ITEM TITLE:
#25-59 -Amending the 2025 City Budget by Accepting $415,335.50 in Unbudgeted Revenue from Valdez City Schools as Partial Reimbursement for the Valdez High School and Herman Hutchens Elementary School Domestic Water Piping Replacement Projects and Appropriating this Amount to the Project Planning Reserve Account
SUBMITTED BY: Nate Duval, City Manager
FISCAL NOTES:
Expenditure Required: n/a
Unencumbered Balance: n/a
Funding Source: n/a
RECOMMENDATION:
Approve
SUMMARY STATEMENT:
Valdez City Schools was awarded a State of Alaska Department of Education (DEED) Grant for the Herman Hutchins and Valdez High Schools Domestic Water Piping Replacement Projects that were completed in 2023 and funded by the City of Valdez.
As part of that grant award, VSC received $415K in calendar year 2025 and turned it over to the City of Valdez. They expect to receive an equivalent amount in 2026.
This resolution is to accept the $415k unbudgeted revenues and to appropriate the same to the Projects Planning Reserve account to help fund future projects.