Title
Approval of Budget Revision 2022-74, moving spending authority from the State-Shared Revenue (Road Fund) to the Cumbres Del Norte Road Project in the CIP fund
Recommended Action
I move that Council approve Budget Revision 2022-74 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 Budget Revision 2022-74 as requested.
Body
The State-Shared Revenue Fund - The Road Fund had budgeted revenues and expenditures in the amount of $580,000 in FY2022. Council approved the Cumbres Del Norte Project Budget on May 3, 2022 for a total amount of $1,903,000. Part of that $1,903,000 included the $580,000 to be funded by the Road Fund. This Budget Revision is to decrease spending authority in the Road Fund, transfer the money to the CIP fund and authorize spending authority for the Cumbres Del Norte Project for the amount of $580,000, in order to capture the entire capital project in one place for ease of accounting and reporting.
Alternatives
Council could choose not to approve Budget Revision 2022-74. The impact would add more administration to the accounting of the approved capital project.
Fiscal and Staff Impact/Planned Item
There is no staff impact as a result of this budget revision. Financial impact is summarized in the attached budget revision.
Attachments
A - Budget Revision 2022-74