File #: 17-0151    Version: 1 Name:
Type: Consent Calendar Item Status: Agenda Ready
File created: 3/3/2017 In control: Board of Directors
On agenda: 4/11/2017 Final action:
Title: Fiscal Year 2015-16 Year-End Closing Budget Adjustment and Fiscal Year 2016-17 Mid-Year Budget Adjustment.
Attachments: 1. Attachment 1: FY15-16 Year-End Budget Adjustment, 2. Attachment 2: FY16-17 Mid-Year Budget Adjustment
BOARD AGENDA MEMORANDUM


SUBJECT:
Title
Fiscal Year 2015-16 Year-End Closing Budget Adjustment and Fiscal Year 2016-17 Mid-Year Budget Adjustment.

End
RECOMMENDATION:
Recommendation
A. Approve the Fiscal Year 2015-16 year-end closing budget adjustment; and
B. Approve the Fiscal Year 2016-17 mid-year budget adjustment.
Body
SUMMARY:

At the end of each fiscal year, the District conducts a reconciliation of budget reserve estimates with actual reserves. The result of this reconciliation is to implement the year-end closing budget adjustment. The year-end closing budget adjustments are submitted to the Board on an annual basis as part of the year-end closing process (FY2015-16). The projected year-end budget reserves are adjusted to reflect the FY2015-16 actual reserves validated by the external audit process conducted by independent auditors Vavrinek, Trine, Day & Co., LLP.

Concurrently, staff submits to the Board, the FY2016-17 mid-year adjustment to reflect impacts of prior year-end fiscal close and to recommend two budget adjustments in anticipation of necessary expenses not included at the time of adoption.

The FY2015-16 year-end closing budget adjustments are presented in Attachment 1 summarized as follows:

1. Capital project budget adjustments: The Coyote Creek, Montague Expressway to I-280 Project (#26174043) is on hold; therefore, $19.0 million will be released from the project budget. The Sunnyvale East & West Channels project (#26074002) and the Upper Llagas Creek, Non-Reimbursable project (#26174054) both remain active; however, budget reductions of $20.0 million and $28.0 million, respectively, are recommended for funds not presently needed. All three projects total $67.0 million, and are temporary capital budget reductions in the Safe, Clean Water Fund. Project managers will re-budget funds to the same projects as needed in future years through the normal budget request process per the capital improvement plan.

2. Increases to inter-...

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