File #: RES 17-0035    Version: 1
Type: Resolution Status: Passed
File created: 8/8/2017 In control: City Council
On agenda: 8/15/2017 Final action: 8/15/2017
Title: #17-35 - Amending the 2017 Budget by Transferring $2,306 from Capital Projects Contingency to Airport Fund/Rent
Sponsors: City Council
Attachments: 1. Budget Resolution Airport Lease.pdf, 2. State DOT&PF Airport Rate Increase 2017.pdf

ITEM TITLE: 

#17-35 - Amending the 2017 Budget by Transferring $2,306 from Capital Projects Contingency to Airport Fund/Rent

 

SUBMITTED BY: Brian Carlson, Finance Director.

 

FISCAL NOTES: 

Expenditure Required: $2,306.

Unencumbered Balance: $727,000

Funding Source: 310.0200.58200, Capital Projects / Project Contingency

 

RECOMMENDATION:

 

SUMMARY STATEMENT:

The City received notice from the State of Alaska that rental rates for the airport building will increase, effective September 1, 2017.  This expense line was precisely budgeted in the 2017 budget, without a margin for increased rates.  This budget resolution appropriates the needed funds, and enables the City to remit payment on the September 1 due date.

The proposed source of funds is the Capital Projects / Project Contingency account.  Staff is preparing a regular, periodic “cleanup” of the many project accounts, and estimates $900,000 and $1.3MM available for repurposing from the Capital Projects and Major Maintenance Reserve funds, respectively. 

Finance staff will prepare an analysis of all reserve funds in anticipation of a Council-level discussion about reserve funds policy, uses, targets, etc.