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Regular Meeting January 31,2005 contract be awarded to Kwame Construction for their bid of $63,195. Ms. Colquitt moved to table and Mr. Sharpe seconded. The motion was carried unanimously. Six Month Budqet Transfers The second item removed from the Consent Calendar is the six-month budget transfers. Members of Council asked for expanded explanation on the amount of those transfers. The City Manager then explained that the amount of those transfers and the total is $879,000 and about eighty per cent is accounted for in four major construction projects, such as the Groby Bridge. Each of those projects requires appropriation of expenditure for contract and to keep the budget balanced, appropriate the revenue, which is primarily a Federal grant. There are eight hundred thousand dollars worth of budget transfers, for mostly very minor items. The major expenditures are to fund four Federal grant projects, increasing the expenditure and the revenue side of the budget by equal amounts. Mr. Wagner asked for clarification. He noted that his understanding of this procedure was that it entailed transfer of funds from one budget line to another, but he said this explanation did not agree with that understanding. He wanted to know about "approving incoming new revenue to fill something" and he asked if the bridges were not in the budget? Mr. Ollendorff said these projects were not in the current operating budget; they were in the five-year capital budget. Mr. Wagner was satisfied with the explanation and moved to approve and Mr. Sharpe seconded the motion. Ms. Brot asked about the golf course and the listed transfer of $19,625 and if" ... this is the same thing that is going to be done which is listed in this administrative report or what does the $19,000 in miscellaneous improvements mean?" Mr. Ollendorff said he believed it to be the cost of the watering system, the underground watering system, which is the major capital improvement at the golf course this year, to replace about a third of the underground watering system. The bids came in over-budget so appropriations need to be made in the amount of $19,000. On the revenue side, revenues have been increased from several different sources to pay for that. Then she asked about an item, under Heman Park Recreation Facility buildings, for the amount of $24,683. She wanted to know which buildings these were and what was being done to them? They are on page six, number 742.01 that she questioned. The City Manager said he would check on that item and get back to her with the information. Then she asked about the restrooms. Her final question was about interest on investments. She wanted to know how City money was invested, and the City Manager responded that it is in money market accounts and in guaranteed safe investments, to avoid risks with public money; in federally insured investments. She asked if the City had lost $40,000 and was advised that figure meant the City predicted it would not meet its budgeted Page 6