Approve $3,300,000 transfer of funds from the General Fund Contingency Reserve to the Facilities and Fleet Department budget relating to Backlog Project No. 263-BL18044 for Elmwood Roof Replacement M8, W1, W4.

Department: Facilities and Fleet Department
Sponsors:  
Category: Appropriation Modification (4/5 Roll Call Vote)

The original budget for the Fiscal Year 2017-18 General Fund Contingency Reserve was $142,585,595.  Board Policy 4.3 states that the contingency reserve should be 5% of general revenues net of pass-through revenue.  Since the use of contingency reserve impacts compliance with this policy, the mid-year budget analysis included a $11,785,561 replenishment of this reserve. The balance of this reserve as of February 27, 2018 was $141,573,928 indicating that $12,797,228 has been allocated for other purposes.  There may be additional pending actions that will impact this balance once they are approved and processed.