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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
William Greene, CFO |
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PRESENTER(S): |
Troy Bingham, Comptroller |
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TITLE:
title
R2022-04-01 - Resolution Granting General Expenditure and Disbursement Authority to Non-Inventory Vendors
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Adopt Resolution 2022-04-01 which grants expenditure and disbursement authority to non-inventory vendors described in Exhibit A
BACKGROUND:
Board Policy 2.2 (III)(D)(3) allows the Board to preapprove disbursements to vendors by resolution.
Annually the Board, by resolution, preapproves disbursements for vendors related to payroll, utilities, bond and lease principal and interest, and P-card purchases as well as disbursements over $200,000 if the associated contract was previously approved by the Board.
These disbursements fall into one of the following situations:
• The vendor is a payroll vendor that may require disbursements over $200,000 depending on employee elections of benefits
• The vendor is a utility exempt from procurement but requires payment based on usage that can vary throughout the year
• The vendor is government entity we have a contract with for services but the pricing was not defined in the contract
• The vendor is part of debt obligations and promissory agreements that sometimes require payment over $200,000
DISCUSSION:
The list of approved vendors for disbursements over $200,000 are in Exhibit A in the resolution. These vendors were identified because UTA did business with their companies in 2021 that exceed $200,000 and could possibly have similar transactions in 2022.
This resolution provides sufficient disbursement transparency and allows the Authority to pay these vendors in a timely basis.
ALTERNATIVES:
UTA would hold any disbursements over $200,000 for these vendors to a subsequent Board meeting for an approval thus delaying timely payments to vendors.
FISCAL IMPACT:
None
ATTACHMENTS:
R2022-04-01 - Granting General Expenditure and Disbursement Authority to Non-Inventory Vendors1