ITEM TITLE:
#20-16 - Amending the 2020 City of Valdez Budget by Appropriating $6.29MM of Excess Funds Carried Forward from 2019, by Re-allocating $12.5MM of Prior Project Appropriations to Council Approved Capital and Major Maintenance Projects, and by Recognizing $795K of Previously Unbudgeted Revenue
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $5.13MM
Unencumbered Balance: $6.29MM
Funding Source: General Fund unassigned balance; 2019 actual revenues exceeding budgeted revenues, and 2019 budgeted expenses exceeding actual expenses
RECOMMENDATION:
approve
SUMMARY STATEMENT:
This resolution formalizes design and construction projects appropriations as an amendment to the 2020 budget, plus three requests for appropriations to fund operations. It reflects:
• Council approval of continuation of select existing projects
• Council approval of twenty-four new projects, not previously appropriated
• New revenues to fund approved Providence/Valdez projects: $795k
• Recognition of $6.29MM carried forward from 2019
o $5.13MM Appropriated to projects and operations
o $1.16MM Returned to General Fund Balance
• Management requests for appropriations to fund:
o Operations: $419K (not pertaining to projects). Consists of:
§ $100,596 to Council Contingency Reserve, to replenish recent uses of this contingency (Parks programming, Grace Jang Solutions)
§ $250,000 Tech Reserve, to partially replenish funds used for off-schedule system rebuild following ransomware attack. Insurance claim and related proceeds are pending.
§ $68,675 CSO / Prince William Sound College, to fully reimburse for dual-credit program costs in excess of prior-years budgets.
o Major Maintenance project contingency: $480K
§ This request brings the overall Major Maintenance project contingency to $500K. Combined with CIP project contingency of $500K, this equals 2.5% of the current projects balance of $40MM
o Pavement Management Phase I additional scope: $3MM