ITEM TITLE:
#17-56 - Amending The 2017 City Budget By Establishing a Dedicated Reserve for Providence Valdez Medical Center (PVMC) Project Funds, Funding this Reserve by Transferring $4,032,752 of Previously Appropriated Funds Representing Approved PVMC Projects, and Increasing Project Revenues by $600,000 to Reflect Previously Approved but Un-Budgeted PVMC Projects
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: none - transfer of funds and increased project revenues
Unencumbered Balance: n/a
Funding Source: Funds 310 (Capital Projects) and 350 (Major Maintenance Reserve)
RECOMMENDATION:
Approve resolution # 17-56, amending the 2017 City budget by establishing a dedicated reserve for Providence Valdez Medical Center (PVMC) project funds, funding this reserve by transferring $4,032,752 of previously appropriated funds representing approved PVMC projects, and increasing project revenues by $600,000 to reflect previously approved but un-budgeted PVMC projects
SUMMARY STATEMENT:
• This resolution will establish a dedicated reserve fund reflecting approved Providence Valdez Medical Center capital and maintenance projects.
• All currently appropriated PVMC project funds have been provided from PVMC reserves via cash transfer to the City.
• Staff and PVMC anticipate that this funding convention will be ongoing.
• Staff recommends isolating these funds so as to prevent commingling of hospital and city funds as projects are periodically closed or re-prioritized.
Attachments: Budget Revision Resolution
Attachment A