Whatever happened to the $135.2 million in unspent capital improvement funds?

[DowntownNow]

Given the recently released Public Works Audit, the ever shrinking budget and the proposed start of the $451 million Fix-Our-Streets program...I wondered whatever became of the $135.2 million that was found to be tucked away in City coffers and unallocated for projects, some dating back to the 70s?

This was the story in the Tulsa World when it was found...cant find anything since, anyone?

Unspent funds irk councilors
by: P.J. LASSEK World Staff Writer
Wednesday, October 29, 2008

Some are shocked to learn of millions still to be spent even as voters are being asked for more.

A total of $135.2 million in unspent sales-tax and bond-package funds dating as far back as 1991 drew harsh criticism from some city councilors Tuesday.

"We're getting ready to ask (voters) for about $500 million to fix the roads, and we're sitting on $136 million for capital projects?" Councilor John Eagleton asked.

During a council committee meeting, Eagleton said he was shocked to hear that money is in an account waiting to be spent on voter-approved projects.

Councilor Bill Martinson said, "We have funds that date back 17 years that haven't been expended, and we have streets that are falling apart before our very eyes."

Martinson added that he doesn't understand why $470,000 from the 1991 sales-tax fund has gone unspent "for one reason or another."

That total includes $410,877 appropriated for voter-approved projects and an additional $59,137 in unappropriated funds.

In addition to the 1991 sales tax, unspent cash sits in the funds for the 1996 sales tax, the 2001 sales tax, the 2006 special extended sales tax, the 1985 economic development sales tax and general-obligation bond packages for 1994, 1999 and 2005.

Budget Director Pat Connelly said the funds reflect projects that aren't complete and residual revenues on projects completed but not closed out.

A portion of the unspent 1991 sales tax is for utility relocations related to the ongoing Interstate 44 widening project.

The figures given to the council are from the Sept. 30 Sales Tax Overview Committee balance sheet report.

Connelly said it takes time to close the books on completed projects, some of which have surplus funds that can be redirected to other eligible projects.

Martinson said he wanted to know when the administration was going to close the completed projects, free the unspent funds and "put those funds to work for citizens."

During the meeting, he told another councilor that the unappropriated funds are the administration's "stash."

Connelly called that comment a "mischaracterization."

After the meeting, Martinson said the city should be "using the funds to improve the city's infrastructure, not acting as an investment firm."

Connelly said certain funds have restrictions about how they can be spent.

He said the city has some funds on its books dating to the early 1980s and even the 1970s.

He said the city has been managing the tax and bond programs according to the accompanying ordinance the council approved for the respective packages.

Connelly said surplus balances from completed budgets have been transferred to other voter-approved projects through council action and in accordance with the ordinances.

Recently the council approved spending $500,000 from the 1985 economic development sales tax fund for the John Hope Franklin Reconciliation Park.

Connelly said the city has detailed reports on the appropriations of the tax initiative packages that are reviewed monthly by the Sales Tax Overview Committee.

After the meeting, Eagleton said, "I cannot imagine what the city is thinking, and I intend to get to the bottom of it."

[cannon_fodder]

Our leaders neglected to notice an extra $135 million in the bank account . . . would you be shocked if they neglected to follow up on it?

[Conan71]

Probably in that same black hole that TARE overcharged us after we paid off our er Covanta's nice trash to energy plant.