Title
Approval of Budget Revision 2024-69
Recommended Action
I move that the Board of Public Utilities approve Budget Revision 2024-69 as presented and forward to Council for consideration.
Utilities Manager's Recommendation
The Utilities Manager recommends that the Board approve the motion as presented.
Body
The purpose of this budget revision is to make budget modifications necessary for year-end related to proper distribution of labor between Gas, Water and Sewer for GWS work performed; to pay off four loans with the state to free up pledged revenues and to properly distribute debt service expenditures between funds. See attachment A for details of the revision.
Alternatives
If the budget revision is not approved, the Gas and Water Funds will be over-budget for labor and benefits.
Fiscal and Staff Impact
The net impact on the Joint Utilities Fund is an increase of expenditures and a decrease in fund balance of $86,921 for the early pay off of four loans. There is no net impact on the Joint Utilities Fund for the labor and debt service portions of the budget revision.
Attachments
A - 2024-69_Budget_Revision