Title
Release of funds for expired projects
Body
SUMMARY: In a recent Audit Committee meeting, the Planning Commission Surety was brought up. It is a liability line item in the current amount of $27,480. Of that amount, $16,080 is for three current, active projects. The remaining $11,400 is for three long-expired projects for which, for various reasons, the funds were never released. These funds need to be released in order to reduce the City’s liability in this line item and project a more accurate total.
BUDGET ACCOUNT:
Recommended Action
NECESSARY COUNCIL ACTION: Discuss and take action on expired projects and their funds.