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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Mary DeLoretto, Chief Service Development Officer |
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PRESENTER(S): |
Bill Greene, Chief Financial Officer |
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Daniel Hofer, Manager Capital Assets and Project Controls |
TITLE:
title
TBA2022-07-01 - Technical Budget Adjustment- 2022 Capital Budget
end
AGENDA ITEM TYPE:
Discussion
RECOMMENDATION:
Approve a technical budget adjustment for the 2022 Capital Budget to move $940,000 from the Capital Contingency to two projects.
BACKGROUND:
In accordance with Board of Trustee Policy Number 2.1, Financial Management, the Board of Trustees may amend or supplement the budget at any time after its adoption. This request is to supplement two (2) projects with funds from the capital contingency fund to assist in the delivery of the projects.
DISCUSSION:
Technical Budget Adjustment
This proposed Technical Budget Adjustment would transfer $940,000 from the Capital Contingency to two projects and aid in the delivery of these projects.
FMA673- Meadowbrook Flooring/Lighting
This project has a current budget of $360,000. This project was funded in 2021. It was unable to be completed, primarily due to project phasing issues. Phasing required completion of the Meadowbrook 3 building expansion before starting work on this project to limit/mitigate the overall impact to the Maintenance group at Meadowbrook Building 3. The project was carried forward to 2022 for completion as part of the Board’s April 27, 2022 Technical Budget Adjustment (TBA2022-04-01).
The winning bid for the construction contract was $460,000. UTA would like to increase the overall budget for this project to $500,000 to accommodate the increased contract cost and cover potential increases in costs during construction.
Summary of request is to transfer $140,000 from Capital Contingency to this project, increasing the budget from $360,000 to $500,000.
MSP232- Northern Utah County Double Track
Work is nearing completion on this project, also known as the Vineyard Station project. One of the last remaining phases of this project is completion of the temporary parking lot.
UTA is requesting to transfer $800,000 from Capital Contingency to this project to cover the cost for this parking lot install. This would increase the project budget from $2,750,000 to $3,550,000.
MSP999- Capital Contingency
The current budget amount for the Capital Contingency fund is $5,000,000. Based on the requests for this budget adjustment, the net result will be the transfer of $940,000 to the two capital projects identified here. This will leave a balance of $4,060,000 in the Capital Contingency fund.
ALTERNATIVES:
The Board may revise or reject the proposed technical budget adjustments which would delay the projects.
FISCAL IMPACT:
These requests will be covered within the total 2022 Capital Budget authority. This will not impact adopted 2022 budget authority or fund balances.
ATTACHMENTS:
Technical Budget Adjustment - Exhibit A