Title
Draft Resolution - Approval of 2018 Capital Improvement Plan Budget Amendment for Oak Hill Warehouse Expansion - R Arellano
Other Info
Submitted By: Richard Arellano
Department: Safety & Support Services
Financial Impact and Cost/Benefit Considerations: This action would request $600,000 be added to the Cooperative's 2018 CIP Budget toward the Oak Hill Warehouse Expansion project.
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 2018 CIP Facilities Budget has approved funds of $1,200,000 for the Oak Hill Warehouse Expansion project. This uninitiated project will be carried over into 2019 with a 2019 CIP proposed budget of $1,800,000. In order to initiate a construction contract for the full cost of $1,800,000 in 2018, an additional $600,000 in 2018 is needed to begin project planning.
Body
BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE COOPERATIVE, that the Board approves an additional $600,000 to the Cooperative's 2018 Capital Improvement Plan Budget for the Oak Hill Warehouse Expansion; 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.