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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): |
Bill Greene, Chief Financial Officer |
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Daniel Hofer, Director of Capital Assets and Project Controls |
TITLE:
title
TBA2022-11-01 - Technical Budget Adjustment for 2022 Capital Budget
end
AGENDA ITEM TYPE:
Discussion
RECOMMENDATION:
The Board accept the recommendation and approves TBA2022-11-01 to the transfer $255,000 of contingency funds to MSP122-Positive Train Control.
BACKGROUND:
Board of Trustee Policy Number 2.1, Financial Management, allows the Board to amend or supplement the budget at any time after its adoption. This request is to supplement one project with funds from the capital contingency funds to add sufficient funds to close out the project in 2022.
The proposed technical budget adjustment would transfer $255,000 from the 2022 Capital Budget contingency to one project to aid in its delivery.
DISCUSSION:
MSP122- Positive Train Control
This project has a current budget of $1,511,272. The project is wrapping up and is anticipated to be closed out in 2022. During recent project budget/expense reconciliations, it was discovered that costs related to this project had been inappropriately charged to a different project. This proposed contingency transfer of $255,000 would allow the costs to be allocated correctly to this project and to close the project out in 2022.
MSP999- Capital Contingency
The current budget amount for the Capital Contingency fund is $2,216,000. With the approval of this request, the new Capital Contingency fund amount will be $1,961,000.
ALTERNATIVES:
N/A
FISCAL IMPACT:
This request can be addressed using funds currently existing in UTA’s 2022 Capital Budget. This will not affect UTA’s financial budget outside of what is already included in its Capital Budget.
ATTACHMENTS:
Technical Budget Adjustment - Attachment A