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.