Title
Approval of Budget Revision 2022-49, moving the Los Alamos Public Schools and UNMLA grants for a total of $1.2 million from the Capital Improvements Fund (CIP) to the Economic Development Fund
Recommended Action
I move that Council approve Budget Revision 2022-49 as summarized on Attachment A and that the attachment be made a part of the minutes of this meeting.
County Manager's Recommendation
The County Manager recommends that Council approve the Budget Revision as requested.
Body
The purpose of this Budget Revision is to reverse the original $1.2 million transfer that was established in the 2022 Adopted Budget which was from the General Fund to the CIP fund related to the LAPS and UNMLA grants. It decreases the Transfers In to the Capital Improvements Fund. It also decreases the spending authority of these two grants from the CIP fund. It transfers the $1.2 million directly from the General Fund to the Economic Development Fund and establishes spending authority in that fund for those two grants. This budget revision also increases the Transfer authority from the Permanent Fund to the CIP fund based on the calculation of the actual transfer from the Permanent Fund to the CIP Fund for the amount of $1,439,845 vs. the 2022 adopted budget transfer which was $1,422,000.
Alternatives
Council could choose not to approve the attached budget revision. The impact would be that the related projects or programs may not occur or existing operations may be negatively impacted.
Fiscal and Staff Impact/Planned Item
There is no staff impact as a result of this Budget Revision. Financial impact is summarized in the Budget Revision attachment.
Attachments
A - 2022-49 Budget Revision Council