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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): |
Daniel Hofer, Director of Capital Assets and Project Controls |
TITLE:
title
TBA2022-10-01 - Technical Budget Adjustment-2022 Capital Budget
end
AGENDA ITEM TYPE:
Discussion
RECOMMENDATION:
It is recommended that the Board approve the Technical Budget Adjustment TBA2022-10-01 to transfer $130,000 from contingency funds to the MSP189 - Signal Pre-Emption Project.
BACKGROUND:
Budget Adjustment
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 funding of a Utah Department of Transportation (UDOT) partnership project through a technical budget adjustment.
This proposed technical budget adjustment will transfer $130,000 from the Capital Contingency project to MSP189 - Signal Pre-Emption project to aid in 2022 project delivery.
This request is fully revenue backed by UDOT and Kearns Metro Township (KMT) funds.
DISCUSSION:
MSP189- Signal Pre-Emption Projects with UDOT
This project has an approved 2022 budget of $365,000. This project is a partnership project between UDOT and UTA’s Systems Engineering group to address signalization activities to optimize system performance between UDOT’s and UTA’s traffic signal systems. UTA will be fully reimbursed for UTA expenses in support of this this project.
Three task orders were mistakenly executed against this project in the total amount of approximately $98,000, thereby over obligating this project. This $130,000 request will cover the amount needed to fund these task orders as well as cover additional work still needing to be accomplished this year and is fully revenue backed by UDOT and KMT funds per UTA’s existing agreements with the parties.
If approved the revised 2022 MSP189 project budget will be $495,000. To date UTA has incurred $77,000 in project costs and expects to fully expend the revised requested budget of $495,000 in 2022.
MSP999- Capital Contingency
The current remaining budget authority for the Capital Contingency fund is $2,346,000. With the approval of this request, the remaining Capital Contingency budget authority will be $2,216,000.
ALTERNATIVES:
The Board may ask staff to consider alternatives to fund or delay the project.
FISCAL IMPACT:
These requests would be covered by existing budget authority and are 100% reimbursable by UDOT and KMT. There would be no fiscal impact to the 2022 capital budget or UTA fund balances as a result of this technical budget adjustment
ATTACHMENTS:
Technical Budget Adjustment - Attachment A