BOARD AGENDA MEMORANDUM
Government Code ? 84308 Applies: Yes ? No ?
(If "YES" Complete Attachment A - Gov. Code ? 84308)
SUBJECT:
Title
Approve the Central Fiscal Year 2024-25 Year-End and Fiscal Year 2025-26 Budget Adjustments.
End
RECOMMENDATION:
Recommendation
Approve the Central Fiscal Year 2024-25 Year-End and Fiscal Year 2025-26 Budget Adjustments.
Body
SUMMARY:
In adhering to Governance Policies of the Board and specifically Executive Limitations EL-4, staff respectfully submits central budget adjustments to the FY 2024-25 Adjusted Budget and FY 2025-26 Rolling Biennial Adopted Budget, which are necessary to better align limited allocated resources with the Board's Ends, meet Board priorities, and to continue to provide for a balanced budget.
A brief description of the FY 2024-25 (FY25) year-end budget adjustments is presented below:
1. Capital Project: 93294057 Rinconada Water Treatment Plant (RWTP) Reliability Improvement ($8,000,000 Increase in FY25 and $8,000,000 Decrease in FY26):
This budget adjustment request brings forward $8,000,000 from FY26 to FY25 for the RWTP Reliability Improvement project to ensure sufficient funding is available to cover FY25 contractor progress payments and year-end invoices. This is driven by the acceleration of construction activities and associated billing, including work on the Chlorine Contact Basin, Filters, and the Ozone Generation Building. This adjustment does not increase the total project cost; rather, it reflects a shift in funding timing to align with the project's current construction schedule. Reallocation of funding is necessary to maintain payment schedules and prevent delays in contractor payments. This budget adjustment of $8,000,000 increase to the RWTP Reliability Improvement Project FY25 budget is fully funded by a decrease of $8,000,000 to the Project FY26 Budget.
2. Capital Project: 10394001 Palo Alto Flood Basin Tide Gates Replacement ($500,000 Increase in FY25 and $575,486 Increa...
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