ITEM TITLE:
A Resolution Revising the 2018 City Budget by Transferring $40,000 from Capital Projects / Project Contingency to Major Maintenance Reserve / Senior Center Upgrades.
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $40,000
Unencumbered Balance: $1.02MM
Funding Source: 310.0200.58200, CIP Project Contingency
RECOMMENDATION:
Approve Resolution Revising the 2018 City Budget by Transferring $40,000 from Capital Projects / Project Contingency to Major Maintenance Reserve / Senior Center Upgrades.
SUMMARY STATEMENT:
• This resolution provides funding for ongoing Senior Center renovations, as discussed during the recent Council workshop.
• Both the CIP and Major Maintenance Reserves carry an unspecified project contingency balance of 5% of works in progress. This is a recently adopted convention, and staff will review and re-set figures quarterly for Council approval.
• The CIP contingency has sufficient funds for 2018 Senior Center projects. However, Senior Center funding resides in Major Maintenance Reserve. Therefore a Budget resolution is necessary.
• Staff will incorporate this ongoing work into annual Projects budgeting for 2019 and beyond.