FYE 14 Budget prelim - City of Norman

CITY OF NORMANARTERIAL ROADS RECOUPMENT FUNDBUDGETHIGHLIGHTSBackgroundOrdinance Number O-9697-31 was passed February 11, 1997, for the purpose of providingfor recoupment of costs associated with improvements to arterial roads. Prior to this time, City ofNorman policies did not require arterial streets be improved until such time as the abutting propertyis developed, resulting at times in piecemeal roadways which reduced capacity and safety.This Ordinance provides that arterial street improvements be made prior to development ofabutting properties and that such improvements provide for recoupment of all associated costs fromthe benefited abutting property at the time the abutting property is improved or developed.Periodic transfers from the Capital Fund are required since recoupment of costs of aparticular arterial street may take place over a period as long as 30 years.FYE 14 BudgetThe FYE 14 Budget shows a beginning fund balance of $181,708. No expenditures areprojected to be made for FYE 14 Capital Projects.SummaryThe Capital Improvements Project Plan, FYE 2014 – 2018 discusses planned recoupmentprojects in detail.ANNUAL BUDGET120