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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Viola Miller, Chief Financial Officer |
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PRESENTER(S): |
Daniel Hofer, Director - Capital Programming & Support |
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|
Greg Andrews - Senior Capital Budget Analyst |
TITLE:
title
TBA2024-06-02 - Technical Budget Adjustment - Capital Funds Transfer from MSP263: TOD Working Capital Project to MSP262: SL FLHQ Project
end
AGENDA ITEM TYPE:
Other Approval
RECOMMENDATION:
Approve TBA2024-06-02 to authorize transfer of $3.160M between MSP263 Transit Oriented Development (TOD) Working Capital fund and MSP262 Salt Lake Frontline Headquarters (SL FLHQ) as presented.
BACKGROUND:
Board Policy 2.3 Budget allows the Board of Trustees to amend or supplement the Authority’s budget at any time after its adoption. The Board may do this through a Technical Budget Adjustment (TBA) when the request does not increase budget authority, or through a Budget Amendment, after consultation with the Local Advisory Council, when an increase in the annual appropriation authority is requested.
DISCUSSION:
This Technical Budget Adjustment will transfer a total of $3.160M to MSP262 - SL FLHQ as
part of UTA’s 2024 capital program to aid in the delivery of the project. This request will
affect the current budget total of two different projects within UTA’s 2024 Capital Program.
A supplemental document has been provided which details the current budgets for the
affected projects, the requested amounts, and the proposed new totals, dependent on
approval from the Board of Trustees.
The main benefits UTA anticipates will result from the proposed TBA include:
• Obtain 30% schematic design for the new Salt Lake Frontline Headquarters building.
• Align MSP262 SL FLHQ budget with contract milestones or anticipated expenditure amounts for the project through the end of 2024.
ALTERNATIVES:
The following are options that the Board could consider and the potential impacts of those decisions:
• Project could be delayed.
• The board may request revisions to the proposed Technical Budget Adjustment.
FISCAL IMPACT:
Funds will be redistributed in the budget from MSP263 - TOD Working Capital to MSP262 - SL
FLHQ. The funds in MSP262 - TOD Working Capital were originally going to be used for the
purchase of a future TOD property. With this transfer, that property will not be purchased this
year. There will be no impact on budget authority for the approved 2024-2028 Capital Plan.
ATTACHMENTS:
• TBA2024-06-02 Technical Budget Adjustment - Capital