Title
Proposed FY 2021 Second Quarter Budget Amendments
Body
Agenda of: April 28, 2021
Item No.: 2021-157
Amount: N/A
TO: The Honorable
Board of Directors
Great Lakes Water Authority
FROM: Sue F. McCormick
Chief Executive Officer
Great Lakes Water Authority
DATE: April 28, 2021
RE: Proposed FY 2021 Second Quarter Budget Amendments
MOTION
Upon recommendation of Nicolette Bateson, Chief Financial Officer/Treasurer, the Board of Directors (Board) of the Great Lakes Water Authority (GLWA), approves the Proposed FY 2021 Second Quarter Budget Amendments as presented; and authorizes the CEO to take such other action as may be necessary to accomplish the intent of this vote.
BACKGROUND
The founding legal documents for the Great Lakes Water Authority (GLWA) provide a structure for budget preparation, adoption, and amendment. The Board of Directors adopts a biennial budget by resolution which specifies appropriation amounts which may be modified through budget amendments. To the extent that there is a proposed amendment of the budget among the appropriation categories, the matter is brought to the Audit Committee for review and consideration of a recommendation to the Board of Directors for their consideration for approval.
JUSTIFICATION
Attached is the communication to the Audit Committee dated April 23, 2021 which presents the proposed budget amendments for the second quarter of FY 2021. The reports included in this communication include the following.
1. Quarterly Budget Amendment Report for FY 2021 ending December 31, 2020.
2. Resolution Adopting the Budget Amendments through the Second Quarter of FY 2021.
BUDGET IMPACT
The overall budget, despite amendment, continues to be balanced.
COMMITTEE REVIEW
This matter was reviewed by the Audit Committee at its meeting on April 23, 2021. The Audit Committee recommends that the Board of Directors for the Great Lakes Water Authority adopt the proposed FY 2021 second quarter budget amendments.
SHARED SERVICES IMPACT
Several of the shared services agreements between GLWA and DWSD related to Information Technology have been extended through June 30, 2021. In addition, the estimated amount of the agreement for the reimbursement of bank fees has been adjusted to reflect the FY 2021 activity. The net result is an increase in the amount of the shared service agreements for FY 2021 of $1,117,124.00.