Agenda

Return

C. 32

To:	Board of Supervisors
From:	Monica Nino, County Administrator
Date:	February 28, 2023

Contra

Costa

County

Subject:

Appropriate transfer from General Fund Capital Reserve

APPROVE	OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR	RECOMMENDATION OF BOARD COMMITTEE

Action of Board On: 02/28/2023

APPROVED AS RECOMMENDED

OTHER

Clerks Notes:

VOTE OF SUPERVISORS

AYE:

John Gioia, District I Supervisor
Candace Andersen, District II Supervisor
Diane Burgis, District III Supervisor
Ken Carlson, District IV Supervisor
Federal D. Glover, District V Supervisor

Contact:

Laura Strobel (925) 655-2058

I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the Board of Supervisors on the date shown.
ATTESTED: February 28, 2023
Monica Nino, County Administrator

BY:	, Deputy

RECOMMENDATION(S):

APPROVE Appropriation Adjustment No.005047 and AUTHORIZE the transfer of $13,050,000 from General Fund Capital Reserves to Plant Acquisition (0111) for the 651 Pine Street Administration Complex Demolition and Rebuild project and other capital projects.

FISCAL IMPACT:

100% General Fund Capital Reserve. Approximately $4,000,000 pertaining to the construction of the 651 Pine Street administrative complex will be reimbursed with drawdowns from bond proceeds in fiscal year 2023-24.

BACKGROUND:

The 651 Pine Street demolition project and construction of a new administrative complex is funded by a combination of capital reserves and bond proceeds. Bond revenues are not able to be accrued and, therefore, there is a timeframe where costs are recorded but bond reimbursements are unable to be processed. Costs attributed to the rebuild portion of the project will ultimately be reimbursed by bond proceeds. Additionally, change orders issued for the Buchanan Field Airport terminal project and security upgrade projects at the Airport and Martinez and West County Detention Facilities may require additional capital reserve funding as needed.

Capital Reserve transfer detail:

$4,050,000 651 Pine Street tower demolition
$4,000,000 651 Pine Street new administrative complex construction (reimbursable by bond proceeds)
$5,000,000 construction change orders for airport terminal project and security upgrade, as well as Martinez and West County detention facility upgrade projects, as needed.

CONSEQUENCE OF NEGATIVE ACTION:

Funding appropriated in fiscal year 2022-23 will fall short of the estimate needed for current projects.