ITEM TITLE:
#24-06 - Amending the 2024 City of Valdez Budget by Increasing Providence Valdez Medical Center Reserve Fund Revenue by $1,275,000 and Appropriating the Same for the Hospital Generator Replacement Project
SUBMITTED BY: Nathan Duval, Assistant City Manager / Capital Facilities Director
FISCAL NOTES:
Expenditure Required: $1,275,000
Unencumbered Balance: $9.6MM as of 1/31/2024
Funding Source: PVMC Fund
RECOMMENDATION:
Approve Resolution 24-06
SUMMARY STATEMENT:
The standing convention for funding City managed hospital projects is to receive funds from PVMC and appropriate them to the specific project cost codes.
The current bid received requires a transfer to the City in the amount of $1,275,000. The Generator Replacement project ranked 5 overall and number 2 for Providence during Projects Prioritization, with the PVMC Fund as the anticipated funding source for this project.