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RESOLUTION R-1718-56: A RESOLUTION OF THE COUNCIL OF THE CITY OF NORMAN, OKLAHOMA, APPROPRIATING $899,906.37 FROM THE CAPITAL FUND BALANCE AND TRANSFERRING $23,723.45 FROM A PROJECT ACCOUNT TO INCREASE THE BALANCE OF THE OKLAHOMA DEPARTMENT OF TRANSPORTATION (ODOT) AUDIT ADJUSTMENT PROJECT ACCOUNT FOR AUDITED PROJECTS, AUTHORIZING FINAL PAYMENT IN THE AMOUNT OF $605,246.31 TO ODOT FOR THE CITY'S 20% SHARE FOR MULTIPLE PROJECTS, AND REIMBURSEMENT IN THE AMOUNT OF $518,512.38 TO THE UNIVERSITY NORTH PARK TAX INCREMENT FINANCE (UNP TIF) FUND BALANCE FOR THE ROCK CREEK BRIDGE PROJECT.
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BACKGROUND: Many local transportation projects ranging from road widening to sidewalks are partially funded by grant programs through the Federal Highway Administration (FHWA). The funds are distributed through the Association of Central Oklahoma Governments (ACOG) and the projects are administered by the Oklahoma Department of Transportation (ODOT). The federal share of each project ranges from 80% to 100% of the construction costs of the project depending on the FHWA program. Prior to ODOT requesting bids on projects, the City of Norman is required to enter into an agreement with ODOT and place the funds for the City's share of the project on deposit with ODOT. This amount is based on the Engineer's estimated total construction cost of the project.
The actual construction costs can differ from the Engineer's Estimate for many reasons, including bid costs not matching the original estimate and change orders required during construction. At the end of each project, the ODOT Comptroller's office conducts an audit of each project. ODOT prepares a final invoice, based on the actual cost of construction of the project. The City is then required to pay any additional funds (construction costs exceeded the amount deposited by the City at the time of the engineer's estimate) or receive a refund of unused funds (actual construction costs are less than the engineer's esti...
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