ITEM TITLE:
#19-23 - Amending the 2019 City of Valdez Budget by Appropriating Excess Funds in the Amount of $4,189,671 Carried Forward from the 2018 Budget Year, and Re-appropriating $13,917,831 of Project Funds
SUBMITTED BY: Brian Carlson, Finance DIrector
FISCAL NOTES:
Expenditure Required: $18,107,502
Unencumbered Balance: $18,107,502
Funding Source: Excess funds carried forward from 2018 and project re-appropriations
RECOMMENDATION:
Approve resolution
SUMMARY STATEMENT:
• This resolution is comprised of two components:
o Re-appropriated project funds totaling $14MM; and
o 2018 Carried-forward funds totaling $4.2MM
• The Carry-forward amount reflects staff’s best estimate, and may require slight adjustment upon conclusion of the 2018 audit in June.
• This resolution excludes PVMC/Hospital projects, pending communications with PVMC management regarding funding. These projects will be presented in a separate resolution.
• This resolution also excludes the new fire station project and related bond proceeds, pending the outcome of the May 7 election.
• Attachments:
o Summary of Projects and Carryforward Resolution
o Carry Forward Sources
o Resolution - Projects and 2018 Carry-forward
o Resolution - Exhibit A
§ Reduced or Eliminated Project Appropriations
§ Increased Project Appropriations
§ Operating Appropriation Requests
§ Revenues and Transfers
o Project List