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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Viola Miller, CFO |
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PRESENTER(S): |
Eric Barrett, Acting Comptroller |
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TITLE:
title
R2024-02-02 - Resolution Granting General Expenditure and Disbursement Authority to Non-Inventory Vendors
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Adopt Resolution 2024-02-02 granting expenditure and disbursement authority to non-inventory vendors, including the ratification for 2023 disbursement that exceeded prior authorization and authorizing certain 2024 disbursements as outlined in Exhibit A.
BACKGROUND:
Board Policy 2.2 (III)(D)(3) allows the Board to preapprove disbursements to vendors by resolution.
Annually the Board, by resolution, preapproves disbursements for vendors related to payroll, utilities, government, and debt payments, as well as disbursements over $200,000 if the associated contract was previously approved by the Board.
These disbursements fall into one of the following situations:
• The vendor is a payroll vendor that may require disbursements over $200,000 depending on employee elections of benefits, tax rates, or garnishments.
• The vendor is a utility exempt from procurement but requires payment based on usage that can vary throughout the year
• The vendor is government entity we have a contract with for services but the pricing was not defined in the contract
• The vendor is part of debt obligations and promissory agreements that sometimes require payment over $200,000
DISCUSSION:
The proposed resolution will request two actions of the Board:
• Ratification of 2023 actual disbursements for non-inventory vendors that supersedes the Board’s prior approval in Resolution R2023-04-08.
• Authorization for 2024 general expenditure and disbursement authority.
The list of approved vendors for disbursements over $200,000 are in Exhibit A in the resolution. These vendors were identified because UTA did business with their companies in 2022 or 2023 that exceed $200,000 and could possibly have similar transactions in 2024.
This resolution provides sufficient disbursement transparency and allows the Authority to pay these vendors in a timely basis.
For 2024, a quarterly report on all non-inventory disbursements will be presented to the Board in a public meeting and will include year-to-date expenditures by vendor. Any disbursement exceeding the amount authorized in this resolution will be brought back to board for further consideration and approval prior to assuming the expenditure.
ALTERNATIVES:
UTA would hold any 2024 disbursements over $200,000 for vendors to a subsequent Board meeting for an approval, thus delaying timely payments to vendors.
FISCAL IMPACT:
None
ATTACHMENTS:
R2024-01-02 - Granting General Expenditure and Disbursement Authority to Non-Inventory Vendors