DATE: June 20, 2017
SUBJECT:
Title
CONDUCT PUBLIC HEARING AND ADOPT AN ORDINANCE ADOPTING THE FISCAL YEAR 2018 FINAL BUDGET
Body
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) 2018 Preliminary Budget and set a date for the Board's adoption of the final budget not less than one month from publication. Staff intends to present the final budget to the Board for adoption on June 20, 2017.
On May 16, 2017, the Board adopted the FY 2018 Preliminary Budget that includes Unrestricted Sources Over Uses of Funds (Unrestricted Resources) of $2.1M without rolling over the prior years Unrestricted Resources. The Board also approved and adopted as part of the FY 2018 Preliminary Budget, a revised investment spending to be funded from prior year's Unrestricted Resources (see table below under Discussion). Additionally, the Board approved and funded a list of projects from the existing list of FY 2014-2018 projects that were not constructed for future Capital Improvement Projects (CIP).
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 2018 Final Budget fulfills the requirements of the Port Act budget provisions.
RECOMMENDATION:
Recommendation
Conduct public hearing and adopt an ordinance adopting the FY 2018 Final Budget.
Body
FISCAL IMPACT:
This proposed Board action will appropriate funds for FY 2018 expenditures as follows:
The CIP amount of $35.9M represents the estimated remaining program budget including capital labor and includes the additional projects approved and funded from Unrestricted Reserves by the Board on May 16, 2017. The amount also includes other sources such as grants and contributions for specific projects. A transfer of $15.7M from Unrestricted...
Click here for full text