MEMORANDUM
Members of the Kenai Peninsula Borough Assembly
THRU: Dale Bagley, Borough Mayor
THRU: Jeff Sinz, Finance Director
FROM: Bonnie L. Golden, Grants Manager bg
COPY: Gary Davis, Roads Director
DATE: August 8, 2002
SUBJECT: Ordinance 2002-19-11: Authorizing the Receipt of a Municipal Capital Matching Grant from the State of Alaska for Road Projects; and Appropriating $497,495 to a Capital Project Account
The Alaska Legislature has appropriated $497,495 to the Kenai Peninsula Borough for its allocation under the FY03 capital matching grant program. This is a $1,353 decrease from the amount received from the State last year ($498,848). Grant funds are to be used to continue our borough-wide road improvement program. The Road Service Area Board and the Assembly through adoption of KPB Resolution 2001-101 approved projects to be completed using these grant funds.
A local share must match the State's share on a 30/70 split based on the total project cost. Therefore, using the appropriated amount of $497,495, the required local share is $213,213. The local share for the Road Service Area was approved within the service area's budget for fiscal year 2002/03.
The Service Area Board will meet on August 13, 2002. Acceptance of the grant and approval of the expenditure of grant funds will be on their meeting agenda. The results of their action will be incorporated into the attached ordinance on September 17th, the date of public hearing.