HomeMy WebLinkAbout8, Authorization of Transfers
ACTION to the General Fundfrom Designated and Restricted Funds Consideration to Authorize Transfers to the General Fundfrom Designated and Restricted Funds Consideration to Authorize
Transfers November 2, 2016 ITEM #8
Consideration to Authorize Transfers and subsequently also must be approved by the Board Additional transfers may be necessary after the budget is adopted •planned capital projects,
debt service, and vehicle replacementsDuring the budget process the Board approves funding sources for •restricted fundsOnly the Board can authorize transfers from Board designated
and •BACKGROUND / HISTORY Consideration to Authorize Transfers
NEW INFORMATION Water Facilities Fees Fund to the Water General FundOperating Reserve to the Water General Fund and $150,158 from the Staff is requesting an additional transfer of $800,000
from the Water •authorized budget transferFY16 activity has exceeded the funding provided by the existing •projects that exceed current rate revenues in the amount of $668,968eserve
to the Water General Fund for the portion of capital ROperating During the budget process the board approved a transfer from the Water •improvementsThe Water Utility has been aggressively
working to complete system •Consideration to Authorize TransfersConsideration to Authorize Transfers
NEW INFORMATION Rehabilitation ProjectProsser Village Well •Well 20 Rehabilitation Project •FY15 to FY16 for a total of $172,359 include:Unanticipated system maintenance projects that
carried over from •Staff is requesting a transfer of reserved FY17 budget funds of $277,000 •Staff is projecting 75% of this project to be complete in FY16•tilizing the combined FY16
and FY17 budget total of $554,000U•exceed $566,000The Phase 4 SCADA Reliability project was approved for a total not to •$1,675,000 which exceeds FY16 budget by $215,000The Pipeline
Replacement Project for FY16 is projected to cost •Consideration to Authorize TransfersConsideration to Authorize Transfers
NEW INFORMATION Fund by $27,641loader exceed the current balance of the Water Vehicle Replacement The total cost of the new loader less funds received from the disposed •than plannedThe
water utility was required to purchase a loader in FY16 earlier •exceed budget by $108,000project is projected to Hydro Pneumatic Pump Ponderosa Palisades Additional unanticipated system
maintenance expense for the •Consideration to Authorize TransfersConsideration to Authorize Transfers
NEW INFORMATION Consideration to Authorize TransfersConsideration to Authorize Transfers
NEW INFORMATION Sufficient funds exist in the Water Utility Facilities Fees Fund•Debt service for FY16 is $150,158•eesFqualifies for funding from Facilities 1551 loan -Lastly, debt service
for the Bridge Street Tank 6160 MSG•Consideration to Authorize TransfersConsideration to Authorize Transfers
NEW INFORMATION Consideration to Authorize TransfersConsideration to Authorize Transfers
FISCAL IMPACT Sufficient funds exist in the source funds to facilitate these transfers•Fund from Board designated fundsThe requested transfers will sufficiently fund the Water Utility
General •Consideration to Authorize TransfersConsideration to Authorize Transfers
RECOMMENDATION Tank 6160 debt service1551, Bridge Street -reimburse the Water Utility General Fund for MSGTransfer $150,158 from the Water Utility Facilities Fees Fund to 2.the Water
Utility General FundTransfer $800,000 from the Water Utility Operating Reserve Fund to 1.Consideration to Authorize TransfersConsideration to Authorize Transfers