ITEM TITLE:
Approval of Capital Equipment Purchases by Providence Valdez Medical Center in the Amount of $611,200.
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $611,200
Unencumbered Balance: $9.8MM
Funding Source: PVMC Unrestricted Net Position (fund balance) per 12/31/2017 audit
RECOMMENDATION:
Approve Capital Equipment Purchases by PVMC
SUMMARY STATEMENT:
• PVMC provides an annual operating and capital budget to City Council by September 15th.
• PVMC periodically requests authorization to revise their approved annual budget. The attached file itemizes fourteen items totaling $611,200 in requested revisions.
• The funding source is the PVMC “unrestricted net position” i.e. fund balance, which the City owns, and Providence manages on the City’s behalf.
• The $9.8MM “unencumbered balance” does not include the working capital requirement, which is estimated at $3.3MM (90 days operations)
• PVMC representatives will be present to field questions about the requested items.
Attachments: PVMC Equipment Requests and Contract Excerpts
Providence Operating Agreement