ITEM TITLE:
#24-52 - Amending the 2024 City Budget by Accepting a Brennan Matching Fund Project Grant from the National Oceanic Atmospheric Administration and Authorizing the Re-Allocation of $75,000 for Required Matching Funds for the Port of Valdez Hydrographic Survey
SUBMITTED BY: Jordan Nelson, Finance Director
FISCAL NOTES:
Expenditure Required: $75,000
Unencumbered Balance: $75,000
Funding Source: 350-3550-49510, NOAA Survey Grant Match Expense via Transfer from 001-3550-43400, Emergency Management Contractual Services
RECOMMENDATION:
Approve Resolution 24-52.
SUMMARY STATEMENT:
This budget resolution is necessary as it formally accepts the grant and recognizes the associated revenues and expenditures; it corrects a minor procedural oversight and now gives similar accounting treatment to all grant-like expenditures uniformly across the organization.
The City Council supported the submission of the application on Resolution 23-52 in October 2023, and approved the Memorandum of Agreement between the US Department of Commerce NOAA and the City of Valdez in August, 2024 for this project.
This resolution formally accepts and records the National Oceanic Atmosphere Administration (NOAA) Brennan Matching Fund Project Grant that has been awarded to the City of Valdez for a Hydrographic Survey of Port of Valdez.