Attachment 5
Department/Item
Source of
Funds
Use of
Funds Explanation
Human Resources Department 14,433 Shifts funding from the Finance Department to the Human Resources (HR) Department for payment of
annual VEBA custody fees. As HR manages VEBA,
payments will be made by HR beginning in FY
2024/25 (majority affirmative Council votes
required).
Finance Department (14,433) Shifts funding from the Finance Department to the Human Resources (HR) Department for payment of
annual VEBA custody fees. As HR manages VEBA,
payments will be made by HR beginning in FY
2024/25 (majority affirmative Council votes
required).
- -
Department/Item
Source of
Funds
Use of
Funds Explanation
Community Development
Department - Housing Division
100,000 On May 28, 2024, the City Council approved RTC
24-460, authorizing the use of the City's Permanent
Local Housing Allocation (PLHA) funds, which are
administered by the County, to cover costs related
to the preservation efforts for the Belovida Santa
Clara Senior Apartments. The Housing Division
recommends swapping out a portion the PLHA
funds with available funds in the City Affordable
Housing funds to cover some of these preservation
costs. The Housing Division anticipates using the
PLHA funding for other eligible projects (five
affirmative Council votes required for the use of
unused balances).
Unrestricted Ending Fund
Balance
(100,000) Decreases the unrestricted ending fund balance to offset the action recommended above (five
affirmative Council votes required for the use of
unused balances).
- -
General Fund (001)
FY2024/25 Budget Amendments
City Affordable Housing Fund (165)
1 Attachment 5
FY2024/25 Budget Amendments
Department/Item
Source of
Funds
Use of
Funds Explanation
Developer Contributions /
Juliette Substation Expansion
and Transformer Rerate
2,440,629 2,440,629 On July 9, 2024, Council approved authorization for SVP to execute power purchase agreements for in-
City generation solutions. SVP recently entered into
a deposit agreement for the installation of fuel cells
at Juliette Substation. The customer at Juliette
Substation is planning to install 32.5MW Bloom
Energy fuel cells. This action recognizes developer
contributions to provide funding for SVP to perform
a generation interconnection study to determine the
interconnection, operating, and metering
requirements for the project (five affirmative
Council votes required to appropriate additional
revenue).
Developer Contributions / San
Tomas Junction
1,200,000 1,200,000 Increases the project budget, funded by developer contributions, to cover costs relating to the design
change of the transmission line extension and
several unanticipated expenses. The design change
includes engineering costs for steel poles to
accommodate higher voltages. Unanticipated
expenses include fiber infrastructure repairs due to
a broken conduit, replacement of substation control
equipment, additional foundation work due to
unforeseen soil conditions, and higher-than-
expected easement costs
(five affirmative Council
votes required to appropriate additional
revenue).
3,640,629 3,640,629
Electric Utility Capital Fund (591)
2