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sr-082581-6nGSaSS;dd To: P~layor and City Council From: City Staff Santa Monica, California fed rS ecC~ August 20, 1981 AU6 2 5 1981 Subject: Authorization of Transfer of Funds in dater Division Budget Introduction This report requests. that Council authorize the transfer of funds from ~rtater -~ Division Account No. 720 and 722 to the Capital Improvements Account No. 901. Background During the 1980-81 Fiscal Year, Staff was .directed to initiate the water main replacement project in i'9arine Street. As funds were not then available in the tdater Fund, it was determined a loan should be made from the General Fund to the 'Mater Fund to finance the project. The contract was not awarded until July, 1981, and the transfer of funds from the General Fund to the Nater Fund was not necessary. However, because Staff believed the contract could be awarded prior to June 30, 1981, funds were requested and appropriated in the 1981-82 budget by Council for the repayment of the loan. Those funds are now needed to finance the Marine Street Main Replacement project. In the Staff Report, dated May 20, 1981, Staff recommended that the transfer be made from Account No, 720 -~ and 722 to Account No. 901. However, Council took. no action on the recommenda- tion at that time. It is now necessary for Council to authorize ttie transfer of these funds from the Water Division Account No. 720 and 722 to the ~rlater Division Capital Improvements Account No, 901 so that this project can 6e funded. Recommendation It is recommended City Council authorizethe transfer of $432, 000. from the !(t VAS C~ -~ mater Division Account No. 720 and 722 to the Mater Capital Improvements 6 Account No. 901. ~~ AU6 2 a 19111 Prepared hy: Stan Scholl and Nick Rives © ~