(October 18, 2005) – City Council approved a list of street resurfacing projects recommended Tuesday by the new Public Works Director, Dennis Clowers.
The projects are:
- Wilshire Boulevard from County Line Road to Council Road
- Independence Avenue from NW Expressway to NW 63
- NW 63 from May Avenue to Pennsylvania Avenue
- SW 29 from MacArthur Boulevard to Rockwell
- SE 149 from Air Depot to Post Road
- Pennsylvania Avenue from SW 69 to SW 84
- NW 16 from Pennsylvania to Villa
- Bryant Avenue from NE 10 to NE 23
- Rockwell from NW 136 to NW 150
The projects will total $2.5 million and will be paid for out of the General Fund balance for Fiscal Year 2004-2005, which began on July 1, 2004.
Thanks to careful fiscal management and some lower-than-expected costs, the City finished FY 04-05 with a General Fund balance of $40 million – that is, $40 million in unspent money.
The City's financial policy states the City should keep a balance in the General Fund of 6 to 10%. City Manager Jim Couch told Council in a report last April that the City could spend $4 million of its General Fund balance and still fall well within the 6 to 10% balance target.
The General Fund gets most of its revenue from the 2% permanent sales tax. Other revenue sources include fees for permits, franchise fees and use tax revenue. Most basic services, including Police, Fire and parks are paid for from the General Fund.
Unlike most cities around the nation, Oklahoma City is forbidden by law to use property tax revenue for its General Fund.
