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Elevate Fund Operations and Maintenance
Updated Sep 07 2022
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Summary
Each year, funding is set aside by the city to provide for the ongoing administrative and maintenance needs of Elevate projects. For 2020 and 2021, a flat dollar amount specified by City Council will be set aside. Each year after, 15% of the net revenues generated by Elevate will be allocated for these needs.
Goals and Impact
Provide annual funding to pay ongoing administrative and maintenance costs for Elevate projects
Ensure projects have a devoted funding source to be maintained over the long-term at the City of Tuscaloosa's standard of excellence
Project Updates
Timeline
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Key Milestones & Events
Completed:
Up Next:
Project Materials
Financial Information
Costs
Cost Summary
Spent:
$1,912,728
Approved:
$5,587,004
Budget:
$38,322,479
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Spent: The amount paid on this project to-date.
Approved: The amount that has been approved by the City Council to be spent for a specific contract or purpose on this project. In city accounting terms, this is spent + encumbered.
Budget: The total amount of money that the City expects to be spent to complete this project. This amount is only finalized once sufficient planning on the project has been completed.
Cost Details
Elevate Tuscaloosa Fund: City funds dedicated to Elevate Tuscaloosa which are allocated to this project.
Other City Funds: City funds from non-Elevate Tuscaloosa sources allocated to this project.
External Funding: Amounts from sources outside of the city, such as grants, or donations from citizens or private companies.
Overall Funding
Funding Summary
Elevate Tuscaloosa Fund:
$5,587,004
Other City Funds:
$0
External Funding:
$0
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