SUBJECT
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Approve transfer from reserves and amendments to the Fiscal Year 25/26 Utilities Community Investment Program. ($15,205,000.00 one-time transfer from reserves)
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DESCRIPTION
The Utilities Community Investment Program (CIP) Expansion and Renewal and Replacement budgets are funded by connection fees, bond proceeds and rates. Project budgets may be funded by one or all of these sources. These budgets are multi-year budgets that consist of many projects for which the total projected costs are estimated at project conception, however, the timeline and speed of each project is difficult to predict. Additionally, as projects progress through preliminary and final design, budgets are subject to revision based on design changes and the development of final cost estimates. Project prioritization is also continually evaluated, and projects are re-prioritized as necessary based on operational, regulatory, or planning considerations.
This amendment provides adequate funding for Fiscal Year 25/26 projects by reallocating reserves for future capital projects to cover the cost of projects that have progressed sooner than originally anticipated. These adjustments are required to ensure compliance with budgetary regulations.
CIP Adjustments ($15,205,000.00 - One-time transfers from Reserves)
RECOMMENDATION
Request Board approve transfer from reserves and amendments to the Fiscal Year 25/26 Utilities Community Investment Program. ($15,205,000.00 one-time transfer from reserves)
FISCAL IMPACT
Funding is available within reserves from the Utilities Operating fund & the Utilities Sewer Connection fee fund.
CONTACT INFORMATION
Alexander Christofides
Utilities Financial Administrator
863-298-4147