DATE: June 12, 2018
SUBJECT:
Title
CONDUCT PUBLIC HEARING AND ADOPT AN ORDINANCE ADOPTING THE FISCAL YEAR 2019 FINAL BUDGET
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EXECUTIVE SUMMARY:
In accordance with the San Diego Unified Port District Act (Port Act) Sections 46 and 47, by June 15th, the District must adopt and publish the Fiscal Year (FY) 2019 Preliminary Budget and set a date for the Board's adoption of the final budget not less than one month from publication. Staff will present the final budget to the Board for adoption on June 12, 2018.
On May 8, 2018, the Board adopted the FY 2019 Preliminary Budget. In addition, the Board also approved and adopted as part of the FY 2019 Preliminary Budget, the changes needed from an anticipated California Energy Commission (CEC) grant which included $581k in additional capital grants revenue, $350k in capital labor for the Capital Improvement Program (CIP) in FY 2019, and $4.5M in the FY 2019-2023 CIP for the Microgrid Infrastructure at TAMT project.
The late addition of the CEC grant into the FY 2019 Preliminary Budget was necessitated by the awarding of the final grant on May 9, 2018 and the CEC's request for an immediate start to the project. Staff will bring the full grant agreement to the Board for approval on June 12, 2018.
Below is a summary of the updated FY 2019 Budget that reflects the inclusion of the portion of the CEC grant that will be executed in FY 2019:
In accordance to Section 47 of the Port Act, staff published a notice of adoption of the Preliminary Budget and hearing date on Final Budget adoption.
The proposed Board action to adopt an ordinance adopting the FY 2019 Final Budget fulfills the requirements of the Port Act budget provisions.
RECOMMENDATION:
Recommendation
Conduct public hearing and adopt an ordinance adopting the FY 2019 Final Budget.
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FISCAL IMPACT:
This proposed Board action will appropriate funds for FY 2019 expenditures as follows:
COMPASS STRATEGIC GOALS:
This agenda it...
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