ITEM TITLE:
#19-57 - Amending the 2019 City Budget by Accepting Unbudgeted Port Department Revenues Totaling $250,000 and Appropriating $57,000 to Port Electricity Expense
SUBMITTED BY: Jenessa Ables, Port Operations Manager
FISCAL NOTES:
Expenditure Required: $57,000
Unencumbered Balance: $250,000
Funding Source: Port VCT Parking with Electric (Revenue): 401-0000-36360
RECOMMENDATION:
Approve resolution amending the 2019 City budget by accepting unbudgeted Port Department revenues totaling $250,000 and appropriating $57,000 of this amount to Port Electricity expense account.
SUMMARY STATEMENT:
• Use of refrigerated containers at the Valdez Container Terminal exceeded nearly three times the historic average during September and October of 2019.
• This increase was unanticipated in the original 2019 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.
• Finance has reviewed this resolution.