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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): |
Daniel Hofer, Director of Capital Programming and Support |
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Greg Andrews, Senior Financial Analyst |
TITLE:
title
TBA2024-02-01 - Technical Budget Adjustment - 2023 Capital Budget Carryover
end
AGENDA ITEM TYPE:
Discussion
RECOMMENDATION:
Approve Technical Budget Adjustment TBA2024-02-01 to carryforward 2023 Capital Budget funds to the 2024 Capital Budget to complete the projects as presented.
BACKGROUND:
In accordance with Board of Trustee Policy Number 2.1 Financial Management, and 2.3 Budget, the Board of Trustees may amend or supplement the budget at any time after its adoption. This request is to supplement several projects in UTA’s 2024 Capital Budget with additional funds to complete projects this year. These funds would be authorized under the Capital Carryforward appropriation authority as outlined in Board of Trustee Policy 2.3 Budget.
DISCUSSION:
Technical Budget Adjustment
This proposed carryforward of $14.159M will transfer funds to twelve projects to aid in their delivery.
Carryforward funds are typically requested to aid in the completion of a project that wasn’t completed in the previous fiscal year. Reasons for these funding requests could be:
• Funding in the new year is insufficient to cover project needs.
• To provide funds for a project’s close out.
• To ensure sufficient funding is present for project procurements to proceed.
The table below highlights the projects requesting carryforward funds:
ALTERNATIVES:
Projects not receiving the requested funding could result in work being delayed or cancelled.
FISCAL IMPACT:
These requests can be addressed using funds that went unspent from the previous 2023 Capital budget. This will add $14.159M to the 2024 Capital Budget with $1.132M being in grant funds, $38,000 in Local Partner Funds, and $12.989M in UTA funds.
ATTACHMENTS:
2023 Capital Carryforward Financial Summary (Exhibit B-1)