TITLE
Recommendation to adopt resolution approving an amended and restated Harbor Department Fiscal Year 2013 budget thereby increasing it by $18,310,227 and approving the corresponding appropriations adjustment.
DISCUSSION
On September 11, 2012, the City Council a Resolution, number RES-12-0089, approving the Harbor Department Budget Fiscal Year 2013. The of the Harbor Commissioners their meeting on November 5,2012, an interim administration headquarters at 4801 Airport Plaza Long Board at the same meeting adopted a Resolution (attached) to amend and restate Fiscal Year 2013 budget to accommodate the purchase improvement of the building.
The estimated cost to purchase 4801 Airport Plaza is $14,250,000. The estimated cost of the tenant improvements is $9,060,227. The total estimated cost to acquire and improve the building is, therefore, $23,310,227. It is estimated that the cost of the physical move and related expenses is $1 million, which brings the total expenditures to $24,310,227.
The Harbor Department FY20 13 budget, approved by the City Council, has $6 million as a place holder for headquarters expenses. Therefore, the additional amount requested at this time is $18,310,227 ($24,310,227 total expenditure less $6 minion already budgeted).
TIMING CONSIDERATIONS
The City Council action is requested on December 11, 2012. If approved, this will allow the close of escrow in a timely manner, which is anticipated in late December 2012.
FISCAL IMPACT
The Harbor Department requests an appropriation Increase amount of $18,310,227. The source of this additional appropriation Harbor Revenue Fund.
SUGGESTED ACTION
Approve recommendation.
BODY
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LONG BEACH APPROVING THE AMENDED AND RESTATED 2012-2013 BUDGET OF THE LONG BEACH HARBOR DEPARTMENT.
Respectfully Submitted,
CHRISTOPHER LYTLE
EXECUTIVE DIRECTOR