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Transfer of Funds - Accountant Jensen
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Requested Action(s)
recommendation
Authorize Chairman to sign the Transfer of Funds Request of $2,502,999.93 from Fund 53210-53210 (Misc. Expense) $527,828.00, 53710-55628 (Contr to TRAX) $310,900.00, 51510-55520 (Contr to other Agencies) $1,000,000.00, and 50710-55520 (Contr to other Agencies) $664,271.93 to Fund 117-3037-471220 (Operating Transfer-In) $2,502,999.93 to cover current, future, and any unanticipated TRAX expenses.
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Financial Impact:
This transfer will be funded by LCTOP, SGR, STA and LTF
Background Information:
Request approval to transfer funds to cover current, future, and unanticipated expenses into the TRAX account. The TRAX program is funded through multiple sources, requiring periodic transfers to ensure the program remains operational and financially stable.
Typically, these transfers occur during the mid-year budget process. However, due to the significant disruption caused by the Park Fire, attention was diverted to emergency response and recovery efforts, leading to a delay in processing this routine fund transfer. As a result, the necessary reallocation of funds was not completed at mid-year, requiring this separate agenda item to ensure sufficient funding for TRAX operations.
This fund transfer is critical to cover ongoing expenses, ensure uninterrupted transit services, and address any unforeseen financial needs that may arise for the program. Approval of this request will allow TRAX to continue operating efficiently without budgetary constraints.