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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 and Support |
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Greg Andrews, Senior Capital Budget Analyst |
TITLE:
title
TBA2024-08-01 - Technical Budget Adjustment - 2024 Capital Program
end
AGENDA ITEM TYPE:
Other Approval
RECOMMENDATION:
Approve TBA2024-08-01 to authorize transfer of $13.270 million between various projects within the 2024 Capital Budget 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 $13.270 million to various projects within UTA’s 2024 capital program to aid in the delivery of projects this year. This request will affect the current budget total of 17 different projects within UTA’s capital program. Due to the length of the list, a supplemental document has been provided which details the current budgets for the affected projects, the requested amount, and the proposed new total, dependent on approval from the Board of Trustees.
The main benefits UTA anticipates will result from the proposed Technical Budget Adjustment include:
• Aligning budgets with contract milestones or anticipated expenditure amounts for the projects through the end of 2024.
• The Light Rail Train (LRT) Stray Current Control project, Capital Contingency, the Rail Switches, SD100/SD160 Light Rail Vehicle Replacement, and Trackwork Controls are all projects within UTA’s capital program where funds exist to accommodate the requests above.
• Additional funding to the Operations System project will allow for UTA to purchase licenses to move an additional working group to the new Operations System for timekeeping functionality.
• Capital Contingency funds in the amount of $320,000 are being requested to support the procurement of two Contract Administrators that will be procured competitively to help assist with UTA Capital Procurements.
ALTERNATIVES:
The following are alternatives the Board could consider:
• Projects would be cancelled.
• Projects could be delayed until next year.
• The Board may request revisions to the proposed Technical Budget Adjustment.
FISCAL IMPACT:
The proposed TBA of $13.270 million will be funded by the approved 2024 Capital Budget. Funds will be redistributed among the projects as described in the presentation and supplemental material contained within this packet, with those delayed projects being accounted for in the 2025-29 Five Year Capital Plan currently being developed.
If the TBA is approved, $320,000 will be transferred from the Capital Contingency and there will be a balance remaining in the Capital Contingency of $3,945,000.
There is no increase in budget authority. There will be a $5.465 million decrease on UTA’s Fund Balance with this TBA.
ATTACHMENTS:
• TBA2024-08-01 Technical Budget Adjustment - Capital
• TBA2024-08-01 Details