Bainbridge officials announced Friday that the city does not have enough money in its budget for the proposed roundabout at Madison Avenue/Wyatt Way to complete the project.

The Bainbridge Island City Council will be asked next week to increase the budget for the project by roughly $440,000.

City Manager Morgan Smith, in her weekly Friday newsletter, said the extra money will cover “water system improvements and allow for project contingency costs that could be needed during construction.”

The Wyatt Way project is estimated to cost $4.3 million, with more than half of the money — $2.5 million — coming from state grants.

The remaining funding for the project will largely come from the city’s General Fund, the account that pays for police, planning, and the costs of other city operations.

At the council meeting on Jan. 14, city staff will request an additional $308,251 from the city’s General Fund and $127,500 from the Water Utility Fund.

The centerpiece of the Wyatt Way project is a “mini roundabout” at the intersection of Wyatt Way and Madison Avenue.

City officials said the roundabout will improve traffic at the intersection, currently a four-way stop that often has backups of drivers heading north on Madison Avenue or south on the street toward downtown Winslow.

Other pieces of the project include sidewalks and new lighting. Bicyclists will be able to use the roundabout or sidewalks at the intersection, officials said.

Smith also noted that large existing trees on Wyatt Way, just west of the Madison Avenue intersection, will be not be cut down.

Other changes include 5-foot-wide bicycle lanes and new sidewalks reaching west along Wyatt Way, on the north and south sides, to Lovell Avenue.

Water and storm drainage systems will also be improved along the corridor.

If the city council approves increasing the project’s budget, the city expects construction to start early this summer.