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AGENDA ITEM REVIEW FORM |
6.B.
Regular City Council Meeting
- Meeting Date:
- 10/23/2019
- Department Head:
- Jenny Torres
- Submitted By:
- Jenny Torres, Economic Development Manager, Administration, Economic Development
Action Requested:
Motion
ITEM:
Discussion and possible action on any and all matters regarding authorization to increase the financial budget necessary for the acceptance of a technical assistance grant and provide a monetary match for Fiscal Year 2019-2020. (Jenny Torres, Economic Development Manager)
SUMMARY:
The City of San Luis issued a Request for Proposals to facilitate a Natural Gas Feasibility Study in San Luis, Arizona. The North American Development Bank granted the City of San Luis a technical assistance grant in the amount of $161,050.00. The technical assistant grant requires a match to cover the cost of the consultant fee in the amount of $17,894.00. Staff is requesting that the Council to authorize an increase in the financial budget in departmental account 255-135-44000 to accept the grant funds and increase the expenditures in account 255-135-80000 to spend down the funds of $178,944.00. We also request approval to use contingency funds to commit the necessary match of $17,894.00 to complete the feasibility study.
RECOMMENDATION / SUGGESTED MOTION:
I MOVE TO APPROVE THE INCREASE IN BUDGET TO $178,944.00 AND TO USE CONTINGENCY FUNDS TO PROVIDE A MONETARY MATCH OF $17,894.00 AS PRESENTED.
Fiscal Impact
- IS THERE FISCAL IMPACT ASSOCIATED WITH THIS ITEM:
- YES
- CITY/STATE/FEDERAL FUNDS:
- YES
- TOTAL:
- $17,894.00
- BUDGETED AMOUNT:
- N/A
- AVAILABLE AMOUNT TO TRANSFER:
- YES
- ACCT NAME & GL#/REMAINING BALANCE BEFORE PURCHASE:
- 100-110-81000 $300,000
FISCAL IMPACT STATEMENT (IF THIS IS A BUDGET TRANSFER, YOU MUST ATTACH THE BUDGET ADJUSTMENT FORM):
Total project will cost $178,944. North American Bank will provide $161,050. The City will contribute match funds of $17,894. The matching funds will be transferred from contingency fund account 100-110-81000 to account 100-999-81100.