MEMORANDUM

TO: Pete Sprague, Assembly President

Members, Kenai Peninsula Borough Assembly

THRU: Dale Bagley, Mayor

Scott Holt, Finance Director

FROM: Gary Davis, Road Service Director

DATE: June 24, 2004

SUBJECT: Resolution 2004-068;

Echo Lake Road STIP Match Funds

The Road Service Area board has previously allocated $170,000 toward the Echo Lake Road STIP project. This road has recently received a major re-paving/repair project, which negates the need to expend this amount of borough funds at this time. The current state ADOT policy requires a local municipality match to be eligible for state and federal funding on this road. The latest STIP program, 2004-2006, has this project scheduled for Phase 2 Design work in FY 2006. This Phase 2 Design estimate requires a $7,200 local municipal funding match.

This resolution rescinds the previous $170,000 allocation and allocates the $7,200 Phase 2 Design local match requirement.