ITEM TITLE:
Approval of Amendment to the 2024 Capital Request for Providence Valdez Medical Center to Fund Various Construction Projects
SUBMITTED BY: Nathan Duval, Assistant City Manager / Capital Facilities Director
FISCAL NOTES:
Expenditure Required: Click here to enter text.
Unencumbered Balance: Click here to enter text.
Funding Source: Hospital Excess Revenue Fund
RECOMMENDATION:
Approve amendment to the 2024 Capital Request for Providence Valdez Medical Center to fund various construction projects.
SUMMARY STATEMENT:
Multiple projects managed by Providence Valdez Medical Center have progressed in design and are ready for construction. Bids have been received and this amendment to the 2024 budget will fund said projects. The significant 2024 projects include appropriating $1,864,038 for the CT replacement, recognizing an additional $895,336 to the Sterile Processing (SPD) project. Funds come from the excess revenue fund as well as repurposing unspent budget from completed projects.
The attached list for approval encompasses the current suite of Providence managed capital projects and their corresponding budget. Most of the listed projects have been approved with past Council action and their budgets have been updated to reflect current actual and expected expenditures.
No additional 2024 approvals are anticipated. 2025 projects will be prioritized with City projects later this year.
An outline of the available excess revenue funds will be presented to the Council accounting for the contractually obligated “days cash” and other funding obligations i.e. physicians’ recruitment & retention program, and revenue stabilization needs.