Title
Approval of Budget Carryovers from FY2017 to FY2018
Recommended Action
I move that the Board of Public Utilities approve the budget carryovers from FY2017 to FY2018 and forward to Council with a recommendation for approval.
Staff Recommendation
Staff recommends the Board of Public Utilities approve the budget carryovers as presented and forward to Council with recommendation for approval.
Body
Requirements for carryover of budget authority are as follows:
1. The projects were budgeted in FY2017 but were not completed, so we are planning on completing in FY2018
2. We do not have an encumbrance in FY2017 already
3. We have FY2017 Budget left to cover the amount we want to carry over
4. We did NOT re-budget the project in FY2018
All of these requirements have been met for each of the projects listed below. We are seeking Board approval to carry these funds over in anticipation of completing these projects in FY2018. Upon Board approval this $7,002,900 carryover will be presented by Finance Staff for Council approval.
Water Production budgeted $644,400 for work on the Los Alamos Reservoir Pipeline. This work will be primarily funded by a loan/grant from the Water Trust Board, which was signed in February 2017. Design is 90 percent complete. DPU is preparing documents to obtain the environmental clearances to permit the construction. The project will not go out to bid until Fall 2017. As such, $644,400 of budgeted funds needs to be carried forward into FY18.
Electric Distribution budgeted $500,000 to install a new TC1-TC2 line to the future LASS substation. As of FY17 year-end, the budget has been only partially spent or encumbered. As such, $490,000 of budgeted funds needs to be carried forward into FY18.
Electric Distribution budgeted $500,000 for four new electric feeders (13T, 15T, 16T, LAMC). As of FY17 year-end, the budget has been only partially spent or encumbered. As such, $290,000 of budgeted funds needs to be carried forward into FY18.
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