Description
Title: Amending Chapter 2, Article 11 Of The Revised Ordinances Of Albuquerque, New Mexico (ROA 1994), To Add A New Section Regulating Indirect Overhead (IDOH) Charges To Capital Funds Establishing An IDOH Rate Cap; Requiring Annual Reporting And Transparency; And Aligning Eligible Uses With Capital Delivery Standards (Baca, Rogers, Champine, Bassan)
Summary
The Albuquerque City Council has introduced Council Bill O-26-3, which amends the city’s regulations regarding Indirect Overhead (IDOH) charges to capital funds. This legislation establishes a cap on IDOH rates at 4.75% or an annual increase tied to the Consumer Price Index, aiming to enhance transparency and consistency in budgeting for capital projects. The bill mandates annual reporting by the Department of Municipal Development and restricts IDOH charges to functions directly related to capital project delivery, excluding costs associated with public safety departments and general administrative functions. This legislation is crucial as it seeks to restore public confidence in capital project funding and ensure that taxpayer dollars are used appropriately for their intended purpose. The ordinance takes effect immediately upon publication, with provisions retro