Title
Department of Transportation requesting the Board approve and authorize the chair to sign a budget transfer adjusting the budgets for multiple Zones of Benefit established as road improvement zones due to an increase in the special liability insurance policy by $508.87 for a new policy amount of $40,108.87. (4/5 vote required)
FUNDING: Zone of Benefit Special Fees/Service Charges.
Body
DISCUSSION / BACKGROUND
Each year, the Zones of Benefit (ZOB) that were established as road improvement zones purchase a special liability insurance policy and the cost for this policy is spread amongst the covered ZOB. When the budget is created, Department of Transportation staff estimate what the following fiscal year's cost will be and for fiscal year 2024-25, the actual cost of the policy is $40,108.87 which is $508.87 higher than budgeted. This budget transfer increases each individual ZOB budget for their portion of the additional cost, offset by decreases to contingency, road maintenance and construction, or snow removal appropriations.
ALTERNATIVES
If the Board does not approve the budget transfer, the insurance cost will not be spread to the covered ZOB.
PRIOR BOARD ACTION
N/A
OTHER DEPARTMENT / AGENCY INVOLVEMENT
Risk Management
CAO RECOMMENDATION / COMMENTS
Approve as recommended.
FINANCIAL IMPACT
There is no change to Net County Cost as a result of this item.
CLERK OF THE BOARD FOLLOW UP ACTIONS
The Clerk of the Board will obtain the Chair’s signature on the original budget transfer and will forward the budget transfer to the Auditor/Controller for processing.
STRATEGIC PLAN COMPONENT
Priority: N/A
Action Item: N/A
CONTACT
Rafael Martinez, Director
Department of Transportation