ITEM TITLE:
Approval to Allocate 2019 Portion of Community Service Organization (CSO) Funds for Valdez Fisheries into the Reserve Account to Accommodate Project Timeline Revision
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: n/a
Unencumbered Balance: n/a
Funding Source: n/a
RECOMMENDATION:
Provide direction to staff for follow-up budget resolution
SUMMARY STATEMENT:
• Council appropriated $104K in the 2019 budget for Robe Lake Study.
• These funds expire at the end of calendar 2019, and have not yet been remitted to VFDA.
• The timing of needed preliminary work from Army Corps of Engineers may preclude VFDA from bidding their portion of the project until 2020.
• Staff is proposing setting these funds in a reserve account in the event that the project timeline extends into calendar 2020.
• Email request from Mike Wells, VFDA Executive Director, is attached, and provides additional explanation. Mr. Wells will be present on 4/2 to field questions.
• If approved, staff will include this budget transfer in the 4/16 budget resolution.