Title
Resolution - Approval of 2020 Capital Improvement Plan Budget Amendment for Purchases of Property in Burnet County, TX - R Arellano
Other Info
Submitted By: Richard Arellano
Department: Support Services
Financial Impact and Cost/Benefit Considerations: Expenditures up to $2,350,000 (not currently included within the Cooperative's Capital Improvement Budget); no additional staff time expected (other than ordinary processing requirements).
Discussion
In order to facilitate the acquisition of property adjacent to the existing Marble Falls office to ensure adequate space to accommodate growth, and ensure safe ingress and egress for operational site access, an additional amount up to $2,350,000 is being requested. Under the Budget Policy, a Major CIP variance would occur. The 2020 CIP Budget proposed budget line for the Real Estate category will be increased by this amount.
Body
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE, that the Board approve an amendment to the Cooperative's 2020 Capital Improvement Plan Budget as described herein; and
BE IT FURTHER RESOLVED, that the Chief Executive Officer or designee is authorized to take all such actions as needed to implement this resolution.