|
TO: |
Board of Trustees |
|
THROUGH: |
Jay Fox, Executive Director |
|
FROM: |
Viola Miller, Chief Financial Officer |
|
PRESENTER(S): |
Viola Miller, Chief Financial Officer |
|
|
Daniel Hofer, Director - Capital Programming and Support |
TITLE:
title
TBA2025-07-01 - Technical Budget Adjustment - 2025 Capital Program
end
AGENDA ITEM TYPE:
Other Approval
RECOMMENDATION:
Approve TBA2025-07-01 to authorize transfer of $5,837,000 between various projects within the 2025 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 proposed Technical Budget Adjustment will transfer a total of $5,837,000 between 33 projects, plus the Capital Contingency, within UTA’s 2025 capital budget to aid in project delivery this year.
These adjustments should better align the affected projects with the planned 2025 milestones and anticipated expenditure amounts for the projects through the end of 2025.
Tables found in the attached exhibit show the full impact of this Technical Budget Adjustment.
ALTERNATIVES:
The Board may reject or request revisions to the requested Technical Budget Adjustment. The impact of this would be UTA would not be able to complete projects, or projects could be delayed due to lack of funding.
FISCAL IMPACT:
The proposed TBA of $5,837,000 will be funded by the approved 2025 Capital Budget. Funds will be redistributed among the projects described in the presentation and supplemental material contained within this packet.
If TBA is approved, there will be a balance remaining in the Capital Contingency of $5,862,000. The funding source amounts for the Capital Contingency line are as follows: $555,000 in Bonds, $1,566,000 in Grant funds, $1,037,000 in State funds, $276,000 in Local Partner funds, and $2,428,000 in UTA funds. UTA funds in the contingency line remain unchanged. This TBA would have a net increase of $1,346,000 to the Capital Contingency.
There is no increase in budget authority. There is no impact on UTA’s Fund Balance.
ATTACHMENTS:
• TBA2025-07-01 Technical Budget Adjustment - Capital
• TBA2025-07-01 Funding Transfer Rationale Detail