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Regular Agenda Item 3. L.

Regular BOS Meeting

Meeting Date:	08/15/2022
Submitted For:	Steve Sanders	Submitted By:	Shannon Coons, Fiscal Services Manager
Department:	Public Works	Division:	Engineering
Fiscal Year:	FY2023 & FY2024 & FY2025	Budgeted?:	No
Contract Dates Begin & End:	06-30-2025	Grant?:	No
Matching Requirement?:	No	Fund?:	Renewal

Information

Request/Subject

Adopt Resolution No. 22-08-04 which authorizes the execution of the budgeted transfers from the Transportation Excise Tax and Gila County General Fund to the Tonto Creek Bridge Project Local Government Investment Pool (LGIP) Participant Application from the Office of the State Treasurer of Arizona escrow account.

Background Information

On June 17^th, 2022 bids were opened for the Tonto Creek Bridge Project. The low bid was in the amount of $21,094,933.18.

Gila County received $21,095,564 in BUILD Funds and contributed $2,285,000 in local funds for a total amount of $23,380,564.

There are sufficient funds to award the project. However, there are additional costs outside of the construction associated with the project. Specifically, construction engineering in the amount of $2,555,000 and construction contingencies in the amount of $1,054,747. These amounts are estimates and the actual amount may be more or less when construction is complete.

This leaves a shortage of funds in the amount of $970,055 which is the responsibility of Gila County.

Evaluation

Gila County raised concerns to the Arizona Department of Transportation (ADOT) that since the actual cost is unknown and ADOT is requiring the full amount up front. The County should be able to receive the interest these funds generate and ADOT has agreed to that request. A Local Government Investment Pool escrow account will be set up with the Arizona State Treasurer and the funds will be deposited into that account. ADOT will draw on the funds as needed and provide Gila County with a monthly accounting of the funds.

Conclusion

Gila County needs to provide an additional $970,055 to the project. It is the desire of the Public Works Department that half of the payment be made from the General Fund and the other half from the Transportation Excise Fund.

Recommendation

The Public Works Department Director and staff recommend the Board of Supervisors adopt Resolution No. 22-08-04 authorizing the execution of the Application to provide $970,055 to the Tonto Creek Bridge Project by using an Arizona State Treasurer's Local Government Insurance Pool escrow account.

Suggested Motion

Information/Discussion/Action to adopt Resolution No. 22-08-04 which authorizes the execution of the budgeted transfer of $970,055 from the Transportation Excise Tax and Gila County General Fund to the Tonto Creek Bridge Project Local Government Investment Pool (LGIP) Participant Application from the Office of the State Treasurer of Arizona escrow account. (Steve Sanders)

Attachments
Resolution No. 22-08-04
LGIP Application
LGIP Characteristics
ADOT Inv LA2023000007