DATE: December 5, 2017
SUBJECT: MAJOR MAINTENANCE PROGRAM
Title
ORDINANCE AMENDING THE FY 2017/18 BUDGET, INCREASING THE CAPITAL MAJOR MAINTENANCE APPROPRIATION CONTINGENCY IN THE AMOUNT OF $390,000 TO BE FUNDED FROM UNRESTRICTED RESERVES
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EXECUTIVE SUMMARY:
The FY 2017/18 Capital Major Maintenance Appropriation Contingency is nearly depleted. To date, contingency funds have been utilized to supplement approved projects which experienced higher than expected bids due to increasing regional construction costs, and to address the installation of stormwater treatment facilities at the National City Marine Terminal. Staff estimates $390,000 in additional funding for the Capital Major Maintenance Appropriation Contingency is required in order to restore projects' allowable contingencies.
Staff recommends approving an ordinance to transfer funds from prior fiscal year's Unrestricted Resources to the FY 2017/18 Capital Major Maintenance appropriation in the amount of $390,000.
Recommendation
RECOMMENDATION:
Ordinance amending the FY 2017/18 budget, increasing the Capital Major Maintenance Appropriation Contingency in the amount of $390,000 to be funded from Unrestricted Reserves.
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FISCAL IMPACT:
The increase to Capital Major Maintenance Appropriation Contingency will be funded from the remaining cumulative Unrestricted Reserves As of June 30, 2017; the balance in the cumulative unrestricted reserves is approximately $12.0M, before any other requests are approved at the December 2017 board meeting.
COMPASS STRATEGIC GOALS:
This agenda item supports the following Strategic Goal(s).
* A thriving and modern maritime seaport.
* A vibrant waterfront destination where residents and visitors converge.
* A Port that is a safe place to visit, work and play.
* A financially sustainable Port that drives job creation and regional economic vitality.
DISCUSSION:
The initial Capital Major Maintenance Appropriation Contingency for FY 2017/18 was budgeted at...
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