Title
Draft Resolution - Approval of Capital Improvement Plan Budget Amendment for Blanket Meter Order - B Gedrich
Other Info
Submitted By: Brian Gedrich
Department: Engineering
Financial Impact and Cost/Benefit Considerations: This action would transfer unused CIP funds of $6.5 million from the deferred 2018 AMI Project fund and reallocate to the CIP Budget for Meter Blanket and Labor item for standard meter orders through 2018.
Discussion
Section 4.2.1 of the Board's Budget Policy requires approval from PEC’s Board of Directors to transfer unused funds between CIP budget categories. The approved 2018 AMI Project included CIP funds for the purchase of new AMI-capable meters in 2018, that project has been deferred. In order to complete standard meter purchases in 2018 the approved funds for AMI meters should be reallocated from the CIP AMI Budget to the CIP Meter Blanket and Labor category.
Body
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE, that the Board approves the reallocation and transfer of funds to the Cooperative's 2018 Capital Improvement Budget as described herein; and
BE IT FURTHER RESOLVED, that the Chief Executive Officer or his designee is authorized to take such actions as needed to implement this resolution.