Title
Authorization for Use of FY 2003 Retained Earnings for RTS Administrative and Operations Building Expansion (B)
Explanation
Regional Transit System (RTS) currently has two (2) Florida Department of Transportation (FDOT) Urban Capital grants that require a 50% match of local funds. These FDOT grants expire on June 30, 2005 ($1,250,000) and December 31, 2005 ($285,265), respectively. RTS currently has retained earnings for FY 2003, of which $273,046 is the available balance. Retained earnings represent the operating surplus generated during the fiscal year.
RTS recommends the use of the retained earnings to match FDOT funds for Site Work for the Regional Transit System Administrative and Operations Building Expansion. Thru the years, the number of employees has increased from 80 to 215, however, there have been no major modifications to this facility to provide adequate working and parking space for RTS employees. This project is a necessary part of Phase II of the RTS overall site redevelopment and must be initiated separately and prior to the start of the building reconstruction/expansion.
The total estimated cost for this project is $279,741, using retained earnings of $139,870.50 and $139,870.50 in FDOT funds. Estimated project completion is August 2006. Retained Earnings balance will be $133,176.
Fiscal Note
A total of $139, 870.50 in retained earnings is needed to match Florida Department of Transportation Urban Capital funds (50% of total cost) to complete this project.
Recommendation
The City Commission: 1) authorize the Regional Transit System to use available retained earnings of $139,870.50 for proposed RTS building expansion project; and 2) authorize the City Manager or designee to approve the use of these funds.