Consider approval of a request to amend the fiscal year 2023-2024 budget to accept and appropriate funds from Lago Mar Development Authority and appropriate fund from the Undesignated Fund Balance Sewer Zone 2.

The City has come to an agreement with Lago Mar Development Authority to work together to install a 24 and 16 inch force main.  The Developer will add $1,225,107.88 to the cost of the project. Estimated total project cost $7,977,453. City responsibility $6,752,345.12, already budgeted $4,123,505. Amount needed from Undesignated Fund Balance Sewer Zone 2 is $2,628,841.

The Finance Department recommends the following Budget Amendments:

Create new account for Developer "Lago Mar East Construction Fund" - $1,225,107.88
                     256000 - 39000   Undesignated Fund Sewer Fund            - ($2,628,841)
                     256702-55680-25602 Lago Mar Force Main Phase 1        - $2,628,841
                     Budgeted Lago Mar Force Main Phase 1                            -$4,123,505

                                                                     New Budget for Phase 1      -$7,977,453.88