Agenda Item Name:
Title
Budget Amendment for Project 8204102- Cuscowilla
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Presenter:
Danny Moore, Capital Projects Coordinator 352-338-3229
Description:
The original assumption was that most of the renovation work at Cuscowilla would be repairs and maintenance; however, now that work has progressed, it seems most of the work will need to be capitalized, for accounting and auditing purposes. The attached budget amendment will reallocate the budget from repairs and maintenance to capital. There is no change in the total budget or project total, just a reallocation of the budgeted funds to where they will be expended.
Recommended Action:
Recommended Action
Approve attached budget amendment in order to appropriate the budget where it will be expended.
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Prior Board Motions:
January 22, 2022 the Board approved $1.2 million “off the top” of the Wild Spaces Public Places total to be used towards the Cuscowilla renovations. This was combined with $2.7 million approved earlier for total renovations costs of $3.9 million.
Fiscal Consideration:
Fiscal Consideration
There is no fiscal impact. This is a net-zero change; reallocating budget from the operating category to the capital category, but no change in the budget or purchase order amount. All of this is within 021.41.4100.572. and project 8204102.
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Strategic Guide:
Strategic Guide
Infrastructure
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Background:
When the Board approve $1.2 million in additional renovations for Cuscowilla and when that was combined with the $2.7 million already allocated to the project, most of the budget was placed in repairs and maintenance, as it was believed most of these expenses would be of that nature. Upon closer review to pay invoices, Finance & Accounting determined that most of these expenses are actually considered capital under Generally Accepted Accounting Principles (GAAP) and has requested that the department reallocate the budget and change the purchase order to have the majority of the expenses be considered capital. There is no change to the total budget or project overall, this is just a shift of budget from an operating line to a capital line, for best practices related to auditing.