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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): |
Mary DeLoretto, Chief Service Development Officer |
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Daniel Hofer, Director Capital Assets and Project Controls |
TITLE:
title
TBA2023-05-01 - 2022 Carryover Report Adjusting 2023 Expenditure Authority
end
AGENDA ITEM TYPE:
Other Approval
RECOMMENDATION:
Approve Technical Budget Adjustment TBA2023-05-01 to authorize the 2022 carryforward budget authority as presented.
BACKGROUND:
Carryforward 2022 Budget Authority
Following the final year-end close, UTA calculates unspent budget authority from the previous year’s approved Capital Budget and determines if any of this budget authority is required to complete projects and/or support delivery of the Capital Program in the current year. Any requests to bring forward unspent budget authority from the prior year is vetted by the Capital Project Controls staff. For 2023, staff have identified carryforward in the amount of $54.3 million. The detailed list of requested 2022 carryforward budget authority by project is enclosed in Attachment B.
DISCUSSION:
Carryforward 2022 budget authority discussion:
In 2022, UTA underspent its approved budget authority by approximately $129.3 million. After conducting the carryforward review, UTA requests that a total of $54.3 million in 2022 budget authority be brought forward to complete delivery of 2022 projects and support delivery of the 2023 Capital Budget. The remaining $75 million will be reprogrammed, eliminated, or otherwise addressed in the 2024-2028 Five-Year Capital Plan development process.
ALTERNATIVES:
Board could deny motion request. Result could delay project delivery and completion of projects.
FISCAL IMPACT:
This request will recognize a net of $54.373 M in 2022 carryforward budget authority.
ATTACHMENTS:
Exhibit A - 2023 Capital Request Detail (with 2022 Carryforward request)
Exhibit B - 2022 to 2023 Carryforward Summary by Project