TO: Members of the Governing Board
FROM: Christopher Silke, District Engineer
REPORT BY: Annamaria Martinez, Assistant Engineer
SUBJECT: Budget Transfer from USDA Loan CIP Reserves for Small Asset Renewal at the Water and Wastewater Treatment Facilities
RECOMMENDATION
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District Engineer requests the approval of a Budget Transfer for the following (4/5 vote required):
1. Increase appropriations by $135,000 in the NBRID Fund 5240, Organization 5240500, Project 16022 (USDA Bond-Wastewater Depr Rsv) with use of its available fund balance:
2. Increase appropriations by $75,000 in NBRID Fund 5240, Organization 5240500, Project 16023 (USDA Bond-Water Depr Rsv) with use of its available fund balance:
3. Increase appropriations by $135,000 in the Project 21071 (USDA Res WWTP) budget (Fund 5240, Organization 5240500) offset by an increase in revenue from the transfer-in from the NBRID Project 16022 budget; and
4. Increase appropriations by $75,000 in the Project 21072 (USDA Res WTP) budget (Fund 5240, Organization 5240500) offset by an increase in revenue from the transfer-in from the NBRID Project 16023 budget.
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EXECUTIVE SUMMARY
District residents voted to approve Assessment District 2012-01 on July 10, 2012, to repay sewer/wastewater and water loans from the United States Department of Agriculture (USDA) used to fund two major utility improvement projects - Wastewater Storage Capacity Upgrades / Treatment Plant Replacement Project and Water Treatment Plant Replacement Project.
In accordance with the loan agreements for the two USDA loans, starting in Fiscal Year 2015-16 NBRID is required to deposit a sum of $58,966 and $53,067 into a designated sewer and water loan depreciation reserve fund annually for 10 years. The District can use the funds included in the depreciation funds for "timely replacement of short-lived assets" associated with the 2011 USDA project
District staff has identified five additional projects for Fiscal Year 22-23 (three fo...
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