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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): |
Viola Miller, Chief Financial Officer |
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Brad Armstrong, Director - Budget & Financial Strategy |
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Daniel Hofer, Director - Capital Programming and Support |
TITLE:
title
TBA2025-06-01 - Technical Budget Adjustment - 2025 Capital Program
end
AGENDA ITEM TYPE:
Other Approval
RECOMMENDATION:
Approve TBA2025-06-01 to authorize transfer of $1,500,000 between two 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 $1,500,000 between 2 projects 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.
The affected projects that are part of this adjustment are:
SGR397 - TPSS Component Replacement’s 2025 budget would increase by $1,500,000 to $5,000,000 for the year, which will align with contract milestones.
MSP254 - TechLink’s 2025 budget would be reduced by $1,500,000 to $2,500,000.
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 $1,500,000 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.
There is no increase in budget authority. There is no impact on UTA’s Fund Balance. UTA’s Contingency line would remain untouched.
ATTACHMENTS:
• TBA2025-06-01 Technical Budget Adjustment - Capital