ITEM TITLE:
#18-04 -
Amending the 2017 City Budget by Accepting Unbudgeted Port Department Revenues Totaling $143,000 and Appropriating $45,000 to Port/Electricity
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $45,000
Unencumbered Balance: $143,000
Funding Source: Port/VCT Parking with Electric (Revenue): 401-0000-36360
RECOMMENDATION:
Approve resolution amending the 2017 city budget by accepting unbudgeted Port Department revenues totaling $143,000 and appropriating $45,000 of this amount to Port/Electricity line item.
SUMMARY STATEMENT:
• Use of refrigerated containers at the Valdez Container Terminal increased to nearly three times the historic average during the summer of 2017.
• This increase was not anticipated in the original 2017 adopted budget, and electricity costs are over-budget as a result.
• There is an offsetting increase in Port revenues, which reflects a pass-through of this cost to Port customers.
• The increased Port revenue is used to fund the increased Port electricity expense.
• Ports/Harbor Director will be present to answer operational questions.