Title
Approval of Budget Carryovers from FY2018 to FY2019
Recommended Action
I move that the Board of Public Utilities approve Budget Revision 2019-07 for carryovers from FY2018 to FY2019 and forward to Council with a recommendation for approval. I further move that the budget revision be included as an attachment in the minutes for the record.
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 FY2018 but were not completed, so we are planning on completing in FY2019
2. We do not have an encumbrance in FY2018 already
3. We have FY2018 Budget left to cover the amount we want to carry over
4. We did NOT re-budget the project in FY2019
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 FY2019. Upon Board approval this $2,162,700 carryover will be presented by Finance Staff for Council approval.
Water Production budgeted $1,500,000 for improvements to the Otowi 2 Pipeline. This work has been started but hasn’t yet been completed. The budget has been only partially spent or encumbered, therefore $1,130,000 of the remaining budgeted funds needs to be carried forward into FY19.
Electric Production budgeted $140,000 for a new 3-ton jib crane for use at the Abiquiu hydroelectric plant. The crane has not yet been purchased. As such, the entire budget of $140,000 needs to be carried forward into FY19.
In Electric Distribution, carryforward of budgeted funds is requested for two projects related to the Los Alamos Switchgear Substation (LASS): 1) bringing the Los Alamos National Laboratory TC1 and TC2 lines into the LASS; and 2) installing feeders from the LASS into the town site. For the TC1-TC2 lines, $490,000 was car...
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