HomeMy WebLinkAbout10 Funding Falcon Point Pump Station Agenda Item # /0
DONNER
I
DistrictPublic Utility
Staff Report
To: Board of Directors
From: Peter Holzmeister
Date: January 31, 2003
Subject: Transfer of restricted funds to pay for Falcon Point booster pump station
1. WHY THIS ITEM IS BEFORE THE BOARD
This item recommends that funds be transferred from restricted funds to the general
fund to pay for construction of Falcon Point booster pump station. Only the board can
authorize the use of restricted funds.
2. HISTORY
In the budget for 2002 we included $200,000 to construct a booster pump station. The
budget suggested that the funds to pay for this project come from the Tahoe Donner
water system fund and from public benefits funds. The board awarded a contract for
construction of the pump station and it is near completion. We have not yet transferred
funds from the restricted funds, so the general fund has carried the entire burden of this
project to date. As we have been discussing, the general fund has been drawn down to
an unacceptably low level.
3. NEW INFORMATION
Attached is a memorandum from Mary Chapman. It describes the amount of money
spent to date on the pump station and the balances in various restricted funds. Although
the budget recommended using pubic benefits money to pay a portion of the cost of the
project, I suggest we use water facilities instead of public benefits money.
Until we complete the finance master plan I suggest we keep water and electric projects
and their funding completely within their respective funds. Also, for purposes of issuing
the COP related to termination of the IDACORP contract, we should be careful to keep
the water and electric funding separate.
4. RECOMMENDATION
I recommend that the Board authorize transfer of $121,775.15 from the Tahoe Donner
water system fund, $66.23 in water facilities fees fund accrued interest and $141,626.21
from the water facilities fee global fund to reimburse the general fund for expenses
related to construction of the Falcon Point booster pump station.
Truckee Donner PublicUtility i t i t Boara of Erreeto;s
Josep^ R Aguera
;o Ronald Hemig
Business Office [530f 55=-3896 FAX (530) 567-5056 Jarpes A,Maass
Patric-S_Sutton
Nelson Van Gundv
General Manager
Peter L_Hoizmeisfer
MEMORANDUM
To: Peter Holzmeister
From: Mary Chapman
Date: January 31, 2003
Subject: Falcon Point Pumphouse, Controls, Pumps, Electrical
To date, the District has spent the following amount on the Falcon Point project:
WO 02-74553 Falcon Point pump station building $180,639.66
WO 02-74554 Falcon Point pump station, pumps, controls 26,732.65
WO 02-74555 Falcon Point electrical 56,095.28
Total paid to date $263,467.59
Still Due Final payment and 10%retention to Longo 34,455.00
WO 02-74554 Additional materials,District labor and engineering
services-estimated 5,000.00
Total estimated cost of project $302,922.59
I am requesting a transfer from restricted funds in the amount of$263,467.59 at this time,
which represents that amount of money spent by the Water Department Revenue Fund
(aka General Fund) as of December 31, 2002 on this project.
The 12/31/02 balances in the applicable restricted funds accounts are:
Tahoe Donner Water System Fund $ 121,775.15
Facilities Fees - Investment Account 66.23
Facilities Fees—Global after 5/5/97 897,062.24
Total Funds Available $1,018,903.62
I would like the Board to use all of the funds in the "'Tahoe Donner Water System" fund
in the amount of$121,77515, the remaining accrued interest in the original "Facilities
Fees" fund in the amount of$66.23 and the balance needed in the amount of$141,626.21
from the "Facilities Fees—Global after 5/5/97"fund.
I will present another request to transfer the remaining amount after I am sure all of the
bills for the project have been paid.
Post Office Box 309 t 11570 Donner Vass € cad TrucKee, California 96160