TO: Board of Trustees
THROUGH: Carolyn Gonot, Executive Director
FROM: William Greene, Chief Financial Officer
PRESENTER(S): Troy Bingham, Comptroller
TITLE:
title
Resolution R2021-05-01 Granting Contract and Expenditure Authority for Parts Inventory Purchases
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Adopt Resolution 2021-05-01 which grants disbursement authority for inventory purchases through May 2022
BACKGROUND:
Board Policy 4.2 allows the Board to preapprove disbursements to vendors by resolution. In its meeting of April 14, 2021, the Board, by resolution, preapproved disbursements for 16 vendors covering disbursements related to payroll benefits and taxes, insurance, electricity, and P-card purchases. Since then, Finance has reviewed 2020 disbursements related to inventory purchases and have identified 26 additional vendors (not including Siemens Mobility that is currently exempted) that Supply Chain performs multiple bids throughout the year for inventory parts and has exceeded $200,000 in annual purchases.
DISCUSSION:
Finance is requesting an additional annual resolution, like the one approved in April 2021 by the Board, which identifies these specific inventory situations where UTA is doing more than $200,000 in annual business with a vendor without a Board approved contract. This would allow Supply Chain to continue bidding inventory parts less than $150,000 on an as needed basis and thus allowing UTA to do business with vendors over $200,000 if they win multiple inventory part bids throughout the year.
ALTERNATIVES:
UTA would hold any disbursement over $200,000 for subsequent Board meetings thus delaying timely payments to vendors.
FISCAL IMPACT:
None
ATTACHMENTS:
Resolution R2021-05-01