ITEM TITLE:
Report: Re-allocation of Appropriated Hospital Project Funds
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: $296,000
Unencumbered Balance: $296,000
Funding Source: 315.0310.55000 (Hospital Capital Projects Reserve), activity 1503 (Electrical Line Conditioning, $196,000) and activity 1621 (Security Enhancement, $100,000)
RECOMMENDATION:
Receive and file
SUMMARY STATEMENT:
• In March of 2020 Council approved funding for the Hospital Xray Replacement project, totaling $750,000.
• Construction bids exceed original project cost estimates. Staff proposes repurposing of previously approved hospital project funds from two projects not yet underway: electric line conditioning and security enhancements. Providence is agreeable to this repurposing of funds.
• The City Manager or designee is authorized to transfer funds within a department without prior authorization from Council. These project funds fall within a department. For full transparency, and to apprise Council of project status, staff is offering this report.
• Our budgeting convention is for providence to transfer cash to the City to cover all hospital projects. The City then manages and accounts for the projects.
• This re-purposing of funds entails no new appropriations, and no new remittance requests from Providence Valdez.