DATE: September 14, 2021
SUBJECT: BUDGET AMENDMENT AND BUDGET TRANSFER
Title
A. ADOPT ORDINANCE AMENDING THE FY 2022 BUDGET INCREASING:
1. NON-PERSONNEL APPROPRIATION BY $2,568,800
2. EQUIPMENT OUTLAY AND OTHER CAPITAL PROJECTS APPROPRIATION BY $547,000, AND
3. TECHNOLOGY CAPITAL PROJECTS APPROPRIATION BY $52,000
THE ABOVE INCREASES WILL BE FUNDED FROM THE FOLLOWING RESULTING IN NO IMPACT TO THE DEFICIT:
1. $2,052,000 UNBUDGETED REVENUE RECEIVED AS A PARTICIPATION FEE FOR A TENANT ASSET SALE
2. $730,000 FROM PARKING REVENUE, LOW CARBON FUEL STANDARD (LCFS) CREDITS, NEVP MAINTENANCE FUND, AND AN INSURANCE RECOVERY
3. $385,800 IN SAVINGS FROM VACANCIES IN THE PERSONNEL APPROPRIATION
B. ADOPT RESOLUTION APPROVING A FY 2022 BUDGET TRANSFER OF $385,800 FROM PERSONNEL EXPENSE APPROPRIATION TO THE NON-PERSONNEL EXPENSE APPROPRIATION TO FUND THE BALANCE OF THE BUDGET AMENDMENTS TO MAINTAIN THE CURRENT BUDGETED DEFICIT PURSUANT TO BPC POLICY NO. 90
Body
EXECUTIVE SUMMARY:
The Fiscal Year (FY) 2022 budget was prepared as an austere expenditure budget to reduce the use of reserves by minimizing the deficit. Expenditures were budgeted with the approach of minimally maintaining our services until revenue conditions improved or there was funding through government stimulus. At the budget adoption Board of Port Commissioners (Board) meeting, staff stated that budget amendments would be recommended as conditions changed or as expected stimulus was received. The various expenditures recommended in this agenda, are the result of Board approved expenditures after the budget was approved, changed conditions, new information, and the austere expenditure budget adopted, which had no contingency for additional items or needs.
This recommended budget amendment is neutral to the deficit as the expenditures are funded by other sources of funds as detailed in the Discussion below.
The below recommendation is followed by a summary table and detailed discussion.
RE...
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