TO: Chair and Members of the Board
FROM: Diane Colonna, Executive Director
DATE: March 8, 2017
Title
NOTIFICATION OF BUDGET TRANSFER
BACKGROUND:
Per the adopted By-Laws of the Margate CRA, “the Executive Director shall have the power, without the prior approval of the Board, to make budgetary transfers among budgeted accounts up to twenty five thousand dollars ($25,000) per transfer, and such transactions reported to the Board at the next meeting.”
Last month a budget transfer was necessary to cover the cost of City impact fees associated with the installation of a water meter for irrigation of landscaping being installed for the Melaleuca Drive project. Originally the irrigation was going to be provided through an existing well, but it was later determined that the well was no longer usable and had been capped. The decision was made to use City water, which is preferable because it will not stain the sidewalks. The $15,000 transfer is to cover the cost of the impact fees ($10,740.00), meter and deposits ($240.00) and associated costs for the solar hook up. The CRA received a credit from the contractor of $2010.00 for the well boring and connections.
RECOMMENDATION: No action necessary.
FISCAL IMPACT: The Capital Improvement Contingency Account was reduced by $15,000 (to $46,891), and the Melaleuca Drive Project Account was increased by $15,000 (to $370,000).
CONTACT PERSON: Diane Colonna, Executive Director