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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Dave Hancock, Chief Capital Services Officer |
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PRESENTER(S): |
Viola Miller, Chief Financial Officer |
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Daniel Hofer, Director of Capital Assets and Project Controls |
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Greg Andrews, Senior Financial Analyst |
TITLE:
title
TBA2023-11-01 - Technical Budget Adjustment for Capital Budget Transfers
end
AGENDA ITEM TYPE:
Other Approval
RECOMMENDATION:
It is recommended that the Board approve Technical Budget Adjustment TBA2023-11-01, accepting the recommendations and approving the transfer of funds for these projects.
BACKGROUND:
In accordance with Board of Trustee Policy Number 2.1, Financial Management and Board Policy 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 2023 Capital Program with funds transferred from other projects or the Capital contingency to complete projects this year.
Proposed Budget Adjustment
This proposed transfer of $4.085 million in Technical Budget Adjustments to the 2023 Capital Budget will transfer funds to five projects to aid in their delivery.
DISCUSSION:
MSP265- Program Management Support
Project has a current budget of $3.911 million. Budget transfer will true up need to finish out planned expenditures through 2023 year’s end. Project is used as a general program support fund to cover things like employee salaries who help support the capital program as a whole or other program wide initiatives. Examples of initiatives in 2023 include the Non-Revenue Vehicle Fleet Management Action Plan, Procore Software implementation, general Design Criteria and Specification updates, GIS consultant fees, DBE support, and Grants support.
MSP262- SL Central HQ Office
Project currently has a budget of $1.816 M. UTA is requesting to add $300 K to this project to allow them to process a requisition needed to enter into a contract for design advisory services. This would bring the total 2023 budget to $2.116 M for 2023. This would allow UTA to get to the 10% design milestone for this project tentatively by the end of 2023.
MSP205- Tiger Program of Projects
The Tiger Project has encountered a quality issue on the Lehi Pedestrian Bridge. The $700,000 is estimated to be UTA’s portion to fix the issue.
MSP263- TOD Working Capital
Project has a current budget of $2.866 million. Currently, UTA is in partnership with a contractor and the city of Clearfield working on the Clearfield Station Transit Oriented Development (TOD) project. The $300,000 is to partner with Clearfield city on some critical infrastructure improvements such as lighting, bus loops, access roads, and other improvements at the Clearfield TOD site.
MSP294- Planning Managed Reserve
Project currently has a budget of $300,000 in 2023. Additional $85,000 will allow us to relocate the current GreenBike stands located in the north parking lot. These would be located to the sidewalk area at the front of FLHQ. This will provide some additional parking to be created in the space vacated by moving these bike stands.
ICI229- Red/Green/Blue/FrontRunner Camera Systems
Project has a current budget of $1,104,000 in 2023. Project has a current five-year plan amount of $4,892,000. Project is intended to be a multi-year camera system installation on UTA’s TRAX and FrontRunner trains. UTA went through the procurement process to award a contract for the purchase of materials. The original intent was to purchase materials over the course of the five years and install. The materials were all purchased and delivered in 2023 which has caused the current deficit. The additional $2.3 M will provide sufficient budget authority to cover the remaining invoice amounts. In the upcoming 2024-2028 five-year plan, the overall yearly amounts have been reduced to reflect the advance on the materials in 2023.
MSP999- Capital Contingency
The Contingency budget has $2,953,000 in it for the remainder 2023. The above-mentioned requests would reduce the contingency budget by a total of $400,000, leaving it with a balance of $2,553,000 for the year.
MSP283- ROW & Facility Opportunity Buy
Project has a current 2023 budget of $5 million. This project is used to procure parcels and facilities as they become available and are deemed beneficial to UTA. This budget adjustment will transfer $300,000 to the MSP262- SL Central Office project to aid in delivery of its 10% concept plans and marketing strategy. This will leave this project with a budget of $4.7 million through the end of 2023.
MSP273- Public Partnership Projects
Project has a current 2023 budget of $2 million. This project was set up to partner with local entities on capital projects on efforts deemed to be mutually beneficial to the stakeholders. This budget adjustment will reduce the current budget amount by $1.085 million, leaving it with a balance of $915,000 for the remainder of 2023. Budget adjustments would benefit three of the projects mentioned above, Tiger Program of Projects, TOD Working Capital, and the Planning Managed Reserves.
ICI001- Passenger Information Signs
Project has a current 2023 budget of $3.202 million. Project has been working through some engineering issues. Those have been worked out and will move forward in 2024 pending the approval of the 2024-2028 five-year capital plan. The existing budget re-programmed into the upcoming five-year plan. This budget adjustment would reduce the existing budget by $2.3 million, leaving it with a budget of $915,000 through the end of 2023.
ALTERNATIVES:
Projects not receiving the requested funding would result in work being delayed or cancelled.
FISCAL IMPACT:
These requests can be addressed using funds currently existing in UTA’s 2023Capital Budget. This will not affect UTA’s fund balance outside of what is already included in our current Capital Plan.
ATTACHMENTS:
- Technical Budget Adjustment TBA2023-11-01 Exhibit A-1 - Capital Budget Transfers