The Kenai City Council enacted an ordinance that authorizes the return of funds from completed or canceled capital projects to the fund from which the funding originated. Residual funds remain in capital project funds which resulted from completed or canceled capital projects and return on the funds to the original operating fund provides a clearer picture on the available resources on the operating funds.
City Manager Paul Ostrander said:
“These are funds that are in Capital Project Funds that are no longer needed either completed projects, generally completed projects, so those funds are then being returned to the fund that they originally came from, in this case General Fund, Airport Special Revenue Fund and Water and Sewer Special Revenue Fund.”
The funds being returned include:
- Within the Kenai Recreation Center Capital Project Fund there is $77,500 remaining from a FY19 appropriation of $27,500 for recreation center improvements and $50,000 from an FY20 appropriation for drainage improvements.
- $35,000 remains in the IT Capital Project Fund from the canceled IT Master Plan project. That is being canceled as funding was insufficient for the scope of services that was requested.
- $766 remains in the Kenai Fine Arts Improvement Capital Project Fund after completion of renovations to the Kenai Fine Arts Building.
- $4,539 remains in the Airport Terminal Improvement Capital Project Fund after completion of the Terminal Rehabilitation Project.
- $143,878 remains in the Water & Sewer Improvement Capital Project Fund including $12,048 from the Kenai Spur Highway watermain crossing, $11,430 from an FY18 project for lift station upgrades, $110,400 from an FY19 appropriation for Reservoir #1 telemetry upgrades, and $10,000 from other completed capital projects.
- $3,426 remains in the Waste Water Treatment Plant Improvements Capital Project Fund for other completed capital projects.
Return on these funds to the original operating fund provides a clearer picture of the available resources of the operating funds and, thus a better accounting on reserves on funds available for re-appropriation by Council.
