ITEM TITLE:
#16-30 Amending the 2016 Budget by Reallocating $2.5 Million of Previously Appropriated Reserve and Capital Improvement Funds to the Incident Management Reserve Fund for Valdez Glacier Stream High Water Mitigation
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $2,500,000
Unencumbered Balance: $3,730,779
Funding Sources: Incident Management Reserve; Project Planning Reserve; Project Contingency.
RECOMMENDATION:
Approve budget resolution as proposed
SUMMARY STATEMENT:
This resolution proposes a transfer of $1m from fund 350, Project Planning Reserve, $1m from fund 310, Capital Improvements - Project Contingency, and $500k from sub-accounts within the Incident Management Reserve Fund (352). All funds are directed to fund 352-8300-55300, Incident Management - High Water Current Year.
See Attachment for line-item detail.
Notes:
*The “project contingency” transfer does not impact the Harbor project funding, as this project has its own contingency
*Inter-fund transfers, i.e. re-allocations within fund 352, do not require council action. However, for clarity in the discussion and subsequent record, I include these items in the resolution and attachment
*The attachment lists the impacted line items. The actual bookkeeping entry reduces or increases these balances, and also uses corresponding “transfer-in” and “transfer out” actions to move monies to/from the affected funds.
*Fund 352 (incident management reserve) is a sub-fund of 350 (Reserve). Therefore, the “transfer in” mechanism is via fund 350.