ITEM TITLE:
Carry Forward Resolution
SUBMITTED BY: Jordan Nelson, Finance Director / Nate Duval, Capital Facilities Director
FISCAL NOTES:
Expenditure Required: $750,000
Unencumbered Balance: Click here to enter text.
Funding Source: Click here to enter text.
RECOMMENDATION:
Review and provide feedback if necessary
SUMMARY STATEMENT:
The carry forward resolution will be presented on April 29th and reflect the established convention related to the Capital Projects Planning Reserve. Excess funds carried-forward from the prior fiscal year are placed in reserve annually until the Operating and Capital Budget process which is typically adopted by the first week of December.
Since this is the second year of a new projects budgeting convention, projects team respectfully requests funding for one project outside of the full prioritization process in order to keep momentum on the City’s CIP and Major Maintenance list:
• Nuisance Abatement Program
o Scrap Barge Project $750,000
The implications of the $4.2MM funds carried forward are twofold:
1. Scrap Barge Project is funded outside of “normal” projects prioritization and does not compete for scarce resources in a full-scale projects prioritization session.
2. Projects Planning Reserve will be funded with $3.5MM for projects prioritization sessions in the fall, instead of the full $4.2MM from excess funds carried forward.
Staff is requesting feedback from council on this as a funding option for the Scrap Barge Project. If there is no objection, staff will proceed with this course of action on the April 29th Carry Forward Resolution.
Other options available to the Council to fund this program include:
• Partial funding from Council Contingency Reserve ($525K unencumbered)
• Unrestricted, Unassigned General Fund ($13.6MM at start of FY25)