Item - 2019.BU7.8

The General Manager, Transportation Services recommends that:

1.  City Council amend the Transportation Services' approved 2019 Capital Budget by reallocating funding of $1 million between projects, as presented in Attachment 1 of the report from the General Manager, Transportation Services, with a zero budget impact.

2.  City Council amend the 2019-2028 approved Capital Budget and Plan for Transportation Services by creating a new Future of King Street project with total project costs of $1.5 million gross and $0 debt, with committed cash flows of $1 million in 2019 and $0.5 million in 2020, fully funded by the Public Realm Reserve Fund.

This report requests City Council's authority to amend Transportation Services' approved 2019 Capital Budget and 2019-2028 Capital Plan by reallocating cash flows within the 2019 Budget.

In addition, the report requests authority to amend Transportation Services' 2019 Capital Budget and 2019-2028 Plan by creating a new Future of King Street capital project with 2019 total project costs of $1.5 million gross and $0 debt with cash flows of $1 million in 2019 and $0.5 million in 2020, fully funded from the Public Realm Reserve Account.

These adjustments will align program requirements and project delivery schedules resulting in improved spending rates.

This report requests City Council's authority to amend Transportation Services' approved 2019 Capital Budget by reallocating funding of $1 million as presented in Attachment 1 with a zero budget impact.

In addition, approval of the recommendations in this report will result in the creation of a new Future of King Street project with total project costs of $1.5 million gross and $0 debt, with committed cash flows of $1 million in 2019 and $0.5 million in 2020, fully funded by the Public Realm Reserve Fund.

The Chief Financial Officer and Treasurer has reviewed this report and agrees with the financial impact information.