Sponsor: Library
Title
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Closeout Ramsey County Library - Shoreview Capital Improvement Program project to partially fund the Ramsey County Library-Maplewood Renovation project.
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Recommendation
recommendation
Approve the closeout of the Ramsey County Library (RCL) - Shoreview Capital Improvement Program project and transfer $757,019.44 to the RCL-Maplewood Remodel project. Subsequently return $757,019.44 from the RCL-Maplewood Remodel Project to the Library Operations Fund.
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Background and Rationale
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Board Resolution 2015-311 approved the Capital Improvement Program project for the Ramsey County Library-Shoreview new construction build utilizing bond funding. Subsequently, additional funds were approved through Board Resolution 2016-049. In total, $18,606,500 was approved. The new library opened in January 2017. All expenses related to the construction have been paid and a project balance of $757,019.44 remains.
On December 17, 2019, the Ramsey County Board of Commissioners approved the 2020 Capital Improvement Program Financing, including $1,000,000 for the Ramsey County Library-Maplewood Remodel project (B2019-323B). Subsequently, on January 14, 2020, the County Board of Commissioners amended the Capital Improvement Program Budget and Financing Plan to change the funding sources to utilize existing Library Operating Fund balances rather than sell county-issued general obligation bonds (B2020-019). Funding in the amount of $884,399 was transferred from the Library Operating Fund to the RCL-Maplewood Project and $115,601 was funded by bond premium proceeds and interest.
On December 15, 2020, the Ramsey County Board of Commissioners approved and adopted the 2021 Capital Improvement Program and Budget Financing including financing changes related to the RCL-Maplewood Remodel Project (B2020-258). Funds from the Library Operating Fund totaling $2,769,005 replaced bond proceeds for this project.
All outstanding expenditures related to the RCL-Shoreview have been paid and the remaining balance of $757,019.44 needs to be closed. Staff requests the remaining balance be transferred to the RCL-Maplewood Remodel Project and subsequently an equal amount be returned to the Library Operating Fund. These two actions allow the Maplewood Library project to be fully funded with Library Operating Fund balance, leaving a minimal balance in the fund at the end of 2021.
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County Goals (Check those advanced by Action)
☐ Well-being ☐ Prosperity ☐ Opportunity ☒ Accountability
Racial Equity Impact
The Ramsey County Library-Maplewood serves a diverse community of patrons. In a rapid pandemic response during 2020, a temporary service center was placed in the current building to provide better access to a broader array of services for Ramsey County residents. As a component of the remodel plan, service center and library needs will both be assessed to provide for a potentially full integration of the service center at the library location.
Community Participation Level and Impact
This action is operational and internal facing. However, community input related to the Ramsey County Library-Maplewood will be solicitated during the design phase.
☒ Inform ☐ Consult ☐ Involve ☐ Collaborate ☐ Empower
Fiscal Impact
Funds in the amount of $757,019.44 are available to be closed from the Ramsey County Library-Shoreview project to partially finance the Ramsey County Library-Maplewood Renovation project. Subsequently, the total of $757,019.44 will be returned to the Library Operations Fund and then used to fully fund the Maplewood Library Renovation project. With these actions, the Ramsey County Library-Shoreview project balance will be zero and the Library Operations Fund balance is anticipated to be $70,342.
County Manager Comments
County Board approval is required when remaining funds from Capital Improvement Program projects are requested to be used for a new project.
Last Previous Action
On December 17, 2019, the County Board approved the 2020-2025 Capital Improvement Program Plan, the 2020- 2021 Capital Improvement Program Budget, and 2020 Capital Improvement Program Financing (2019-323B).
On January 14, 2020, the County Board approved amended the 2020 Capital Improvement Program Budget and Financing Plan to change the funding sources for the $19,900,000 of Regular and Major capital projects to be made available from fund balances rather than from the sale of county-issued general obligation bonds (B2020-019)
On December 15, 2020, the County Board approved the 2021 Capital Improvement Program Budget and Financing and approved the following change: Funds from the Library Operating Fund Balance will replace the bond proceeds for the Maplewood Library Remodel Project for $2,769,005 (B2020-258)
Attachments
None.