AGENDA TITLE:
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Adopt a Resolution Approving Final Budget Adjustments for Fiscal Year 2024 and Appropriating Funds ($1,866,140.13) (BUDGET)
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MEETING DATE:
February 19, 2025
PREPARED BY:
Jennelle Baker, Budget Manager
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RECOMMENDED ACTION:
Adopt a Resolution Approving Final Budget Adjustments for Fiscal Year 2024 (FY 24) and Appropriating Funds in the amount of $1,866,140.13.
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BACKGROUND INFORMATION:
The year-end closing process for each fiscal year typically takes several months to finalize all expenditures and journal postings. During the closing process for FY 24, it was discovered that additional budgeted appropriations were needed for Measure K, Streets, Property Insurance, and Electric Utility Capital Funds.
Public Works required an additional $385,396.90 in Measure K appropriations to close the Turner/99 Interchange project. The Turner/99 project utilized three grant funding sources: Senate Bill 1, Federal, and Measure K. On August 17, 2022 (Resolution 2022-204) Council approved the cooperative agreement between San Joaquin Council of Governments (SJCOG) and California Department of Transportation (Caltrans) in the project amount of $9,000,000 and then amended the cooperative agreement on August 17, 2022 (Item C-10) with the project breakdown and totals below:
On October 19, 2022 the project bids were brought to the Council and the construction project was awarded to O.C. Jones & Sons, Inc. with a total project cost of $7,500,000, including change orders. This initial bid represented a figure that was $2,000,000 under the estimated cost. When the contract was awarded the funds were appropriated as Senate Bill 1 at 60%, Federal at 24%, and Measure K at 16% as shown:
On March 20, 2023 Council approved the Public Works recommendation to adjust the distribution between the grant funding sources because the Senate Bill 1 grant funding was budgeted at 60%, and the maximum allowable was a 50% project matc...
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