Town of Yountville
Staff Report
6550 Yount Street
Yountville, CA 94599
Agenda Item #: {{section.number}}A
Yountville Town Council Staff Report
DATE: July 16, 2024
TO: Mayor and Town Council
FROM: Celia King, Administrative Service Director
PREPARED BY: Celia King, Administrative Service Director
RECOMMENDATION
Consider adoption of Resolution Number 24-4293 approving a budget adjustment of $500,000 in Fiscal Year 2024/2025 to Capital Projects Fund 50 for Yountville Commons Project CF-0046.
DISCUSSION/BACKGROUND
At the March 5, 2024 Town Council meeting, the Town Council adopted Resolution Number 24-4251 approving the purchase of the former Yountville Elementary site located at 6554 Yount Street. The initial budget approved for this property acquisition, now called Yountville Commons, was $11.5 million. Of that amount, $11 million was to be used for the property purchase, and the remaining $500,000 was assigned for initial work to be completed in Fiscal Year 2023/2024 that was necessary for the facilities to be safely utilized.
Since the property acquisition and during the initial phase, staff have worked diligently to closely track the expenditures associated with the Yountville Commons. This effort includes collaboration among the Finance Department, Public Works Department, Parks & Recreation Department, and representatives from Pound Management, the consulting firm assisting the Town with Yountville Commons project management.
At the May 21, 2024 Town Council meeting, the Town Council adopted Resolution Number 24-4270 approving the Town’s Biennial Budget. Within the approved budget for Fiscal Year 2024/2025, the Yountville Commons Project CF-0046 has a budget of $500,000 in Capital Projects Fund 50.
Based on the current estimations of upcoming project costs which are included at the end of this staff report, the total cost will be $851,180 in Fiscal Year 2024/2025. Therefore, staff is recommending that the Town Council approve a budget adjustment of $500,000 in Fiscal Year 2024/2025 to Capital Projects Fund 50 for Yountville Commons Project CF-0046. This will increase the budget available to accommodate the anticipated project costs.
Of this $500,000 budget adjustment request, $350,000 is expected to cover upcoming project costs based on current estimates, and the remaining $150,000 is to be allocated to the project as a contingency. This will increase the budget for the Yountville Commons Project CF-0046 to a total of $1,000,000 in Fiscal Year 2024/2025.
The adopted Biennial Budget shows that at the end of Fiscal Year 2024/2025 Capital Projects Fund 50 is estimated to have an ending fund balance of $614,282. This amount is available for use upon Town Council direction. A copy of the approved budget for Capital Projects Fund 50 is also included as an attachment to this staff report for reference.
Approval of this requested budget adjustment will utilize a portion of this available amount and result in a revised estimated fund balance of $114,282 at the end of Fiscal Year 2024/2025.
ENVIRONMENTAL REVIEW
Not Applicable
FISCAL IMPACT
Is there a Fiscal Impact? Yes
Is it Currently Budgeted? No
Where is it Budgeted? N/A
Is it Mandatory or Discretionary? Discretionary
Is there a Staff Resource Impact? Nominal
STRATEGIC PLAN GOAL
Is item Identified in Strategic Plan? Yes
If yes, Identify Strategic Goal and Objective. Responsible Fiscal Policy: The Town maintains its fiscal health through policies designed to maximize economic opportunities, manage expenses, and ensure prudent reserves.