ITEM TITLE:
#17-09 - Amending the 2017 City Budget by Transferring $250,000 from the Major Maintenance Reserve Water-New Well Project to the Capital Facilities Fund North Tank Reservoir Re-Coating Project
#17-09 - Amending the 2017 City Budget by Transferring $250,000 from the Major Maintenance Reserve Water-New Well Project to the Capital Facilities Fund North Tank Reservoir Re-Coating P
SUBMITTED BY: Jason Miles, Capital Facilities Director
FISCAL NOTES:
Expenditure Required: $250,000
Unencumbered Balance: $987,000
Funding Source: Major Maintenance Reserve (350.0310.55000), Activity 1602 (Water-NewWell)
RECOMMENDATION:
Approve budget transfer
SUMMARY STATEMENT:
The March 21st Council agenda contains the award of a contract (New Business) for the North Tank Reservoir Re-Coating construction bid. The base bid plus additive alternate number one exceeds the current project appropriation by $215,000. To avoid postponing the contract award, staff is recommending a repositioning of project monies in the 2017 budget to cover the shortfall plus a small contingency. The projected progress in 2017 for the Water-New Well project is design only; therefore, this is the proposed source for the funding transfer. It is assumed that restoration of full construction funding to the Water-New Well project will be incorporated into the 2018 Budget and CIP.