Item 26 - Carry Forward of Unspent Amounts From Previous Fiscal Years to Fiscal Year 202-21

Home Browse Search

Approve Appropriation Adjustments FY 2021-21 April 20, 2021 Page 2 6 4 1 6. Approve the reallocation of unspent Measure M2 Local Fairshare funds in the amount of $18,761 from Project Development FY 19/20 Project (No. 20-6899) to Edinger Protected Bike Lanes Project (No. 17-6885). DISCUSSION Reappropriate Unspent Funds Not Carried Forward into FY 2020-21 It is common for a City to budget for non-recurring (one-time) expenditures, such as construction projects, which are not completed by the close of the fiscal year on June 30. When this happens, the City Council may approve “carryover” of the unspent budget from one fiscal year to the next to provide resources for project completion. Staff typically does not request carryover for recurring operating budget amounts unless projects have not begun which include initial maintenance/operating costs, as each annual budget already includes provision for operational expenses. A list of requested budget reappropriations not previously carried forward, an adjustment to FY 2020-21 CIP budget for Fund 059 and Fund 164, is attached to this report (Exhibit 1). The list includes the account, description, and amount for active project budgets. Each request on the list includes the amount available and outstanding from previous carryforward actions. Staff seeks approval of the appropriation adjustments to restore project encumbrances and achieve compliance with grant allocation commitments associated with project delivery. Special Gas Tax Fund Transfer Approve and appropriate prior year fund balance of $9,768,444.62 from the Special Gas Tax Fund and transfer the funds to the Select Street Construction Fund to restore the funding needed to deliver the projects as approved and budgeted in previous Capital Improvement Programs. The list of projects is attached to this report (Exhibit 2). Reallocation of Measure M2 Local Fairshare Staff seeks approval of the reallocation of $18,761 in unspent Measure M2 Local Fairshare. Approval of the funding reallocation will provide the funding needed to complete the Edinger Protected Bike Lanes Project (No. 17-6885) along with the carryforward amount included on the attached list of budgets to be carried forward (Exhibit 1). 2019-20 Bristol Street Corridor Improvements Fund On March 27, 2020, the City received a refund in the amount of $885,571 from escrow accounts related to Right-of-Way property acquisitions within the Bristol Street Corridor. Staff has identified a portion of these funds, $426,618, in the FY 2020-21 Capital Improvement Program for the Bristol Street Improvements and Widening, Phase 4. The list of budgets to be carried forward (Exhibit 1) includes the remaining balance of $458,953, which will be used to fund the pending settlement agreement for acquisition and/or relocation costs for the property located at 400-421 S Bristol within the Bristol