TO: Members of the Governing Board
FROM: Tracy Schulze - Auditor-Controller
REPORT BY: Georgina Panganiban - Accountant-Auditor Manager
SUBJECT: LBRID Fiscal Year 2024-25 Budget Carry Forward for Continued Projects and Related Contract Encumbrances
RECOMMENDATION
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Approve and authorize the carry forward budget amendment for fiscal year 2024-25, of estimated fiscal year 2023-24 remaining budget and related contract encumbrances for projects not completed as of June 30, 2024 for the Lake Berryessa Resort Improvement District (LBRID). (Fiscal Impact: Revenues of $1,566,454, Expenditures of $3,822,561; Not budgeted; Discretionary)
[4/5 vote required]
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BACKGROUND
Due to the size of the projects and timing of contract awards, projects are often started in one fiscal year, yet completed in a future year. Attachment A provides a listing of current Capital Improvement Projects with related contracts to be rolled over (encumbered) in the new fiscal year. The total amount of appropriations is $3,822,561, which includes contracts encumbered of $1,026,201. Revenues of $1,566,454 shown relate to grants not yet received, resulting in the revenue budget amounts to also be carried forward to the following year. The remainder of the funds needed for these projects have already been restricted through the project approval or contract encumbrance process and will automatically flow into the following year.
None of the items listed on this attachment were included in the fiscal year 2024-25 budget. Once all June invoices are paid, these amounts will be adjusted, and final carry forward budgets will be determined. The Auditor-Controller will provide a final listing as part of the year-end letter for ratification of the increased appropriations.
Requested Action:
Approve and authorize the carry forward budget amendment for fiscal year 2024-25, of estimated fiscal year 2023-24 remaining budget and related contract encumbrances for projects not completed as of June 30, 2024.
FISCAL & STRATEGIC PLAN IMPACT
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Is there a Fiscal Impact? |
Yes |
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Is it currently budgeted? |
No |
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Where is it budgeted? |
Revenue sources include planned use of fund balance, grants, or other revenue sources specifically related to these items. Please see Attachment A for a detailed listing. |
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Is it Mandatory or Discretionary? |
Discretionary |
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Discretionary Justification: |
Approval of these entries will enable the continuation of work on these projects in fiscal year 2024-25. |
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Is the general fund affected? |
No |
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Future fiscal impact: |
Carry forward budgets and appropriations are needed for encumbrances and commitments entered into during the current fiscal year, or prior year, that have not been completed or fulfilled by June 30, 2024. These projects have not been re-budgeted as part of the 2024-25 adopted budget. |
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Consequences if not approved: |
Failure to approve the carry forward budgets will impede the smooth operation of continuing active projects and cause a delay in getting contractors/vendors paid timely. |
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ENVIRONMENTAL IMPACT
ENVIRONMENTAL DETERMINATION: The proposed action is not a project as defined by 14 California Code of Regulations 15378 (State CEQA Guidelines) and therefore CEQA is not applicable.