DATE: March 12, 2019
SUBJECT: MULTI-YEAR MAJOR MAINTENANCE PROJECT FUNDING
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PRESENTATION ON MULTI-YEAR PROJECT FUNDING STRATEGY FOR THE MAJOR MAINTENANCE PROGRAM AND DIRECTION TO STAFF
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EXECUTIVE SUMMARY:
Staff will present a multi-year project funding strategy for the Major Maintenance Program and seek direction on its advancement and related BPC policy modifications for implementation.
The Major Maintenance program includes complex engineering and construction projects which comprises of four common phases; Preliminary Design, Design, Procurement, and Construction. A typical project can take an average of 18 months to complete all phases, and larger projects can take longer.
Currently, the budget for the Major Maintenance program is included in the District's overall annual fiscal year budget and contains individual projects, each having a specified funding amount. Any variance between the Board-approved project budgets and actual expenditures at the end of the fiscal year are returned to the general operating fund as surplus regardless of the project's status. A multi-year project budget process will commit funding to projects until they are complete, in lieu of the existing year-by-year approach. This aligns the Port's project funding practices with its member cities.
In order to implement a multi-year major maintenance program, funding modifications to BPC Policies 90 and 130 will be necessary.
RECOMMENDATION:
Recommendation
Receive a presentation on multi-year project funding strategy for the Major Maintenance program and provide direction to staff.
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FISCAL IMPACT:
This item requires no action from the Board and has no fiscal impact.
COMPASS STRATEGIC GOALS:
This agenda item supports the following Strategic Goal(s).
* A Port that the public understands and trusts.
* 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:...
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