approving a resolution amending the City of Lawton FY23-24 budget, as amended, by appropriating $10,354,329.94 to the ARPA grant account from the income replacement fund received in prior years and the Lawton Water Authority to fund the acquisition and improvement in the operation of the water system at Lake Lawtonka.
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INITIATOR: Joe Don Dunham, Finance Director
STAFF INFORMATION SOURCE: Joe Don Dunham, Finance Director
BACKGROUND: During the October 29, 2023 City Council meeting, a resolution was passed to authorize and approve the incurring of debt of $2,940,000 for the cost of the acquisition and improving of certain capital improvements in the operation of the water system that provide recreational benefit to the citizens of the City. This money now needs to be budgeted to make the payment. Also, the City has received $18,202,822 in ARPA Revenue Replacement Funds, of which $7,414,329.94 is not encumbered. These funds need to be encumbered so water system improvements can be made along Goodyear Blvd. for the benefit of the city’s industrial development program.
EXHIBIT: Resolution #24-_______
KEY ISSUES: Does the City Council wish to make these purchases and improvements.
FUNDING SOURCE: Remaining ARPA revenue replacement funds received by the City of Lawton, and the loan in the amount of $2,940,000 which was closed on or about December 8, 2023.
STAFF RECOMMENDED COUNCIL ACTION: Approve a resolution amending the City of Lawton FY23-24 budget, as amended, by appropriating $10,354,329.94 to the ARPA grant account from the income replacement fund received in prior years and the Lawton Water Authority to fund the acquisition and improvement in the operation of the water system at Lake Lawtonka.